Why Contingency Planning? Importance and Benefits

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Why Contingency Planning? Importance and Benefits
Anneke Zwart, 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... Register

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

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

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

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

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

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Gopalakrishnan, Member
CP is to cover unknowns, unforeseen uncertainties,...

Why Contingency Planning is Important?Sign up
K.Narayana Moorthy, Member
In business "contingency planning" conjures images...

Aims of Contingency PlanningSign up
kipkosgei chepkiyeng, Member
CP is a kind of a road map when the planned does n...

CP is Important, but not Enough to Handle Any Type of CatastropheSign up
Bernhard Keim, Premium Member
When doing CP, we should always keep in mind that ...

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

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

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Nasir Sajjad, Member
CP provides a path to react smoothly to certain ev...

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Tito Rafael Hidalgo Barcia, Member
Contingence planning as a plan B gives any company...

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Mark Wm. Cawman, Member
To anticipate that flexibility is necessary, I hav...

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jorge anibal hoyos hoyos, Member
Contingency Management or Resiliency Management is...

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Guillermo Vasquez, Member
On a more strategic language, a contingency plan c...

Benefits of Contingency PlanningSign up
Edy Khalife, Member
CP allows firms to avoid the shock of complete sur...

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

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Omar HEMISSI, Member
The complexity of more and more markets and increa...


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