include sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change.

Contingency Plans

Explanation:

Contingency plans include sets of actions to be taken when a company's initial plans have not worked well or if events in the external environment require a sudden change. Contingency plan can be defined as the alternative course of action made by company in case of any unseen, sudden situation and circumstances. Putting it simply, it can be termed as the plan B. If plan A fails then organization can think of following plan B. It is very helpful for the organisation because they can plan ahead of the time, they can be proactive. Organisations usually have the contingency planning intact and they work side wise on it as well which gives them an ease of working in case of any emergency and sudden change.

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