Question : Which of the following is a step in the contingency planning process?
Option 1: Identifying potential risks
Option 2: Implementing the plan
Option 3: Monitoring performance
Option 4: Setting objectives
Correct Answer:
Identifying potential risks
Solution : The correct answer is (a). Identifying potential risks
Identifying potential risks is indeed a step in the contingency planning process. Before developing a contingency plan, it is crucial to identify the potential risks and threats that the organization may face. This step involves assessing the internal and external environment, conducting risk assessments, and identifying the specific risks that could impact the organization's operations, resources, or objectives.
Once the potential risks have been identified, the organization can proceed with developing strategies and actions to address those risks and mitigate their impact. The subsequent steps in the contingency planning process typically include developing response strategies, implementing the plan, and regularly reviewing and updating the plan as necessary.
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