Emerging Threats - Week 2 Research Paper

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Contingency planning refers to the process that is designed to help an organization to

respond on a certain event that may happen or may not happen. In other cases,

contingency plans can also be referred to as Plan B because they are made to work as an

alternative action if things do not work as planned. All businesses are vulnerable to risks

and a contingency plan can be very effective in mitigating these risks at the same time

(Pavlov et al., 2019). When coming up with a contingency plan, it is important to consider

various strategies which include, first, developing a contingency planning policy statement,

second, conducting a business impact analysis as this helps in identifying and prioritizing

information systems as well as components that are very essential in supporting the

organization’s mission. 4 BESIDES, IT IS IMPORTANT TO IDENTIFY

PREVENTIVE CONTROLS. These are measures that are taken to reduce the effects of

system disruptions. Another important strategy involves creating contingency strategies

which can also be termed as thorough recovery strategies that work to ensure that the

system is recovered quickly in the event of a disruption.

2 BENEFITS OF SCENARIO EVENTS/PLANNING

5 THERE ARE VARIOUS BENEFITS OF SCENARIO AND CONTINGENCY

PLANNING. 6 A WELL-STRUCTURED AND THOROUGH CONTINGENCY

PLAN MINIMIZES THE LOSS AND DAMAGE THAT IS CAUSED BY AN

UNFORESEEN NEGATIVE EVENT IN AN ORGANIZATION. These processes also

bring better quality strategic plans, forecasts and enable a clear understanding of the

sensitivity of the important drivers of the business as well as the potential impact of future

events. Scenario planning will also help executives in understanding the effects of various

plausible events. For instance, finance, operations departments can prepare initial

responses which will help in solving problems in the organization (Koller et al., 2019).

7 CONTINGENCY PLANNING ALSO HELPS IN PROMOTING ASSESSMENT

IN THAT WHEN IT COMES TO CREATING SUCH A PLAN, BUSINESS

LEADERS CONSIDER EVERY POSSIBLE EVENT AND RESULT THAT MAY

OCCUR IN THE PROCESS. With this, leaders can assess their business's strengths and

weaknesses and at the same time find ways of regulating them. Also, contingency planning

helps in minimizing operational loss. A business can cease operating when disruptions

occur in the organization. 8 THIS MEANS THAT HAVING A CONTINGENCY

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PLAN IN PLACE CAN HELP BUSINESSES WITHSTANDING SUCH

UNFORESEEN CIRCUMSTANCES WITHOUT HAVING TO SHUT DOWN.

However, the process of developing and maintaining a contingency plan may end up

incurring costs but such costs cannot be compared with operational costs.

Contingency planning also averts panic as people tend to panic when they find themselves

in emergencies. This happens mostly when there are no actions to follow. 8

THEREFORE, HAVING A CLEAR AND WELL-DOCUMENTED PLAN CAN

HELP EMPLOYEES IN PUSHING PAST THEIR INITIAL FEAR, MOVE MORE

QUICKLY INTO THEIR RECOVERY MODE AND MAKE BETTER DECISIONS

IN THE PROCESS. Finally, a contingency plan will also help in improving

trustworthiness as customers tend to walk away when treated poorly. This means if an

organization has a good contingency plan in place, this will help it in showing customers

that it is in a place to handle any disaster or issue that comes in the way.

2 QUESTIONS TO CONSIDER WHEN IMPLEMENTING SCENARIO

PLANNING

The goal of scenario planning is to help executives better understand the impacts that

result from new objectives and come up with the right strategies to put in place. 9 THIS

TYPE OF PLANNING IS AN EFFECTIVE WAY TO DISCOVER AND TEST

ASSUMPTIONS TO MAKE SURE THAT EXECUTIVES DEVELOP THE RIGHT

GOALS AND OBJECTIVES (ROWLAND & SPANIOL, 2017). 2 DIFFERENT

QUESTIONS ARE IMPORTANT TO CONSIDER WHEN IMPLEMENTING

SCENARIO PLANNING.

What are the Internal Issues that an Organization will Depend on to Achieve this Goal?

Internal dependencies include anything that is within the given organization and which will

be in place to meet the goals. 9 THESE INCLUDE THINGS LIKE, FINANCIAL

RESOURCES, MARKET SHARE, HUMAN RESOURCES, OR ANY OTHER

INITIATIVE THAT IS REQUIRED TO ACHIEVE THE OBJECTIVE AND GOAL

OF THE ORGANIZATION.

What are the External Issues that an Organization will Depend on to Achieve Goals?

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These on the other hand include anything outside the organization that has to be

considered to ensure that the set goals are met. These include, government laws, consumer

preferences, and such.

9 WHAT ASSUMPTIONS WERE MADE WHEN DECIDING ON THE

PARTICULAR GOAL?

