Contingency plans are actions that are taken as an alternative to the firm's current business strategy.

Name: Contingency plans are actions that are taken as an alternative to the firm's current business strategy.
Brand: Quizplus
Rating: 4.9 (37 reviews)

Question

Quizplus · Accepted Answer

Contingency plans are developed to provide alternative courses of action in case the current business strategy is not effective or unforeseen events occur. These plans help firms to be prepared for unexpected situations and reduce the negative impact of such situations on their operations.

Contingency Plans Are Actions That Are Taken as an Alternative