What are contingencies and why are they important?
An example of an AI chatbot conversation about understanding contingencies in decision-making.
What are contingencies and why are they important?
Contingencies are potential events or conditions that could affect outcomes. They're crucial for planning.
Can you give me an example of a contingency plan?
Sure! A common example is a business having a backup supplier in case their primary supplier fails.
How do I create an effective contingency plan?
Start by identifying potential risks, then outline steps to mitigate those risks and assign responsibilities.
What are some common mistakes in contingency planning?
Common mistakes include not updating plans regularly, failing to involve key stakeholders, and being too vague.
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