Why Contingency Planning? Importance and Benefits


 
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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 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...Sign up
 

 
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...Sign up
 

 
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...Sign up
 

 
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...Sign up
 

 
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,...Sign up
 

 
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...Sign up
 

 
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 ...Sign up
 

 
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...Sign up
 

 
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...Sign up
 

 
CP is Important, but not Enough to Handle Any Type of Catastrophe
Bernhard Keim, Business Consultant, Germany, Premium Member
When doing CP, we should always keep in mind that the outcomes are always different of whatever you might have planned. Even the most sophisticated pl...Sign up
 

 
A Contingency Fund is also Important to Serve as a Cushion at Need
shachi kanta khuntia, Interim Manager, Member
In India, the age old tradition of giving gifts of gold, silver ornaments, brass, bronze utensils to brides at the time of marriage is actually meant ...Sign up
 

 
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...Sign up
 

 
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...Sign up
 

 
Contingence Planning Gives Confidence to an Institution
Tito Rafael Hidalgo Barcia, Strategy Consultant, Ecuador, Member
Contingence planning as a plan B gives any company or non-profit organization CONFIDENCE on how to face possible misfortunes. Knowing you have plan B ...Sign up
 

 
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
 

 
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...Sign up
 

 
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...Sign up
 

 
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 ...Sign up
 

 
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...Sign up
 

 
Contingency Planning Should be Added to Fayol's First Management Role
Ramakrishnan, Consultant, India, Member
Fayol's Five Management Roles model distinguishes 5 elements:
1. Prevoyance (forecas...Sign up
 

 
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...Sign up
 

 
 


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