Crisis Management and Contingency Planning

Question 1

crisis

Answer 1

situation of disequilibrium or instability that results in major problems for a business

Question 2

crisis management

Answer 2

the response of an organisation to a crisis situation

Question 3

unquanitifiable risks

Answer 3

threats to a business that are impossible or expensive to examine and measure

Question 4

quantifiable risks

Answer 4

probable and financially measurable threats to a business (e.g. fire damage)

Question 5

contingency planning

Answer 5

being proactive to changes in the business environment

Question 6

transparency

Answer 6

refers to being open and honest with all stakeholders during a crisis

Question 8

communication

Answer 8

refers to the transmission of information, by informing internal and external stakeholders to increase their awareness of the issue

Question 9

speed

Answer 9

making prompt decisions and taking swift actions in order to return the business to normal operations as soon as possible

Question 10

control

Answer 10

refers to the use of a crisis management ( or critical incident) team to handle an emergency situation and to ensure
there is leadership and governance

Question 11

the impact of contingency planning

Answer 11

cost, time, risks, safety