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Contingency Plan
A contingency plan is a statement of actions that will be taken to help an organization respond effectively to a contingency (anticipated event). A contingency is a significant future event or situation that may or may not happen. Action choices are made contingent on information about the future state of the world. For example, if a competitor introduces a new product in a market, the contingency plan is to lower prices of our products and increase the R&D budget 10%. Introduction of a new product by a competitor is therefore the contingency event. A contingency plan is a flexible, low-commitment plan that provides for follow-on information gathering and situation monitoring.
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