Executives can come up with certain assumptions when it comes to developing the

organization's strategic plans. However, it is important to also ensure that these

assumptions do align with the goals that have been set in place.

9 OTHER QUESTIONS INCLUDE, HOW CONFIDENT IS EVERYONE IN THIS

CASE THAT THE DEPENDENCIES WILL BE IN PLACE WHEN NEEDED? What

if the made assumptions turn out to be untrue, what impact will this have? 9 HOW

LIKELY IS THE SAID SCENARIO GOING TO OCCUR? How will affect the

organization? 10 ARE THE IMPACTS ACCEPTABLE BY ALL MEMBERS OF THE

ORGANIZATION? 11 WILL THERE BE FINANCIAL BURDENS PLACED ON

THE GIVEN ORGANIZATION? With all these questions in place, it becomes easy in

creating good scenario planning that will ensure that the goals that are going to be put in

place will be achieved.

2 THE COMMON TYPES OF SCENARIO PLANNING

Quantitative Model

This model is commonly used when it comes to developing annual business forecasts and

assumes that the key variables are common and that the relationship between them is fixed

(Goodspeed, 2019). This tool is important in managing the financial intricacies of the

modern organization. However, the model can be very complex when analyzing different

scenarios.

12 PROBABILITY-BASED SCENARIOS

11 THIS TYPE OF SCENARIO PLANNING IS A HYBRID FORM OF SCENARIO

PLANNING WHOSE FOUNDATION IS A MATHEMATICAL TREATMENT OF

ALL VARIABLES. 13 THE PROCESS TRIES TO USE A CROSS-IMPACT

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MATRIX TO FORM DIFFERENT SCENARIOS. Engineering firms use this strategy in

most cases as a way of coming up with a quantitative expression of their business.

However, the model contains some of the weaknesses of quantitative models.

12 EVENT-DRIVEN SCENARIOS

14 THESE ARE THE MOST COMMON SCENARIOS THAT ORGANIZATIONS

UNDERTAKE WITHOUT HAVING EXTERNAL ASSISTANCE. 13 THEY THUS

FALL IN THE GAP BETWEEN GAMING AND STRATEGIC MANAGEMENT

AND SHARE COMMON ELEMENTS WITH BOTH. They are commonly tied directly

to the real world as well as narrow ranges of uncertain events. 13 HOWEVER, THESE

SCENARIOS ARE NOT WELL SUITED TO BE STRATEGIC TOOLS.

Conclusion

In conclusion, contingency planning is a very important strategy to ensure that businesses

come up with an alternative way in which they can respond to risky situations that can

occur in the organization. On the other hand, scenario planning encompasses the

identification of specific set of alternatives of what might happen in the future in a business

set up and then coming up with ways in which this can be handled. These processes are,

therefore, importance in helping businesses in avoiding risks that come with such

uncertainties.

References

Goodspeed, R. (2019). Scenario planning: 15 EMBRACING UNCERTAINTY TO

MAKE BETTER DECISIONS. LINCOLN INSTITUTE OF LAND POLICY.

16 KOLLER, T., COURTNEY, H., & LOVALLO, D. (2019). Bias busters: 16 UP-

FRONT CONTINGENCY PLANNING. THE MCKINSEY QUARTERLY.

2 PAVLOV, A., IVANOV, D., PAVLOV, D., & SLINKO, A. (2019). 2

OPTIMIZATION OF NETWORK REDUNDANCY AND CONTINGENCY

PLANNING IN SUSTAINABLE AND RESILIENT SUPPLY CHAIN RESOURCE

MANAGEMENT UNDER CONDITIONS OF STRUCTURAL DYNAMICS.

ANNALS OF OPERATIONS RESEARCH, 1-30.

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Rowland, N. 17 J., & SPANIOL, M. J. (2017). 17 SOCIAL FOUNDATION OF

SCENARIO PLANNING. TECHNOLOGICAL FORECASTING AND SOCIAL

CHANGE, 124, 6-15.

Citations (17/17)

Matched Text

1 Another student's paper

2 Another student's paper

3 Another student's paper

4 http://bettgroup.net/bettgrp_net/01-DR.aspx

5 Another student's paper

6 https://www.investopedia.com/terms/c/contingency.asp

7 Another student's paper

8 Another student's paper

9 https://www.erminsightsbycarol.com/scenario-planning-questions/

10 Another student's paper

11 Another student's paper

12 Another student's paper

13 https://www.futuresstrategygroup.com/blog/cathyjohnson/types-scenario-planning

14 Another student's paper

15 Another student's paper

16 Another student's paper

17 Another student's paper

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Planning.docx

WEEK 2 RESEARCH PAPER

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Week 2 Research Paper

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Planning.docx

WEEK 2 RESEARCH PAPER

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Week 2 Research Paper

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Planning.docx

ITS834 – B01 EMERGING THREATS &

COUNTERMEASURES

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Emerging Threats & Countermeasures

