Business Management HL
Business Management HL
6
Chapters
223
Notes
Unit 1 - Introduction To Business Management
Unit 1 - Introduction To Business Management
Unit 2 - Human Resource Management
Unit 2 - Human Resource Management
Unit 3 - Finance & accounts
Unit 3 - Finance & accounts
Unit 4 - Marketing
Unit 4 - Marketing
Unit 5 - Operations management
Unit 5 - Operations management
Unit 6 - Assessment
Unit 6 - Assessment
IB Resources
Unit 5 - Operations management
Business Management HL
Business Management HL

Unit 5 - Operations management

Master Contingency Planning: Stay Prepared For Crisis Scenarios

Word Count Emoji
663 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 14th Jun 2024

Table of content

What's contingency planning? ๐Ÿšจ

  • Think of it like a school fire drill! ๐Ÿš’
  • It's the steps a company takes to prepare for a possible crisis.
  • Imagine a company asking: "What if...?" and then acting it out in a mock drill.

Main Idea

  • Expect the unexpected. ๐Ÿค”
  • Prepare for possible crises by setting up processes.

Examples

  • Fire drills (making sure everyone knows how to leave a building safely)
  • Planning for strikes (when workers refuse to work)

Key aspects of contingency planning โœ๏ธ

  • Cost ๐Ÿ’ฐ

    • Prepping for crises isn't free! You might need equipment, training, and more.
    • BUT... think about it like buying insurance. It's cheaper to be prepared than to deal with a disaster and its aftermath. (e.g., Being ready for a blackout vs. facing a massive data loss without backup)
  • Time ๐Ÿ•’

    • Planning and training can eat up a lot of time.
    • Real World Example: Health regulations might require training employees in first aid. Ever had a colleague go for CPR training?
  • Risks ๐ŸŽฒ

    • Assess potential risks: to people, equipment, the entire company, and even partners like suppliers.
    • These risks aren't static. They change! So, plans need to be reviewed and updated. Imagine if you planned only for yesterday's technology and threats!
  • Safety First ๐Ÿšซ๐Ÿ”ฅ

    • The ultimate goal? Keeping everyone safe!
    • Remember our fire drill? It's all about ensuring everyone is safe if there's a real fire.

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IB Resources
Unit 5 - Operations management
Business Management HL
Business Management HL

Unit 5 - Operations management

Master Contingency Planning: Stay Prepared For Crisis Scenarios

Word Count Emoji
663 words
Reading Time Emoji
4 mins read
Updated at Emoji
Last edited onย 14th Jun 2024

Table of content

What's contingency planning? ๐Ÿšจ

  • Think of it like a school fire drill! ๐Ÿš’
  • It's the steps a company takes to prepare for a possible crisis.
  • Imagine a company asking: "What if...?" and then acting it out in a mock drill.

Main Idea

  • Expect the unexpected. ๐Ÿค”
  • Prepare for possible crises by setting up processes.

Examples

  • Fire drills (making sure everyone knows how to leave a building safely)
  • Planning for strikes (when workers refuse to work)

Key aspects of contingency planning โœ๏ธ

  • Cost ๐Ÿ’ฐ

    • Prepping for crises isn't free! You might need equipment, training, and more.
    • BUT... think about it like buying insurance. It's cheaper to be prepared than to deal with a disaster and its aftermath. (e.g., Being ready for a blackout vs. facing a massive data loss without backup)
  • Time ๐Ÿ•’

    • Planning and training can eat up a lot of time.
    • Real World Example: Health regulations might require training employees in first aid. Ever had a colleague go for CPR training?
  • Risks ๐ŸŽฒ

    • Assess potential risks: to people, equipment, the entire company, and even partners like suppliers.
    • These risks aren't static. They change! So, plans need to be reviewed and updated. Imagine if you planned only for yesterday's technology and threats!
  • Safety First ๐Ÿšซ๐Ÿ”ฅ

    • The ultimate goal? Keeping everyone safe!
    • Remember our fire drill? It's all about ensuring everyone is safe if there's a real fire.

Unlock the Full Content! File Is Locked Emoji

Dive deeper and gain exclusive access to premium files of Business Management HL. Subscribe now and get closer to that 45 ๐ŸŒŸ