Contingency Planning (Leaving Cert Business): Flashcards
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Practise the cards
10 cards from this deck
Contingency planning definition
Contingency planning definition
Creating backup strategies for unexpected events/crises
Goal of contingency planning
Goal of contingency planning
Make organisations resilient & adaptable to threats
Steps in contingency planning process
Steps in contingency planning process
Six-step systematic approach
First step of contingency planning
First step of contingency planning
Identify risks through risk assessment
Four categories of risks
Four categories of risks
Natural disasters, operational, external, internal
Two factors in risk assessment
Two factors in risk assessment
Likelihood of occurrence & potential severity of impact
Second step of contingency planning
Second step of contingency planning
Prioritise resources critical during crisis
Fifth step of contingency planning
Fifth step of contingency planning
Training staff on emergency procedures & roles
Sixth step of contingency planning
Sixth step of contingency planning
Review & respond - ongoing evaluation & updates
Benefits of contingency planning
Benefits of contingency planning
Respond quickly, maintain operations, recover successfully