Examples of contingency plan in the following topics:
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- Strategists have developed a large array of tools useful in plan formulation, all of which provide unique insights and advantages.
- Scenario planning is an interesting tool with which strategists construct various scenarios to test out the potential trajectories of specific operational plans.
- Contingency planning can be simply described as the back-up plan, while participatory planning is the primary plan.
- An excellent tool for strategists pursuing a particularly risky venture is to develop the primary objectives and strategy while simultaneously constructing a contingency plan that will limit the negative effects of failure.
- It is also useful to set goals and a timeline to assess progress and ensure that each individual is achieving their segment of the plan.
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- An important and often overlooked aspect of forecasting is the relationship it holds with planning.
- Forecasting can be described as predicting what the future will look like, whereas planning predicts what the future should look like.
- While both are managerial functions, forecasting is rife with external uncertainty while planning is hindered by internal uncertainty.
- The practice helps businesses create plans for different situations, in addition to contingency plans for adapting if and when necessary.
- As the management team implements the broader strategy, it must continuously monitor the current environment for deviations and use forecasting to adapt both the primary strategy and contingency plans for potential shifts.
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- It entails specifying the organization's mission, vision, and objectives, as well as developing policies and plans which allocate resources to drive growth and profitability.
- Risk assessments and contingency plans are also developed based upon external forecasting.
- This information will be used to restart the planning process, or reinforce the success of the previous strategy.
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- It is useful to have some contingency plans in place, as employees, customers, or vendors may have unique perspectives on the problem that management lacks that can lead to a more effective solution.
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- It is often contingent on performance or results achieved.
- Equity-based compensation—A plan that uses the company's shares as compensation.
- Variable pay is contingent on discretion, employee performance, or results achieved.
- A benefit plan is designed to address a specific need and is often not offered in the form of cash.
- Equity-based compensation is a compensation plan that uses the employer's shares as employee compensation.
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- Variable pay is a monetary reward that is contingent on discretion, performance, or results achieved.
- There are different types of variable pay plans, such as bonus schemes, sales incentives (commission), overtime pay, and more.
- In a typical variable pay plan, the salesperson might receive 50 percent of every dollar he brings in up to a defined level of revenue, after which pay increases to 85 percent for every dollar earned.
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- The contingency viewpoint of management proposes that there is no standard for management; instead, management depends on the situation.
- Instead, the optimal course of action is contingent or dependent upon the specific internal and external situation management may find itself in.
- Debating which one of the previous approaches to management is the "best" approach is irrelevant in contingency theory, since the heart of the contingency approach is that there is no "one best way" for managing and leading an organization.
- By its nature, contingency theory avoids static rules.
- An example of the contingency viewpoint in action is a manager facing a situation with an employee who regularly shows up late to work.
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- Theories of effective leadership include the trait, contingency, behavioral, and full-range theories.
- Experts have proposed several theories, including the trait, behavioral, contingency, and full-range models of leadership.
- According to this approach, called contingency theory, no single psychological profile or set of enduring traits links directly to effective leadership.
- In other words, contingency theory proposes that effective leadership is contingent on factors independent of an individual leader.
- Fiedler's contingency model of leadership focuses on the interaction of leadership style and the situation (later called situational control).
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- Debate is fairly common about whether the use of these terms should be restricted and generally reflects an awareness of the distinction made by Burns (1978) between "transactional" leadership (characterized by emphasis on procedures, contingent reward, management by exception) and "transformational" leadership (characterized by charisma, personal relationships, creativity).
- A leadership style is a leader's approach towards providing direction, implementing plans, and motivating people.
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- The broader overview of strategic plans, as well as the five subgroups within strategic planning, provide businesses with direction.
- Short-range plans: Short-range plans generally apply to a specific time frame in which a specific series of operations will be carried out, assessed, and measured.
- Long-range plans are those most closely related to the overall strategic-planning process.
- Single-use plans:As opposed to standing plans, single-use plans cover a specific operation or process that is an outlier to normal operations.
- Differentiate between the five general planning frames and recognize considerations that must be made prior to planning