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APA
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Business & Marketing
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English (U.S.)
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Contingency and Scenario Planning (Essay Sample)

Instructions:

Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual’. Business continuity planning is an expanded version of contingency planning that typically encompasses a more comprehensive and extended response plan for getting back to ‘business as usual’. In a well-formatted, highly-detailed research paper, address the need to contingency planning, ensuring to address the following items

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Content:

Introduction
Scenario planning involves implementing alternative ways concerning an organization's external future through evaluating essential uncertainties that can significantly change the landscape. Many organizations are using scenario planning so that they can formulate those potential outcomes. The whole process emphasizes various what-if scenarios to business contingencies in that organizational leaders can decide based chiefly on the scenario. However, the leaders should be flexible and have the ability to adjust to any changing conditions,
The primary function of a contingency plan is to permit an organization to get back to the daily operations with immediate effect after an unpredicted event (Nafisah, 2021). The contingency plan safeguards resources to reduce customer inconvenience, identifies primary staff and helps assign definite tasks in the recovery context. The following consists of some of the benefits of having a detailed contingency plan in place.
Contingency planning promotes assessments. When creating a contingency plan, the managers should put all the aspects of the possible event in line with their results. However, Contingency planning assists in accessing organizational opportunities, strengths, and weaknesses in line with creating a better systematic plan preventing, countering, and how to recover from any calamity.
On the other hand, according to Rowland & Spaniol (2017), contingency planning reduces operational loss. Any business function predictably reduces when disruptions appear. Much more, having a contingency plan helps any business to withstand any unpredicted situation without terminating the whole operation. Improving and maintaining a contingency plan requires costs, but these costs become supplementary when compared with the cost of operational loss.
Last but not the list, a contingency plan develops trustworthiness. When any corporate business is in a crisis and handled poorly, customers and employees are always held liable. But having a contingency plan approves the companies to portray their investors that they are strong and organized to handle any upcoming calamity or emergency but not impact the accommodation.
What to be done?
The following are some of the considerations during the implementation of contingency planning.
According to Nafisah, (2021) the organization should be able to define the necessary task and the quantifications to be considered an emergency, which consists of setting procedures so that the responsible person should be notified when the emergency arises. In general, the movement of communication when an emergency occurs should be yare and controlled in which information is related to whom, how to be circulated inside and outside, and when. Besides the efforts to resume the regular operation quickly, it is paramount to gather documents and folders from the workstations, servers and stimulate an essential backup. To withstand emergencies, peripheral providers capable of supplying supersedure workstations or stand-by- information centers must be involved beforehand.
Who to do it?
The organizer should outline who is with the ability and intend to the inference which function and responsibility in an emergency, considering that specific persons should not be available (Oteros-Rozasm et al.., 2015). It is subsequently obligatory to outline roles and duties with their associated tasks on the bedrock of situations without conveying them to a definite person. As an essential aspect of contingency composing, determine the persons authorized to relinquish emergency courses, which leads to a reduction in the conventional approval workflows. At the same time, a director must forsake the apprehensions and place disclose in the employees when it is up to them to resolve.
How to do it?
Clarifications and checklists avail the responsible persons to achieve their tasks in an emergency (Oteros-Rozasm et al.., 2015). While inclusive manuals should be minor in detail issues, easy list, diagrams, and pellucidly structured methods such as PDF, word, and hard copies, which gives expeditious overlook without much browsing.
When to do it?
One should set the time of each activity and portray an explicit injunctive authorization on the order of tasks to adhere to the plan (Oteros-Rozasm et al.., 2015). However, the developers should consider in their workflow the perception that many methods require to be carried concurrently to cope with the calamity.
Where to do it?
Since some should be compulsory be performed at a particular place, the location of cation for the team must be outlined out and to the extent of being yare well which helps to withstand workstation or backup information centers.
Common types of contingency planning
The first one is protecting the assets. According to Rowland & Spaniol (2017), Contingencies should, however, consist of contingent assets, which are of benefits instead of losses that should accrue to an organization or a person, given the determination of some uncertain incident in the future. A favorable ruling in a grievance or an inheritance should be an example of contingent assets.
The second one is investment positions. Investors embark themselves from contingencies that might result in financial losses cognate to investing (Rowland & Spaniol, 201

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