Contingency Planning

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Running head: SCENARIO PLANNING

SCENARIO PLANNING 2

Scenario Planning

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

Original source

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

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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)

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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

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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%

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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

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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

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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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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)

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Types of scenario planning

Original source

The common types of scenario planning

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V., Duineveld, M., & Beunen, R.

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V., Duineveld, M., & Beunen, R

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Power and Contingency in Planning. SAGE Journals, 130-142.

Original source

Power and Contingency in Planning SAGE Journals, 130-142

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Lindgren, M., & Bandhold, H.

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Basic textbooks Bandhold, H & Lindgren, M (2009)

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Scenario Planning;The Link Between future and Strategy.

Original source

The Link between Future and Strategy

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Yamakawa, Y., & Cardon, M.

Original source

Yamakawa, Y., & Cardon, M

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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