Contingency Planning
Contingency planning is a risk mitigation process for developing back-up plans in anticipation of events (scenarios) that might disrupt ‘business as usual’. Business continuity planning is an expanded version of contingency planning that typically encompasses a more comprehensive and extended response plan for getting back to ‘business as usual’. In a well-formatted, highly-detailed research paper, address the need to contingency planning, ensuring to address the following items:
(1) Benefits of scenario events/planning.
(2) Questions to consider when implementing scenario planning.
(3) The common types of scenario planning.
Paper should include an introduction, a body with fully developed content, and a conclusion.
Note: Please make sure to write 4 pages excluding cover and references pages in APA format with in-text citation and include at least two scholarly journal articles to support your positions, claims, and observations
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Fall 2020 – Emerging Threats & Countermeas (ITS-834-A01) – First Bi-… • Week 2 Research Paper
%63Total Score: High riskSandeep Kumar Davuluri
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Running head: SCENARIO PLANNING
SCENARIO PLANNING 2
Sandeep Kumar Davuluri
University of the Cumberlands
Introduction It is imperative for all organizations to come up with a well-established contingency plan. The contingency planning process is carried out in
organizations so as to be ready for, notice, implement reaction to and come up with an appropriate recovery from unexpected events. The importance of contingency
planning is to safeguard the organization from events which are unprecedented and have the quality of causing destruction to organizational assets and resources.
The key to a good contingency plan is its effectiveness in restoring the ordinary operations in a company with a least cost. In essence, contingency scenario planning is
an effective way through which businesses think and develop for the future. Factors to consider A response to future situations requires proper planning
through a well-defined methodology. The planners should initially come up with a contingency policy statement. This must be the initial step in creating a contingency
plan. The policy statement acts as the guiding factor. It stipulates the necessary authority and gives the formal steps vital in developing an effective contingency plan.
After formulating the policy statement, there should then be conduction of the business impact analysis (BIA). This analysis helps realize and arrange the importance
of critical components together with information systems. These are the most integral features in the company since they are core to organizational business
functioning. Identification of preventive controls ensures that the organization suffers less disruptions during unexpected events. This step is important is lowering
the costs of contingency planning and ensure that all systems are available. The next step is to formulate contingency strategies which aid in system recovery
(Yamakawa & Cardon, 2017). This ensures that the important system is restored with effectiveness and as soon as possible. Consequently, contingency planning
involves ensuring that the entire design is tested, personnel are well trained and all the necessary exercises are rehearsed. Training ensures that all members of the
organization are well prepared for an unprecedented situation. Testing increases the feasibility of the recovery process thus reinforcing its effectiveness. This step
ensures that the entire organization is prepared for an unplanned event. Additionally, the step lowers damage and ensures that the contingency plan is valid. Finally,
the organization should ensure that the contingency plan is maintained. This calls for regular updating of the plan to concur with other organizational changes. In
coming up with a valid contingency plan, a strategic policy should be put into place. This policy specifies the distinct responses strategy for a distinct unexpected
event. The policy also outlines the necessary authority to roll-out the contingency plan. Without a policy, the organization cannot effectively recover from risky
situations. The policy considers the response system as a tier which makes sure that the contingency plan fits with all components of the organization. The policy
stipulates the plan scope specifically its geographic content (Yamakawa & Cardon, 2017). The organization should have a policy which shows the specific techniques to
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respond. Basically, the strategic policy environment is all the logistical and administrative methodology introduced after an unexpected occurrence. The policy should
have the training and testing timetable to increase the plans validity. The policy environment is an imperative tool in improving preparedness. Its existence supports
other steps within the process of contingency planning. Benefits of scenario planning Contingency planning can be considered as a parameter through which decision
making is made easier. Through, scenario planning, multiple futures are considered thus ensuring that the organization is prepared for most instances. As such,
scenario planning enables system thinking. Thinking allows managers to consider several possible scenarios before problems occur (Lindgren & Bandhold, 2016). Via
scenario planning, the manager can deduce possible occurrences while considering trends, facts (either empirical or logic), impact of previous scenarios and
organizational acumen. Scenario planning enables administrators to consider all factors that may affect normal operations. Contingency planning ensures optimal
allocation of business assets. When managers have a plan that includes several futures, it becomes easier to allocate resources. Planning gives different scenarios
together with their accompanying external factors. Such information when combined with organization’s status allow managers to match internal assets with future
scenarios. Therefore, contingency planning leads to an effective and rational distribution of resources. Further, scenario planning reduces risk. Planning for the future
give businesses an ability to imagine possible occurrences.
As such, the organization can identify future uncertainties thus diverting its activities away from a specific direction. Through contingencies, businesses are equipped
with better means to handle difficult situations thus minimizing risks (Assche, Duineveld, & Beunen, 2014). Future planning give results showing extreme possibilities.
