BUISENESS MANAGEMENT
BUSINESS PLANNING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Might be a waste of time because the things being planned for may never happen
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If an event occurs, the business will be ready and able to react quickly
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A business will be able to continue to successfully operate
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A business will need to wait and see.
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None of the above/answers
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Detailed explanation-1: -What is a negative tradeoff of Contingency Planning? answer choices. Might be a waste of time because the things being planned for may never happen. If an event occurs, the business will be ready and able to react quickly. A business will be able to continue to successfully operate.
Detailed explanation-2: -While contingency plans are important, a business must not give them too much time and money. The contingency plan must not affect the objectives or corporate plans of the organisation. For example, keeping large amounts of money in the contingency fund may reduce the money available or investments or expansion.
Detailed explanation-3: -Answer & Solution A contingency plan is a plan devised for an outcome other than in the usual (expected) plan.
Detailed explanation-4: -Contingency planning means preparing an organization to be ready to respond effectively in the event of an emergency. It is an important part of the IFRC’s work supporting National Society preparedness. Time spent in contingency planning equals time saved when a disaster strikes.