The six steps of the contingency planning process are designed to handle the probability of what if scenarios that can affect the company's desired overall strategic objectives or those of individual business units.

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Managers often follow a contingency planning process that: identifies critical assumptions, assigns probabilities of being right about the assumptions, ranks the importance of each assumption, tracks and monitors the action plan, sets ‘triggers' that will activate the contingency plan and specifies alternative response options.

The Six Steps of the Contingency Planning Process Are Designed