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Discuss the view that contingency planning is a waste of time and money
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- Words:
- 484
- Submitted:
- Thu Jul 11 2002
... Discuss the view that contingency planning is a waste of time and money. (12 marks) Not all the opportunities and events that a business faces will go to plan, and some may prove destructive to the continuity of the business (such as a huge downturn in demand for their products). Contingency planning means preparing for these unwanted and unlikely possibilities. A business may produce a contingency plan in case of: a severe recession; an environmental disaster; or a sudden strike by its workforce. Contingency plans enable a business to be in a better position to manage a crisis, rather than to try and simply cope with it when it occurs. Before contingency planning can take place, a business must consider many possible threats and crises that it may face, in order to be able to react to them swiftly and efficiently if they do ever occur. These potential scenarios are often computer-simulated,
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