Smart managers are always on the lookout, focusing on hidden risks

that can sidetrack any project or business. Without a contingency

plan, there is no risk management recovery plan. Even if your plan was

designed with the help of planning software, it could fail anytime.



You can apply a contingency plan to any business or organization.

Government institutions, for instance, use it to prepare for an

economic crisis, like those we experienced in 2008 or during the

coronavirus pandemic.



This article will define a contingency plan in business management and

what it means.



WHAT IS A PROJECT CONTINGENCY?



A project contingency, or backup scenario, as many people like to call

it, is a potential occurrence of a negative event that can happen in

the future. As we mentioned earlier, in 2020, many companies and

businesses were hit by the coronavirus pandemic, forcing millions of

people worldwide to work from home.



For that very reason, companies had to change their strategies. Still,

for some ...