Risk Management and Contingency Planning

Hassan Qudrat-Ullah

Chapter Chapter 8 in Mastering Decision-Making in Business and Personal Life, 2025, pp 227-275 from Springer

Abstract: Abstract This chapter delves into risk management and contingency planning, crucial for mitigating potential disruptions in both personal and business contexts. It begins with an exploration of risk identification, assessment, and mitigation strategies, emphasizing the importance of ongoing monitoring. The chapter then outlines the process of developing contingency plans, including identifying critical functions, crafting response strategies, and the necessity of regular testing and communication. Real-world examples, such as Johnson & Johnson’s Tylenol crisis and Netflix’s transition to streaming, illustrate effective risk management. The chapter concludes by highlighting how robust risk management practices enhance resilience and adaptability in dynamic environments.

Keywords: Risk identification; Risk assessment; Mitigation strategies; Contingency planning; Critical functions; Response strategies; Risk monitoring; Scenario analysis; Crisis management; Business continuity; Risk communication; Operational resilience; Crisis response; Risk adaptation (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-81068-8_8

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DOI: 10.1007/978-3-031-81068-8_8

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