Contingency plans deal with the effects of a threat, rather than its causes. They are sometimes known as fall-back plans or as a plan B. A contingency plan will not make the risk any less likely to occur, nor make it any less harmful. However, it will give your team the means to deal with it immediately, with prepared systems, actions and resources. In our driver example, contingency plans include carrying a mobile phone and a list of numbers, having basic tools and a first aid kit in the car, maintaining a sound spare wheel and joining a roadside assistance scheme.
Wise managers have contingency plans for those potential ugly situations that can lead to chaos. Knowing how to create a solid contingency plan will enable your team to immediately deal with these situations.
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