The textbook recommends developing at least three contingencies for any given situation.
What is contingency?
A contingency plan, as well known as Plan B informally, is a strategy developed to deal with a situation that is not anticipated in the regular (expected) plan. It is frequently used in risk management for just a rare risk that, while unlikely, could have disastrous results. Creating a contingency plan is frequently done by governments or businesses. The process of putting a contingency plan into action involves five steps: assembling a planning team, determining the extent of the issue, developing a plan, testing the plan, and maintaining the plan's accuracy. For instance, if a company's employees are all travelling on the same plane and it crashes, killing everyone on board, the company may be severely strained and even destroyed.
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