PMI-RMP Certification Training - Contingency Plans

The video tutorial explains various risk management strategies, including contingency plans, business continuity plans, disaster recovery plans, and contingency reserves. Contingency plans are prepared in advance but enacted only when a risk trigger occurs. Business continuity plans ensure operations continue during crises, while disaster recovery plans focus on minimizing disruption and ensuring quick recovery. Contingency reserves are funds set aside for known risks. Each strategy is part of proactive risk management, aiming to mitigate the impact of potential threats.

What are contingency reserves and how are they used?

Why is it important to plan for risks in advance?

Can you provide an example of a contingency plan?