Plans for the best-or worst-case scenarios or for critical events that could have a severe impact on the firm are known as:

Question

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Contingency plans are specifically designed to address unexpected events that could have a severe impact on the firm. These plans outline the steps that should be taken to manage and mitigate the impact of the event, and they prepare the company to respond quickly and effectively. Scenario plans are similar but less specific, and they are used to explore different possible futures and their potential implications. Strategic plans are broader in scope and look at the overall direction of the company, while emergency plans focus on specific types of crises or disasters. Therefore, contingency plans are the most appropriate choice for planning for critical events with a severe impact on the firm.

Plans for the Best-Or Worst-Case Scenarios or for Critical Events