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Why Contingency Planning? Importance and Benefits
Anneke Zwart, Student (University), Netherlands, Moderator
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 pr...
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Importance of Contingency Planning
Roland Alech, Consultant, France, Member HI! I agree fully. I add a few thoughts:
- CP might be also about dealing with CHANGING RESOURCES (you don't have what you expected to pursue you... |
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Why Contingency Planning is Important
Kirk C. Heriot, Professor, United States, Member As Master Kahn used to say in the "Kung Fu" TV Series: "Expect the unexpected."
CP helps you anticipate problems. While you might not always have... |
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Benefits of Contingency Planning
SANAJI, Teacher, Indonesia, Member I think CP is not a new idea. We know that nothing is permanent in this world except change itself. So of course to keep the organization moving towar... |
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Preventive System
Tran le Phuong, Teacher, Mongolia, Member Each organization has its own Mission-Vision that expresses the direction for achievement. However, in order to ensure everyone is on the right track,... |
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Another Reason for Contingency Planning
Dr. Alan Williams, Professor, Thailand, Member In a business organization the owner/CEO/BOD members have a MORAL AND LEGAL RESPONSIBILITY to protect the investment of the shareholders and to protec... |
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Why Contingency Planning in Project Management
Gopalakrishnan, Project Manager, Indonesia, Member CP is to cover unknowns, unforeseen uncertainties, and/or unanticipated conditions that are not possible to adequately evaluate or determine from the ... |
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Why Contingency Planning is Important?
K.Narayana Moorthy, HR Consultant, India, Member In business "contingency planning" conjures images of NATURAL DISASTERS such as hurricanes, earthquakes, or floods or MAN-MADE CRISES like riots, fire... |
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Aims of Contingency Planning
kipkosgei chepkiyeng, Manager, Kenya, Member CP is a kind of a road map when the planned does not materialize as expected. Its main aims are to minimize failure, deviations, and hasten turn aroun... |
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Relevance of Contingency Planning
Ramakrishnan, Consultant, India, Member The word contingency implies 'prepare for the unexpected' It would relate to several events, results, opportunities, programs in a business organizati... |
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Contingency Planning for Bad Days
Nasir Sajjad, Consultant, Pakistan, Member CP provides a path to react smoothly to certain events, because the RESOURCES ARE READY to be positioned and there is no halt, no crisis, no worry, no... |
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Contingency Planning - PACER
Mark Wm. Cawman, Student (Other), Member To anticipate that flexibility is necessary, I have heard a contingency plan should be 5 levels deep, summarized by the PACER acronym:
P - Plan |
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Why Resiliency Management is Mandatory
jorge anibal hoyos hoyos, Manager, Colombia, Member Contingency Management or Resiliency Management is not only about our products, services, finance independent from each other, but also MIXED AS A WHO... |
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Benefits of Contingency Planning
Guillermo Vasquez, Business Consultant, Colombia, Member On a more strategic language, a contingency plan could be seen as coverage of risk as one of the participants already mentioned: the only thing certai... |
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Benefits of Contingency Planning
Edy Khalife, Manager, Lebanon, Member CP allows firms to avoid the shock of complete surprise, reduces indecision and uncertainty when unplanned thing happens, it forces managers to think ... |
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Lessons from World War Z
Emmanuel Mwirichia, Manager, Kenya, Member If you have watched the 2013 Brad Pitt movie World War Z, you will remember the scene where he is talking to the Mossad intelligence agency and learns... |
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A Risk in Emergency Planning
Omar HEMISSI, Professor, Algeria, Member The complexity of more and more markets and increasingly short product life cycles seem to place emergency planning as an alternative. But their recur... |
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