Give Several Hypothetical Situations Whereby Company Establish Contigency Plans Q34186501

Give several hypothetical situations whereby a company shouldestablish contigency plans

Expert Answer

Contingency plans are formulated tomeet the challenges may be faced in near future by theorganization.  

Example:

1) An organization must devise theplan to ensure uninterrupted procurement of raw materials to itsfacility in upcoming years. Here , a contingent plan should bedeveloped if supply might be interrupted.

2) If , business will be expanded innext five years then best man power should be hired well before theactual requirements so as to give proper training anddevelopment.

3) To meet the challenges at thetime of any national or international disaster, a company