What is a contingency?
A contingency is a plan or measure that is put in place to address potential future events or situations.
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 to deliver.
Why are contingency plans important?
They are crucial because they help organizations prepare for unexpected events, minimizing risks and losses.
How do I create a contingency plan?
Start by identifying potential risks, then outline steps to mitigate those risks and assign responsibilities.
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