One of the elements of a formal strategic plan should be

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A contingency plan is an essential element of a formal strategic plan as it helps the organization prepare alternative courses of action in case of unforeseen circumstances or events that can derail the implementation of the plan. It enables the organization to be better equipped to respond to unexpected situations and improvise according to changing circumstances. A employee opinion survey, statement from the Chair of the Board of Directors, and a list of officers of the company can also be important components of a formal strategic plan, but they are not as critical as a contingency plan in ensuring the success of the plan.

One of the Elements of a Formal Strategic Plan Should