Management needs to be prepared to deal with problems and seize opportunities as they arise. A company often identifies alternative courses of action to be taken if events undercut a strategic or tactical plan. What type of planning is this?

Question

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Contingency planning involves anticipating and preparing for problems or unexpected events that may arise. Management identifies alternative courses of action to be taken if things don't go according to plan. This type of planning can help a company to respond quickly to situations that may need immediate attention, allowing it to minimize the potential impact of unforeseen circumstances.

Management Needs to Be Prepared to Deal with Problems and Seize