Contingency Planning: The Need, Benefits, and Implementation of Scenario Planning

Mayur, Jariwala (2024) Contingency Planning: The Need, Benefits, and Implementation of Scenario Planning. International Journal of Trend in Scientific Research and Development, 8 (3). pp. 866-869. ISSN 2456-6470

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Abstract

This paper delves into the intricacies of contingency planning and its pivotal role in modern businesses. In an era marked by rapid technological advancements and unpredictable geopolitical shifts, businesses are compelled to anticipate potential disruptions. The research underscores the distinction between contingency planning and business continuity, emphasizing the former's proactive nature. Through an exploration of scenario planning, the paper elucidates various types: predictive, explorative, normative, and strategic. Each type offers unique insights, from current trend extrapolation to long-term vision crafting. The paper also highlights the essential considerations when implementing these plans, emphasizing the importance of periodic reviews and adaptability. Furthermore, the research underscores the tangible benefits of such planning, including risk mitigation, resource optimization, and stakeholder confidence enhancement. Conclusively, while contingency planning is indispensable in navigating present challenges, its strategic implementation ensures businesses not only survive but thrive in future uncertainties.

Item Type:	Article
Subjects:	Q Science > QA Mathematics > QA75 Electronic computers. Computer science
Divisions:	Postgraduate > Master's of Islamic Education
Depositing User:	Journal Editor
Date Deposited:	20 Jun 2024 01:16
Last Modified:	20 Jun 2024 01:16
URI:	http://eprints.umsida.ac.id/id/eprint/13802

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