Contingency Plan
Contingency Plan
A Contingency Plan (pronunciation: /kənˈtɪndʒənsi plæn/) is a course of action designed to help an organization respond effectively to a significant future event or situation that may or may not happen. It is a fundamental aspect of Risk Management.
Etymology
The term "Contingency Plan" originates from the Latin word 'contingere', which means 'befall'. In the mid-16th century, it was used in the sense of 'depend upon (an uncertain event)'.
Definition
A Contingency Plan is a plan devised for specific situations when things could possibly go wrong. Contingency plans are often devised by governments, business organizations and schools who want to be prepared for anything that could happen.
Related Terms
- Risk Management: The forecasting and evaluation of financial risks together with the identification of procedures to avoid or minimize their impact.
- Disaster Recovery: The area of security planning that deals with protecting an organization from the effects of significant negative events.
- Business Continuity: The planning and preparation of a company to make sure it overcomes serious incidents or disasters and resumes its normal operations within a reasonably short period.
See Also
External links
- Medical encyclopedia article on Contingency Plan
- Wikipedia's article - Contingency Plan
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