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BENEFITS OF SCENARIO EVENTS/PLANNING

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Benefits of scenario events/planning

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QUESTIONS TO CONSIDER WHEN

IMPLEMENTING SCENARIO PLANNING

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Questions to consider when implementing scenario

planning

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DIFFERENT QUESTIONS ARE IMPORTANT TO

CONSIDER WHEN IMPLEMENTING SCENARIO

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Questions to consider when implementing scenario

planning

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PLANNING

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THE COMMON TYPES OF SCENARIO

PLANNING

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The common types of scenario planning

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PAVLOV, A., IVANOV, D., PAVLOV, D., & SLINKO,

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Pavlov, A., Ivanov, D., Pavlov, D., & Slinko, A

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OPTIMIZATION OF NETWORK REDUNDANCY

AND CONTINGENCY PLANNING IN

SUSTAINABLE AND RESILIENT SUPPLY CHAIN

RESOURCE MANAGEMENT UNDER

CONDITIONS OF STRUCTURAL DYNAMICS

Source - Another student's paper

Optimization of network redundancy and

contingency planning in sustainable and resilient

supply chain resource management under

conditions of structural dynamics

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Planning.docx

ANNALS OF OPERATIONS RESEARCH, 1-30

Source - Another student's paper

Annals of Operations Research, 1-30

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JULY 11, 2021

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July 11, 2021

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BESIDES, IT IS IMPORTANT TO IDENTIFY

PREVENTIVE CONTROLS

Source - http://bettgroup.net/bettgrp_net/01-

DR.aspx

Identify preventive controls

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THERE ARE VARIOUS BENEFITS OF SCENARIO

AND CONTINGENCY PLANNING

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Benefits of the Events of the Scenario of

Contingency Planning

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A WELL-STRUCTURED AND THOROUGH

CONTINGENCY PLAN MINIMIZES THE LOSS

AND DAMAGE THAT IS CAUSED BY AN

UNFORESEEN NEGATIVE EVENT IN AN

ORGANIZATION

Source - https://www.investopedia.com/terms

/c/contingency.asp

A thorough contingency plan minimizes loss and

damage caused by an unforeseen negative event

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CONTINGENCY PLANNING ALSO HELPS IN

PROMOTING ASSESSMENT IN THAT WHEN IT

COMES TO CREATING SUCH A PLAN,

BUSINESS LEADERS CONSIDER EVERY

POSSIBLE EVENT AND RESULT THAT MAY

Source - Another student's paper

As part of creating contingency planning business

leaders must consider every possible event that

occur and result out of those

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OCCUR IN THE PROCESS

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THIS MEANS THAT HAVING A CONTINGENCY

PLAN IN PLACE CAN HELP BUSINESSES

WITHSTANDING SUCH UNFORESEEN

CIRCUMSTANCES WITHOUT HAVING TO SHUT

DOWN

Source - Another student's paper

Our businesses withstand these unforeseen

circumstances without having to shut down by

having a proper contingency plan

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THEREFORE, HAVING A CLEAR AND WELL-

DOCUMENTED PLAN CAN HELP EMPLOYEES

IN PUSHING PAST THEIR INITIAL FEAR, MOVE

MORE QUICKLY INTO THEIR RECOVERY MODE

AND MAKE BETTER DECISIONS IN THE

PROCESS

Source - Another student's paper

Employees can make better decisions, push past

their initial fears, and move more quickly into

recovery mode through well-documented

contingency plan

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THIS TYPE OF PLANNING IS AN EFFECTIVE

WAY TO DISCOVER AND TEST ASSUMPTIONS

TO MAKE SURE THAT EXECUTIVES DEVELOP

THE RIGHT GOALS AND OBJECTIVES

(ROWLAND & SPANIOL, 2017)

Source - https://www.erminsightsbycarol.com

/scenario-planning-questions/

It is an effective tool to discover and test

assumptions to ensure executives are developing

the right goals and objectives

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THESE INCLUDE THINGS LIKE, FINANCIAL

RESOURCES, MARKET SHARE, HUMAN

RESOURCES, OR ANY OTHER INITIATIVE THAT

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IS REQUIRED TO ACHIEVE THE OBJECTIVE

AND GOAL OF THE ORGANIZATION Source - https://www.erminsightsbycarol.com

/scenario-planning-questions/

A few examples are financial resources, human

resources, market share, or any initiatives or actions

required to achieve the objective and goal

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WHAT ASSUMPTIONS WERE MADE WHEN

DECIDING ON THE PARTICULAR GOAL

Source - https://www.erminsightsbycarol.com

/scenario-planning-questions/

What assumptions were made when deciding on

this goal

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