Management : Contingency Planning

Running head: CONTINGENCY PLANNING1Contingency PlanningStudent NameProfessor NameCourse TitleDate2CONTINGENCY PLANNINGContingency PlanningContingency Planning involves a thorough analysis of various risks that an organizationfaces and addressing all the critical business operations. It will be able to identify all keybusiness functions, and this will define all the essential business functions thus minimizing thelosses and ensuring better performance in various capacities. It is also necessary to identifyvarious risks, and this can be done through the implementation of a risk analysis that will helpassess and evaluate these different hazards (Harrald & Mazzuchi, 1993).Prioritizing risks will besubstantial, and it is one of the priorities of contingency planning. It will also be important tounderstand the impact of the risk as this will help and ensure planning that is balanced. It willmake sure that one can see which risks require most expense and effort for mitigation.Basic business processes are important in the organizational aspect, and therefore it willbe necessary to ensure that all essential functions are maintained, and these include maintenanceof cash flow, staff support as well as market share (Harrald & Mazzuchi, 1993).It is usuallyimportant to ensure that risk management will be able to implement all the existing assets moreefficiently within the organizational setting. Development of such a plan will aim at ensuring thatbusiness operati ...


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