Contents
Unit 6: Business Decision Making
Module objectives
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Objectives
Creating and interpreting financial forecasts
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Creating and interpreting financial forecasts
Viability of a business – ratios analysis
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Viability of a business – ratios analysis
Threats and 'what if' scenarios
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Threats and 'what if' scenarios
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Creating a contingency plan
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Creating a contingency plan
Case Study: Contingency Planning
Module 6: Creating, interpreting and analysing financial forecasts

Creating a contingency plan

 

A contingency plan is critical to responding to situations that arise.

Contingency plans are developed to respond to emergencies. For example, farms have contingency plans in the event of outbreaks of disease and infections.

A business should undertake a risk assessment to identify any emergencies that may arise, e.g. natural, economic or social and put plans in place to respond to those emergencies.

The Covid-19 pandemic emphasised the need for contingency plans for many businesses, large and small.

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