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PLANNING IN MANAGEMENT : (CONTINGENCY PLANS: Fires, floods, tornadoes-…
PLANNING IN MANAGEMENT :
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OPERATIONAL PLAN: Describes the day to day running of the company, is detailed and emphasizes short-term objetives.
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CONTINGENCY PLANS: Fires, floods, tornadoes- These are thing that we often connect whit contingency planning
RISK ASSESSMENT Its useful in thinking about new and ongoing projects: what happens when PLAN A doesnt go as expected
ADDRESS ALL BUSINESS-CRITICAL OPERATIONS: A good plan identifies all critical business functions, and it outlines ways to minimize losses
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PRIORITIZING RISKS: You need a carefull balance between Over-preparating for something that may never happen and adequate preparation
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RISK IMPACT: You analyze the impact of each risk, and you estimate a likelihood of it ocurring
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Estimate Risk One way of doing this is to make your best estimate of the probability of the event occuring
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MAINTAINING THE PLAN: You need to do several things to keep it practical and relevant- Dont just creat a document and file it away
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