Contingency Factorspodcast
Contingency Factors Podcast Transcript
Speakers: Diane, Scott, Elizabeth Reeves Fidler
Diane: Hey everyone, welcome to the podcast where we talk in detail about management and business principles that YOU need for success.
Scott: Welcome to this week’s podcast and we have for you - Plan B!
Diane: You mean we’re not going to discuss contingency factors in planning?
(laughter)
Diane: Never mind – of course! Contingency factors - also known as ‘Plan B’
Scott: That’s the one. That plan we’ve all heard about and used. We talked about the importance of strategic planning this week, but let's consider this. What happens if, say half way through the year, your lovely, well-structured strategic masterpiece is instantly made irrelevant by the introduction of a new technology? Or supposing you’ve banked on a new product being well received and its less than promising debut has left you in the red? Diane: I can tell you first hand that when monkey wrenches get thrown into the mix, you'll be happier and sleep better if you have some of this knowledge to help guide you!
Scott: So let's start with a discussion about these important contingency factors. Those are the organizational structure of the company, environmental uncertainty, and the length of commitments.
Diane: And we'll start off with the organizational structure of the company...
Scott: Now let me stop you there Diane. When you say the organizational structure, are you talking more about management than anything else?
Diane: Yes, although organizational structure includes much more, as we'll discuss in Week Three. You typically have different levels of managers in a company, and each is going to serve in specific functions, broadening as you go up the corporate ladder, so to speak.
Scott: So basically, in a company you'd have managers in the so-called "bullpen" who have a focus on entry level employees, training, and keeping tabs on operational concerns.
Diane: Precisely! They're the people
Speakers: Diane, Scott, Elizabeth Reeves Fidler
Diane: Hey everyone, welcome to the podcast where we talk in detail about management and business principles that YOU need for success.
Scott: Welcome to this week’s podcast and we have for you - Plan B!
Diane: You mean we’re not going to discuss contingency factors in planning?
(laughter)
Diane: Never mind – of course! Contingency factors - also known as ‘Plan B’
Scott: That’s the one. That plan we’ve all heard about and used. We talked about the importance of strategic planning this week, but let's consider this. What happens if, say half way through the year, your lovely, well-structured strategic masterpiece is instantly made irrelevant by the introduction of a new technology? Or supposing you’ve banked on a new product being well received and its less than promising debut has left you in the red? Diane: I can tell you first hand that when monkey wrenches get thrown into the mix, you'll be happier and sleep better if you have some of this knowledge to help guide you!
Scott: So let's start with a discussion about these important contingency factors. Those are the organizational structure of the company, environmental uncertainty, and the length of commitments.
Diane: And we'll start off with the organizational structure of the company...
Scott: Now let me stop you there Diane. When you say the organizational structure, are you talking more about management than anything else?
Diane: Yes, although organizational structure includes much more, as we'll discuss in Week Three. You typically have different levels of managers in a company, and each is going to serve in specific functions, broadening as you go up the corporate ladder, so to speak.
Scott: So basically, in a company you'd have managers in the so-called "bullpen" who have a focus on entry level employees, training, and keeping tabs on operational concerns.
Diane: Precisely! They're the people