Contingency Planning

Definition: Contingency Planning is a systematic risk management approach and process through which an organization (corporation or government) identifies and prepares itself for both conventional and exceptional risks by means of plans, strategies and approaches to avoid, cope with and even exloiting them.
A contingency plan is sometimes referred to as "Plan B."

More on contingency planning. More on business strategy: 3C's Model of Ohmae, Ansoff Matrix, Business Continuity Planning, Business Model, Business Model Canvas, more...