Objectives And Strategy- Contingency Planning And Crisis Managment

Question 1

Explain the nature and purpose of contingency planning

Answer 1

a course of action designed to help an organization respond effectively to a significant future incident, event or situation that may or may not happen.

Question 2

Advantages and disadvantages of contingency planning

Answer 2

Advantages- saves the lives of employees, more easier for business to return to normal activities
Disadvantages- times consuming(opportunity cost, may turn out to be a waste of finances and resources

Question 3

Evaluate the importance of contingency planning to business stakeholders

Answer 3

gives employees and stakeholders clear directions to follow, allowing everyone involved to move together towards the right solution

Question 4

Explain the nature and purpose of crisis management

Answer 4

application of strategies designed to help an organization deal with a sudden and significant negative event

Question 5

Evaluate a business’ crisis plan

Answer 5

Evaluate the likelihood of the crisis happening and see how effective the plan would be to insure the minimum damage and disruption happens to the business’ production