As such, contingency planning ensures that businesses understand diverse cultural opinions. Through, scenario planning, managers encounter different believe
systems that must be incorporated in daily activities. Finding possible solutions for future scenarios provide people with the opportunity to express personal beliefs.
Furthermore, planning for the future provides room for open discussions that yields more feasible results. Finally, contingency planning increases businesses’
alertness to changes. Organizations employ resources to study and identify changes. As such, scenario planning keeps organizations up-to-date with current and
future changes. Types of scenario planning
Contingency planning is classified according to the type of scenario. Quantitative models measures future scenarios in form of mathematical terms. Such scenario
planning methods are commonly applied in investment banking. Acquisitions are mergers are predicted to determine future financial models. In quantitative
planning, case scenarios are presented after manipulation of variables (Assche, Duineveld, & Beunen, 2014). This model is efficient in investment banking since
specific changes in driving variables causes a significant shift in businesses. The plan provides prove of the future through numbers. The method is accurate and fit in
with a business’s operational plan. Probability-based scenario treats all mathematical variables and ensures that results cover every trend. The method identifies all
assumptions to cover a wide range of probabilities (Lindgren & Bandhold, 2016). Scenarios are formed through a cross-impact matrix where all business drivers are
listed. The method is commonly used by engineering companies. Each trend is analyzed and decisions are made about every event that would inform future
operations. Interactive scenario planning focuses on systems and personnel. The methods of planning seeks to train people and systems such that their actions
shape the future. The method is action-oriented meaning that it focuses on dealing with every scenario by training employees are redesigning the systems.
Conclusion Contingency planning is among the most imperative types of strategic planning. The planning provides solutions to possible scenarios in the future by
measuring how current variable interact. Scenario planning enables businesses to lay down several strategies using available resources. Managers understand
current and future trends through scenario planning. In essence, contingency planning increases learning and helps the organizations in decision making. Therefore,
it is essential for managers to improve contingency planning to reduce risks and increase business longevity.
References
Assche, K. V., Duineveld, M., & Beunen, R. (2014). Power and Contingency in Planning. SAGE Journals, 130-142. Lindgren, M., & Bandhold, H. (2016).
Scenario Planning;The Link Between future and Strategy. Basingstoke: Palgrave Macmilllan. Yamakawa, Y., & Cardon, M. (2017). How prior investments
of time, money, and employee hires influence time to exit a distressed venture, and the extent to which contingency planning helps. Journal of Business Venturing, 1-
17.
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SCENARIO PLANNING 2
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Geopolitical Scenario Planning 2
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University of the Cumberlands
Introduction It is imperative for all
organizations to come up with a well-
established contingency plan. The
contingency planning process is carried
out in organizations so as to be ready for,
notice, implement reaction to and come
up with an appropriate recovery from
unexpected events. The importance of
contingency planning is to safeguard the
organization from events which are
unprecedented and have the quality of
causing destruction to organizational
assets and resources.
Original source
University of the cumberlands It is
imperative for all organizations to come
up with a well-established contingency
plan The contingency planning process is
carried out in organizations so as to be
ready for, notice, implement reaction to
and come up with an appropriate
recovery from unexpected events The
importance of contingency planning is to
safeguard the organization from events
which are unprecedented and have the
quality of causing destruction to
organizational assets and resources
2
Student paper
The key to a good contingency plan is its
effectiveness in restoring the ordinary
operations in a company with a least
cost.
Original source
The key to a good contingency plan is its
effectiveness in restoring the ordinary
operations in a company with a least cost
(Mazza, 2017)
2
Student paper
Factors to consider A response to future
situations requires proper planning
through a well-defined methodology. The
planners should initially come up with a
contingency policy statement. This must
be the initial step in creating a
contingency plan. The policy statement
acts as the guiding factor.
Original source
A response to future situations requires
proper planning through a well-defined
methodology The planners should
initially come up with a contingency
policy statement This must be the initial
step in creating a contingency plan The
policy statement acts as the guiding
factor
2
Student paper
It stipulates the necessary authority and
gives the formal steps vital in developing
an effective contingency plan. After
formulating the policy statement, there
should then be conduction of the
business impact analysis (BIA). This
analysis helps realize and arrange the
importance of critical components
together with information systems.
These are the most integral features in
the company since they are core to
organizational business functioning.
Original source
It stipulates the necessary authority and
gives the formal steps vital in developing
an effective contingency plan After
formulating the policy statement, there
should then be conduction of the
business impact analysis (BIA) This
analysis helps realize and arrange the
importance of critical components
together with information systems These
are the most integral features in the
company since they are core to
organizational business functioning
2
Student paper
Identification of preventive controls
ensures that the organization suffers less
disruptions during unexpected events.
