A contingency plan will be more efficient if managers decide in advance what to do in case business falls below planned levels.

Question

Quizplus · Accepted Answer

Contingency planning involves preparing for possible future events or emergencies that may disrupt normal business operations. If managers have already decided in advance what actions to take if business falls below planned levels, the contingency plan can be implemented quickly and efficiently, minimizing the impact on the organization. Therefore, having pre-determined strategies in place can make a contingency plan more effective.

A Contingency Plan Will Be More Efficient If Managers Decide