It has become essential these days for every project management of the company to execute contingency plans. As there is always a risk factor involved in the business regarding any untoward incidents, a poor response or steps implemented in extreme cases can result in the loss of the company.
Contingency planning is that which you need to prepare in advance to confront various situations which might disrupt operations and bring loss to the company like any unseemly incident or natural calamity. It is often seen that the unforeseen is the worst enemy of human beings. Big companies are still quite safer than the smaller companies. Contingency planning should not be ignored for the continuity of the business as it can have a dramatic impact on the future prospect of the company.