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Manage budgets and financial plans

Manage budgets and financial plans. Contingency Planning. Contingency planning. A Contingency plan is a plan devised in case something with the initial plan goes wrong. Contingency plans are sometimes known as “back-up plans", or "Plan B”.

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Manage budgets and financial plans

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  1. Manage budgets and financial plans Contingency Planning

  2. Contingency planning A Contingency plan is a plan devised in case something with the initial plan goes wrong. Contingency plans are sometimes known as “back-up plans", or "Plan B”. • Contingency plans include specific strategies and actions to deal with specific variances to assumptions resulting in a particular problem, emergency or state of affairs. They also include a monitoring process and “triggers” for initiating planned actions. They are required to help governments, businesses or individuals to recover from serious incidents in the minimum time with minimum cost and disruption.

  3. Contingency planning Some significant changes that might prompt implementation of contingency plans include: • new legal or environmental restrictions • sudden changes in the economy, eg a downturn • new government policies, eg water restrictions • new competitors entering the marketplace • unavailability or shortage of raw materials or labour • change of ownership of the organisation • new workplace agreements, etc.

  4. Contingency planning Using a contingency plan can help offset risks. Identifying the various actions that you will use depending upon the situation is essential to successful business practices.

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