⊿ Point. {R} Glossary. ◢ Keyword: C. ◥ University. {q} PhD. {tr} Training. ⚫ UK. ⚫ England. ↂ EndNote. {q} NS: BPM. Contingency plan. From Wikipedia, the free encyclopedia A plan in case something unexpected occurs A contingency plan, also known colloquially as Plan B, is a plan devised for an outcome other than in the usual (expected) plan.[1] It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences.
Use[edit] Contingency plans are often devised by businesses or governments. There are five steps of implementing contingency plan, which are organize a planning team, assess the scope of the problem, develop a plan, test the plan, and keep the plan up-to-date.[2] For example, if many employees of a company are traveling together on an aircraft which crashes, killing all aboard, the company could be severely strained or ruined by such a loss. Therefore, many companies have procedures to follow in the event of such a disaster. During times of crisis, contingency plans are often developed to explore and prepare for any eventuality.
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