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Risk Management and Contingency Planning

In: Mastering Decision-Making in Business and Personal Life

Author

Listed:
  • Hassan Qudrat-Ullah

    (York University)

Abstract

This chapter delves into risk management and contingency planning, crucial for mitigating potential disruptions in both personal and business contexts. It begins with an exploration of risk identification, assessment, and mitigation strategies, emphasizing the importance of ongoing monitoring. The chapter then outlines the process of developing contingency plans, including identifying critical functions, crafting response strategies, and the necessity of regular testing and communication. Real-world examples, such as Johnson & Johnson’s Tylenol crisis and Netflix’s transition to streaming, illustrate effective risk management. The chapter concludes by highlighting how robust risk management practices enhance resilience and adaptability in dynamic environments.

Suggested Citation

  • Hassan Qudrat-Ullah, 2025. "Risk Management and Contingency Planning," Springer Books, in: Mastering Decision-Making in Business and Personal Life, chapter 0, pages 227-275, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-81068-8_8
    DOI: 10.1007/978-3-031-81068-8_8
    as

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