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Contingency plan is planning for a crisis and developing methods to deal with the crisis.
.Toyota had to manufacture parts to fix the faulty accelerator pedal.
Toyota had to replace the faulty floor mats.
. Toyota distinctive capability was quality and reliability.
.Toyota had never faced problem of this nature before because it was a pioneer of lean manufacturing (so didn't expect and prepare for this problem)
. Toyota could hold stock for a similar crisis but this would go against the lean production philosophy.
.Toyota was disrupted by the tsunami that ef Spell check your answer fected Japan. They could have had alternatives suppliers around the word. However the disadvantage of this is you cant benefit from economies of scale. inaddition have many suppliers means addition cost as Toyota has to train the in the toyota way.
overall, contingency planning will increase cost e.g. alternative supply chain, and holding millions of car parts.
Contingency planning cannot cover all eventualities.
This is a opportunity cost e.g spending money, time on other uses instead of something that might not occur.
however, contingency planning reduced the impact of the product recall.
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What is the purpose of having a contingency plan?
The purpose of having a contingency plan is to have steps when things go wrong in a business. A contingency plan goes into act when something unexpected happens.
Importance of contingency plan?
A contingency plan is like a backup plan. It is vital to have one in any business. That way, if the current business plan fails, the owner will have another option.
What do leaders need to do in contingency theory?
Leaders need to have a contingency plan in case the original plan of action fails. This is also known as a back up plan.
In contingency theory what do leaders need to do?
Leaders need to have a contingency plan in case the original plan of action fails. This is also known as a back up plan.
What does a PR contingency plan address?
A contingency plan addresses a back up plan of action should the first plan not work out. This is a good idea in any business or public relations.
What are contingency plans?
A contingency plan is what to do if a possible future event or circumstance suddenly changes.
Why was contigency plan created?
A contingency plan is a back up plan for when things go wrong or could go wrong. An example of a contingency plan is what you would do when you lose a job or when a tornado comes.
Make a sentence using the word contingency?
The bank robber had to come up with a contingency plan once their original plan began to go south.
Where can one find a template for a contingency plan outline?
If one is looking for a template for a contingency plan outline, one could visit the National Institute of Standards and Technology website. The NIST has a Contingency Plan Template on their site, under the Computer Security Division.
