What is the Contingency Plans in Project Management?

At time you are given a task, your expected to finish it, but find at the end that there is a problem ... so you have to think a bit further and have an other plan to fix this problem; and yes I agree it would be called plan B

Agreed with the experts answers

A contingency plan is sometimes referred to as "Plan B," because it can be also used as an alternative for action if expected results fail to materialize. Contingency planning is a component of business continuity, disaster recovery and risk management.

A contingency plan is a process that prepares an organization to respond coherently to an unplanned event.

A contingency plan is sometimes referred to as "Plan B," because it can be also used as an alternative for action if expected results fail to materialize.

Contingency planning is a component of business continuity, disaster recovery, and risk management.

 thanks dear Alex,

Contingency planning and risk go hand-in-hand. Indeed contingency planning is a last resort and should be considered for high risks only when it’s not possible to prevent or avoid an event, reduce the impact or even transfer the risk to someone else. Contingency planning and risk management are often used in project management and business continuity planning.

Contingency planning prepares the organisation to respond when a high risk occurs. This includes unplanned events or when someone fails to deliver. A contingency plan is your plan B.

What is appropriate contingency plans to have when there is a worst-case scenario? You do not have a contingency plan?

We have to have alternative plans, contingency plans, and ways to escape, was completed planning, and procedures for crisis management, and ready for action in the bag, and a plan to change workers, and alternative sources of income, should be to have a plan.

Contingency planning is part of risk management.

After identifying different risks and ranking them, we have to decide on how to deal with them.

Typically we categorize responses as transfer, avoid, mitigate and accept.

How to execute these responses needs detail plans, this planning is called contingency planning.

In common industrial language, people refer this as 'plan B'.

Summarizing;

Each risk must be identified

Ranked

must have response

and plan how to execute plan B.

I hope this answers your question.

Syed

Thanks for the invitation

Good question

Sure i do agree totally with Mr.:Syed Ahmed,s answer

Contingency planning is part of risk management for sure

.After identifying different risks and ranking

them, we have to decide on how to deal with them.

A contingency plan outlines the steps and procedures to be followed upon the occurrence of some unforeseen event, or uncontrollable decision or input by a third party, or even a force majeure issue.  It can be addressed up front for known or possible issues (for example - what do we do if the Governent denies our project request after planning and development, but before execution?  Or, what do we do in they event of war or natural disaster?).  It can be decided by contract terms (If the inflation rate during a  long term project exceeds a specified percentage, the price goes up by a parallel percentage.).  Or it can be something that is not addressed in advance and must be resolved among the participants in good faith when it occurs.  Hopefully, the plan is outlined in advance.

I agree with all of the answers.