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

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Contingency plans are specifically designed to prepare for the best- or worst-case scenarios or critical events that could severely impact the firm. These plans outline strategies and actions that can be taken in response to unexpected events such as natural disasters, economic downturns, or other unforeseen circumstances that could threaten the survival of the business. Contingency plans are an essential element of risk management and are critical for ensuring business continuity and resilience.

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