Contingency Planning

Why do businesses do contingency planning? Is it worth it?
#alevelbusiness #businessrevision #aqabusiness #tutor2ubusiness #alevels #edexcelbusiness #businessalevel
VIDEO CHAPTERS
0:00 Introduction
0:30 Why Contingency Planning is Important
0:51 Contingency Planning is part of the Way Businesses Manage Risk
1:16 What is Risk in Business?
2:00 Different Ways Businesses Deal with Risk
2:43 Examples of Common Approaches to Day-To-Day Risk Management
3:54 Contingency Planning is part of Risk Management
4:16 What is Contingency Planning?
4:55 When Contingency Planning Was Needed...
6:35 An Example of an Industry Where Contingency Planning is Essential
7:32 Where Contingency Planning Might be Needed Now!
8:20 Evaluating the Need for contingency Planning
VIDEO SUMMARY
This video, presented by tutor2u's Jim Riley, discusses the important concept of contingency planning in business strategy. Contingency planning is a way to manage risk and uncertainty, and involves preparing for the unexpected. Examples of risk management include taking out insurance, spare capacity, investment appraisal and market research. The video also provides examples of businesses that have failed to adequately prepare for risk and experienced large financial and reputational costs as a result. Finally, the video emphasises the importance of contingency planning to large businesses, and the need for businesses to identify and plan for the major risks that could impact them.

[@tutor2u-official]

Find some fantastic Business study resources from the tutor2u website www.tutor2u.net/business/collections

[@zainabnoor2860]

Your videos are amazing!! I come here whenever I can’t understand a topic or when the endorsed book confuses me 🙌🏻 TYSM 😇

[@Jazz0692]

Super helpful !!!! Ty so much, me and my friend learned so much watching this together!!
Thanks Dave.

[@tutor2u-official]

Very welcome!

[@aruanaifunaoa3706]

This was helpful. thank you.

[@joyajpringle3682]

Very helpful information...

[@BossChronicles]

Please continue these business videos

[@morleyatkins2417]

rip thomas cook

[@caitlinwestmoreland4920]

What unit is this in?

[@sarahismail9400]

Caitlin Westmoreland I’m doing my A level unit 3 exam next week and contingency planning was in my textbook so i’d say unit 3

[@samuela775]

is this same as scenario planning

[@tutor2u-official]

Not quite the same Samuel - but very similar! Contingency planning is identifies and prepares for SPECIFIC AND KNOWN risks or events that may disrupt a business (e.g. cyber attacks). Scenario planning is a more open-ended or general as it involves exploring a range of possible futures and developing flexible strategies.

[@TheXENDINGZ]

Anyone does CIE alevel business?

[@joshbetts9163]

No

[@zainabnoor2860]

Me

[@maggytay3832]

Im late but I also do CIE Alevel business

[@rajaer1612]

​@Maggy Tay he's got a family now, bit late