Why Contingency Planning? Importance and Benefits

Get access now to all 12manage knowledge centers and discussion forums, including Crisis Management (Contingency Planning). Completely free.     Log in

Simpkins (2009) argues that Contingency Planning (CP) is probably the most important topic of an organization’s overall strategic plan. The importance of preparing for any contingencies must not be underestimated. Contingency planning takes into account other outcomes than the expected and desired outcomes. And this is exactly what makes CP important. Indeed, the world of today and its business environment is changing at fast pace. Every organizaton has to deal with continuous and fast changing internal and external environmental dynamics. Important changes today are technological changes, globalization, market transformations, democracy and more. Successful leaders should consider and prepare for those possible changes. Contingency planning enables leaders to mitigate the negative consequences of those transformations on their organizations. Furthermore, CP makes leaders aware of and adapt to changes in consumers’ preferences. Every product goes through a product l (...) Read more? Sign up for free

		Roland Alech Consultant, France
	Importance of Contingency Planning HI! I agree fully. I add a few thoughts: - CP mig (...)

		Kirk C. Heriot Professor, United States
	Why Contingency Planning is Important As Master Kahn used to say in the "Kung Fu" TV Ser (...)

		SANAJI Teacher, Indonesia
	Benefits of Contingency Planning I think CP is not a new idea. We know that nothing (...)

		Tran le Phuong Teacher, Mongolia
	Preventive System Each organization has its own Mission-Vision that (...)

		Dr. Alan Williams Professor, Thailand
	Another Reason for Contingency Planning In a business organization the owner/CEO/BOD membe (...)

		Gopalakrishnan Project Manager, Indonesia
	Why Contingency Planning in Project Management CP is to cover unknowns, unforeseen uncertainties, (...)

		K.Narayana Moorthy HR Consultant, India
	Why Contingency Planning is Important? In business "contingency planning" conjures images (...)

		kipkosgei chepkiyeng Manager, Kenya
	Aims of Contingency Planning CP is a kind of a road map when the planned does n (...)

		Bernhard Keim Business Consultant, Germany
	CP is Important, but not Enough to Handle Any Type of Catastrophe When doing CP, we should always keep in mind that (...)

		shachi kanta khuntia Interim Manager
	A Contingency Fund is also Important to Serve as a Cushion at Need In India, the age old tradition of giving gifts of (...)

		Ramakrishnan Consultant, India
	Relevance of Contingency Planning The word contingency implies 'prepare for the unex (...)

		Nasir Sajjad Consultant, Pakistan
	Contingency Planning for Bad Days CP provides a path to react smoothly to certain ev (...)

		Tito Rafael Hidalgo Barcia Strategy Consultant, Ecuador
	Contingence Planning Gives Confidence to an Institution Contingence planning as a plan B gives any company (...)

		Mark Wm. Cawman Student (Other)
	Contingency Planning - PACER To anticipate that flexibility is necessary, I hav (...)

		jorge anibal hoyos hoyos Manager, Colombia
	Why Resiliency Management is Mandatory Contingency Management or Resiliency Management is (...)

		Guillermo Vasquez Business Consultant, Colombia
	Benefits of Contingency Planning On a more strategic language, a contingency plan c (...)

		Edy Khalife Manager, Lebanon
	Benefits of Contingency Planning CP allows firms to avoid the shock of complete sur (...)

		Emmanuel Mwirichia Manager, Kenya
	Lessons from World War Z If you have watched the 2013 Brad Pitt movie World (...)

		Ramakrishnan Consultant, India
	Contingency Planning Should be Added to Fayol's First Management Role Fayol's Five Management Roles model distinguishes (...)

		Omar HEMISSI Professor, Algeria
	A Risk in Emergency Planning The complexity of more and more markets and increa (...)