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Summary Activity 5.7.1 Answers
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Activity 5.7.1 Answers from IBM Textbook with ISBN 4
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Activity 5.7.1 – PLANNING FOR THE WORST PAYS OFF1. Define the term ‘contingency planning’.
Contingency planning refers to the preparation of a business on immediate steps to
take in the event of a crisis or emergency.
2. Explain two advantages to FDS of undertaking contingency planning.
An advantage to undertaking contingency planning would be that the employees or
internal stakeholders of the business will know exactly what to do when
experiencing a crisis or emergency. This definitely will save more time and prevent
the crisis from worsening.
Another advantage would be promoting a culture of planning and safety. By
undertaking contingency planning, it will gradually become a habit for the business
to plan ahead of time for the worst, making employees used to it.
3. Evaluate the possible disadvantages of contingency planning to FDS.
Contingency planning refers to the preparation of a business on immediate steps to
take in the event of a crisis or emergency. In the context of FDS, the business was
lucky enough to have undertaken contingency planning that they were able to
quickly act when facing a crisis. However, there definitely are disadvantages to
undertaking contingency planning. Hence, it will be evaluated below.
A disadvantage of contingency planning to FDS would be the required devoted time
and money to complete contingency planning. Though contingency has proven to be
of much help for FDS when facing the arsonists, the process of planning for the worst
requires much time and money. Additionally, considering that such plans are made
in case an emergency happens, does not guarantee such planning would be of much
use if an emergency does not happen. This means, in a way, it causes the business to
spend more time and money on doing some planning on things that may not happen
or occur.
Another disadvantage of contingency planning would be the fact that it would
require constant updates. As the possible problems affecting a business may differ
overtime, FDS will have to constantly update their contingency planning to ensure
the planning they do are for emergencies that are most likely to be faced by the
business. For instance, in the current situation, FDS should probably prepare if a
lockdown were to once again happen due to the COVID-19 pandemic because it is
possible. Additionally, considering that there are so many uncertainties as to what
may happen in the near future, it is impossible for FDS to prepare or plan for all
eventualities. This means the planning FDS may have done may not be suitable for all
emergency situations, making contingency planning not necessarily always useful.
Thus, though contingency planning has been proven to have helped FDS in
overcoming a crisis or emergency, there are still drawbacks to it. It is time
consuming, costly and not guaranteed to be of much help considering that it is
impossible to plan or identify all eventualities that the business may face in the
future.
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