Question

the importance of contingency planning. How valuable is it to every organization? Why?

Answer 1

A contingency planning is important for every organization because of the benefits it brings along with itself. They are given as:

1. Contingency planning helps you to prepare for the worst case in case of unpredictable events. You can protect your enterprise from a number of harmful and risky scenarios through efficient and preemptive planning. For instance, there is a possibility that the data backup you keep on your premises may be lost in a fire.

2. A business with a contingency plan in place is more likely to respond quickly to unplanned events.

3. Contingency plan helps not to panic since everyone knows that a quick plan of action exists in case of unexpected scenarios.

4. When a business faces disruption, whether in the form of natural disaster, a power outage or even moving of office space, having a contingency plan can help in minimizing the losses in production and thereby sales.