The process of developing alternative plans, in anticipation of having problems with implementing the existing plan is called __________.*
A) contingency planning
B) forecasting
C) scenario planning
D) budgeting

Question

Quizplus · Accepted Answer

Contingency planning involves creating backup plans or responses to potential problems or challenges in executing an existing plan. This helps ensure that organizations can quickly respond and adapt to unexpected situations, minimizing disruption and facilitating a more effective implementation of the original plan. Forecasting is a separate process that involves predicting future trends or outcomes based on past data and other factors. Scenario planning is a related but distinct technique that involves creating hypothetical scenarios or situations that may impact an organization in the future, in order to better prepare for potential challenges. Budgeting is a financial planning process that involves setting targets and allocating resources in accordance with an organization's goals and priorities. While all of these concepts are important for effective planning and management, contingency planning is the most relevant answer to the given question.

The Process of Developing Alternative Plans, in Anticipation of Having