This step is important is lowering the
costs of contingency planning and
ensure that all systems are available. The
next step is to formulate contingency
strategies which aid in system recovery
(Yamakawa & Cardon, 2017). This
ensures that the important system is
restored with effectiveness and as soon
as possible.
Original source
Identification of preventive controls
ensures that the organization suffers less
disruptions during unexpected events
This step is important is lowering the
costs of contingency planning and
ensure that all systems are available The
next step is to formulate contingency
strategies which aid in system recovery
This ensures that the important system is
restored with effectiveness and as soon
as possible
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Student paper 100%
Student paper 95%
Student paper 100%
Student paper 95%
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Student paper
Consequently, contingency planning
involves ensuring that the entire design
is tested, personnel are well trained and
all the necessary exercises are
rehearsed. Training ensures that all
members of the organization are well
prepared for an unprecedented
situation. Testing increases the feasibility
of the recovery process thus reinforcing
its effectiveness. This step ensures that
the entire organization is prepared for an
unplanned event.
Original source
Consequently, contingency planning
involves ensuring that the entire design
is tested, personnel are well trained and
all the necessary exercises are rehearsed
Training ensures that all members of the
organization are well prepared for an
unprecedented situation Testing
increases the feasibility of the recovery
process thus reinforcing its effectiveness
This step ensures that the entire
organization is prepared for an
unplanned event
2
Student paper
Additionally, the step lowers damage and
ensures that the contingency plan is
valid. Finally, the organization should
ensure that the contingency plan is
maintained. This calls for regular
updating of the plan to concur with other
organizational changes. In coming up
with a valid contingency plan, a strategic
policy should be put into place.
Original source
Additionally, the step lowers damage and
ensures that the contingency plan is valid
Finally, the organization should ensure
that the contingency plan is maintained
This calls for regular updating of the plan
to concur with other organizational
changes (Assche, Duineveld, & Beunen,
2014) In coming up with a valid
contingency plan, a strategic policy
should be put into place
2
Student paper
This policy specifies the distinct
responses strategy for a distinct
unexpected event. The policy also
outlines the necessary authority to roll-
out the contingency plan. Without a
policy, the organization cannot effectively
recover from risky situations. The policy
considers the response system as a tier
which makes sure that the contingency
plan fits with all components of the
organization.
Original source
This policy specifies the distinct
responses strategy for a distinct
unexpected event The policy also
outlines the necessary authority to roll-
out the contingency plan Without a
policy, the organization cannot effectively
recover from risky situations The policy
considers the response system as a tier
which makes sure that the contingency
plan fits with all components of the
organization
2
Student paper
The policy stipulates the plan scope
specifically its geographic content
(Yamakawa & Cardon, 2017). The
organization should have a policy which
shows the specific techniques to
respond. Basically, the strategic policy
environment is all the logistical and
administrative methodology introduced
after an unexpected occurrence. The
policy should have the training and
testing timetable to increase the plans
validity.
Original source
The policy stipulates the plan scope
specifically its geographic content The
organization should have a policy which
shows the specific techniques to respond
Basically, the strategic policy
environment is all the logistical and
administrative methodology introduced
after an unexpected occurrence The
policy should have the training and
testing timetable to increase the plans
validity
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ci-las 70%
wikipedia 77%
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The policy environment is an imperative
tool in improving preparedness. Its
existence supports other steps within the
process of contingency planning.
Original source
The policy environment is an imperative
tool in improving preparedness Its
existence supports other steps within the
process of contingency planning
(Yamakawa & Cardon, 2017)
3
Student paper
Types of scenario planning
Original source
The common types of scenario planning
2
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V., Duineveld, M., & Beunen, R.
Original source
V., Duineveld, M., & Beunen, R
2
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Power and Contingency in Planning.
SAGE Journals, 130-142.
Original source
Power and Contingency in Planning SAGE
Journals, 130-142
4
Student paper
Lindgren, M., & Bandhold, H.
Original source
Basic textbooks Bandhold, H & Lindgren,
M (2009)
5
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Scenario Planning;The Link Between
future and Strategy.
Original source
The Link between Future and Strategy
2
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Yamakawa, Y., & Cardon, M.
Original source
Yamakawa, Y., & Cardon, M
2
Student paper
How prior investments of time, money,
and employee hires influence time to exit
a distressed venture, and the extent to
which contingency planning helps.
Journal of Business Venturing, 1-17.
Original source
How prior investments of time, money,
and employee hires influence time to exit
a distressed venture, and the extent to
which contingency planning helps Journal
of Business Venturing, 1-17