Why Contingency Planning? Importance and Benefits

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Why Contingency Planning? Importance and Benefits
Anneke Zwart, Student (University), Netherlands

Simpkins (2009) argues that Contingency Planning (CP) is probably the most important topic of an organizationís 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 consumersí preferences. Every pr... Register

Importance of Contingency PlanningSign up
Roland Alech, Consultant, France
HI! I agree fully. I add a few thoughts:
- CP...

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Kirk C. Heriot, Professor, United States
As Master Kahn used to say in the "Kung Fu" TV Ser...

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SANAJI, Teacher, Indonesia
I think CP is not a new idea. We know that nothing...

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

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Dr. Alan Williams, Professor, Thailand
In a business organization the owner/CEO/BOD membe...

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Gopalakrishnan, Project Manager, Indonesia
CP is to cover unknowns, unforeseen uncertainties,...

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K.Narayana Moorthy, HR Consultant, India
In business "contingency planning" conjures images...

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kipkosgei chepkiyeng, Manager, Kenya
CP is a kind of a road map when the planned does n...

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Bernhard Keim, Business Consultant, Germany
When doing CP, we should always keep in mind that ...

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shachi kanta khuntia, Interim Manager, India
In India, the age old tradition of giving gifts of...

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Ramakrishnan, Consultant, India
The word contingency implies 'prepare for the unex...

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Nasir Sajjad, Consultant, Pakistan
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Tito Rafael Hidalgo Barcia, Strategy Consultant, Ecuador
Contingence planning as a plan B gives any company...

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Mark Wm. Cawman, Student (Other), USA
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jorge anibal hoyos hoyos, Manager, Colombia
Contingency Management or Resiliency Management is...

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Guillermo Vasquez, Business Consultant, Colombia
On a more strategic language, a contingency plan c...

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Edy Khalife, Manager, Lebanon
CP allows firms to avoid the shock of complete sur...

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Emmanuel Mwirichia, Manager, Kenya
If you have watched the 2013 Brad Pitt movie World...

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Omar HEMISSI, Professor, Algeria
The complexity of more and more markets and increa...


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