Contingency Plan: Having a Plan B

The video tutorial explains the concept of contingency plans, emphasizing their importance in crisis management. It differentiates between contingency and crisis management plans, highlighting that contingency plans are pre-decided strategies to handle potential risks. The tutorial outlines four key steps in creating an effective contingency plan: risk identification, risk evaluation, risk response development, and risk response control. It stresses the importance of having a well-prepared plan to manage risks and ensure project success.

How does a contingency plan differ from a crisis management plan?

What are the four important steps in strategizing and executing a contingency plan?

What is the significance of evaluating risks based on their probability and severity?