Contingency Planning Kimberlea Penney AIU Online February 10‚ 2013 Prof. R. Rodriguez ABSTRACT Contingency planning is an effective back up plan to any situation that requires an alternative course of action for the outcome of a common goal. There are several steps involved in contingency planning and these steps prepare for the strategic planning process to come to full effectiveness for a facility. A full plan for a facility allows for immediate resolutions for managing and addressing the
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The contingency plan for this web-based business is a documented structure which provides instructional and referral information for response to emergency‚ back-up operation and post disaster recovery for information technology systems pertaining to system malfunction‚ power failures and protection from hackers and fraudulent activities. The contingency plan answer questions such as is the data backed up every day? Whether alternative servers are available for applications to be accessed from in
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each part of the system selected The contingency approach. Contingency approach to management theorizes that different situations and conditions require different management approaches. During the 1970’s the contingency approach gained popularity. Promoters and advocates of this theory believe that there is no one best way in managing; the best way depends on the specific circumstances. What makes the contingency approach different from other approaches is that it goes beyond
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What is a Contingency Plan? Also known as “Scenario Planning”‚ a contingency plan is the creation of alternative hypothetical but equally likely future conditions. It’s about preparing for events such as the loss of Top Management‚ Customers‚ Suppliers and Market Share due to competition. Contingency planning is a normal part of everyday business. The need for a contingency plan‚ or a plan “B”‚ is extremely important and requires a thorough analysis of risks that a business may face. Dell
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recognized for a legal or constructive obligation arising from a past event‚ if there is a probable (more likely than not) outflow of resources and the amount can be estimated reliably (IAS 37.14). In contrast‚ according to FASB ASC 450-20-25-2‚ a contingency (provision) is recognized if it is probable (likely) that a liability has been incurred and the amount is reasonably estimated. Scenario 1 (1) Under IFRSs: According to IAS 37.22‚ the contamination of the land gives rise to a legal obligation for
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Contingency Theory Management and the Modern Day Corporation Page 4 Burns & Stalker (1961) – Managing Innovative Firms 1. Before the war‚ the industry was heavily involves in contract work with the government. 2. During the 1950s‚ opportunities arose for companies to develop new products for the growing consumer market (radios‚ TV’s‚ etc). 3. Consumer markets meant higher profits and greater Risks. 4. This meant moving into a market that was uncertain‚ competitive‚ extremely risky and required
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STRATEGY SAFARI A GUIDED TOURTHROUGH THE WILDS OF STRATEGIC MANAGEMENT HENRY MINTZBERG BRUCE AHLSTRAND JOSEPH LAMPEL T H E FREE PRESS NEW YORK >aJ&aiz. u.frmiu/i «...* „.;i••/ . • . . >•.»•.. . .. •..•••.-.••a/itiktSii^i THE FREE PRESS A Division of Simon & Schuster Inc. 1230 Avenue of the Americas New York‚ NY 10020 Copyright © 1998 by Henry Mintzberg‚ Ltd.‚ Bruce Ahlstrand‚ and Joseph Lampel All rights reserved‚ including the right of reproduction in whole or in part in any form. THE
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Mintzberg’s Ten Schools of Thought about Strategy Formation Model The Design School A process of conception Approach Clear and unique strategies are formulated. The internal situation of the organisation is used to match the external environment. Basis Architecture as a metaphor. Contributions Order. Reduced ambiguity. Useful in relatively stable environment Support strong and visionary leadership. The Planning School A formal process A rigorous set of steps are taken
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Current Liabilities and Contingencies Current assets are cash or other assets that can reasonably be expected to be converted into cash‚ sold‚ or consumed in operations within a single operation cycle or within a year if more than one cycle is completed each year. Current liabilities are obligations whose liquidation is reasonably expected to require use of existing resources properly classified as current assets‚ or the creation of other liabilities. Accounts Payable or trade accounts payable
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decisions (Mintzberg‚ 1973). A manager plays an important role in decision making‚ thus‚ the Mintzberg’s decisional role will be the main concept discuss in this essay. Being a manager also means that Ms YKL plays a role as an entrepreneur. The role of an entrepreneur is to search for rooms for improvement in the organisation‚ and keep an eye on the rapid changing environment to seek for opportunities‚ and when a fine opportunity appears‚ the manager would initiate actions (Mintzberg‚ 1975). Her
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