MANAGEMENT

Detailed explanation-1: -This type of contingency plan is often called a business continuity plan (BCP) or a business recovery plan. Typically, a business continuity team is formed to plan for any possible contingencies and manage the continuity and recovery plan during a disruption.

Detailed explanation-2: -Contingency Planning occurs when a business plans for impossible and unlikely events.

Detailed explanation-3: -A business contingency plan is a strategy for how your organization will respond to important or business-critical events that knock your original plans off track. Executed correctly, a business contingency plan can mitigate risk and help you get back to business as usual-as quickly as possible.

Detailed explanation-4: -A contingency plan is sometimes referred to as “Plan B” or a backup plan because it can also be used as an alternative action if expected results fail to materialize. Contingency planning is a component of business continuity (BC), disaster recovery (DR) and risk management.

Detailed explanation-5: -Contingency plans: Make plans and instruct staff to continue the event programme rather than delay it. Identify and use other people in the event management team or other guests who can step into to make a presentation if necessary.