Description
Purpose of Assignment
For this assignment, the student will identify and interview someone they know who is in a management role. This allows the student to integrate the experience of real world managers with their own insights into planning and strategy. The assignment also reinforces the importance of contingency planning.
Assignment Steps
Interview someone you know who is in a management role. This can be at your current place of employment or someone you know personally working in a managerial role.
Prepare a 1,050-word discussion of the interview:
- Discuss what you discovered about contingency planning.
- Discuss how creativity and critical thinking relate to contingency planning.
- Explain how you might integrate creativity into your own planning process.
- Discuss what you learned about creativity and its relationship to the decision-making process.
- Identify the key steps that might require a contingency plan.
Format the assignment consistent with APA guidelines.
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Explanation & Answer
Attached.
Running head: CONTINGENCY PLANNING
1
Contingency planning
Student’s Name
Affiliated institution
Contingency planning
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Introduction
Any business that operates in a real environment is bound to face a couple of risks that can
thwart the life of the company. For this reason, managers must devise a plan that can avoid or
reduce the severe effects of these factors. Quite often, a risk may be exceptional and having
catastrophic results; this requires a contingency plan. The plan contains procedures through
which a company will follow to mitigate the losses in the case of a risk occurring. For example, a
company whose which stores its goods in one warehouse, in the case of fire all the products will
be destroyed. To mitigate the risk of this hazard the company may store the goods in two distinct
warehouses (Henderson, 2016).
Developing an effective contingency plan requires one to consider factors such as human
resource management, financial resources a sound coordination and communication system. A
manager must know the technicalities and logistics needed to respond to a hazard. A good plan
captures all sectors that would impact on timely and effective response to a disaster. A detailed
assessment breaks down the contingency plan into three parts: the time an emergency has higher
chances of occurring, the reaction when it happens, what preparations can be done before the risk
to avert it.
Creativity in contingency planning
A good contingency plan requires creativity and creative thinking during formulation.
Managers attain creativity by being continually inquisitive and eager to increase their knowle...