Monitor and Review Productivity Performance (a) Review the information provided in the case study and identify any areas of underperformance: (b ) (i) Refer to your contingency plan in Task 2.5. What corrective actions are now required, by whom and within what timeframe? (ii) Are there other recommendations not previously explained? (c) Refer to the case study, the BBQfun performance management policy, your contingency plans and recommendations and complete (i) the performance review and (ii) the coaching template on the following pages to assist your staff to effectively, economically and safely use resources to achieve organisational goals. Refer to Appendix A for GROW coaching questions.

Competent managers utilize contingency plans because they understand that dangers might put a project or organization at risk of being shut down. In the absence of a contingency plan, there is no risk management recovery strategy, which diminishes the odds of project success, even if the project plan was created using planning software, according to the American Planning Association. It is essential to prepare for the unexpected in every commercial endeavor. As an example, governments use them to plan for disaster recovery and economic disruption, such as those produced by the coronavirus epidemic. We will, however, concentrate on contingency planning for the company and project management. Begin by clarifying what a company contingency plan is and what it is not.

           A business contingency plan is a plan of action that is used to react to future events that may or may not impact a company's operations shortly. Typically, a contingency plan is developed in response to a bad incident that has the potential to harm a company's image or perhaps its ability to continue operations. On the contrary, there are positive contingency plans in place, such as what to do if the organization is presented with a large quantity of money or other resources that were not anticipated. A contingency plan is a proactive approach instead of a risk response plan, which is more of a reaction to a risk event that has already occurred. A company contingency plan is created to account for the possibility of such events occurring so that you are prepared if and when they do.

       While every firm will prepare to ensure that its product or service will be successful in the marketplace, the reality is that the market is anything from steady. That is why every firm should have a business contingency plan to ensure that they are prepared for both positive and negative risks. Contingency planning is often used in project management as part of the risk management process. Any project manager knows that a project plan is only a sketch of the whole picture. Unexpected developments and dangers might lead projects to expand beyond their original scope and duration. The greater the extent to which a project manager can anticipate and plan for risks, the more successful their project.

On other hand, risk management is not the same as contingency planning. Risk management is a project management knowledge area that includes a collection of tools and strategies that project managers may use to develop a risk management strategy.

It is essential to understand that a risk management plan is a complete document that includes all aspects of risk identification, assessment, prevention, and mitigation.

On the other hand, a contingency plan is concerned with generating risk management methods to be implemented in the event of a real-world problem, similar to a risk response plan. A contingency plan in project management may be as easy as asking the question, "What if...?" and then describing the stages to your method when you answer that question, as seen in the video.

Formulate a Policy Statement for Disaster Recovery and Preparedness: This will offer the authority and direction required to construct the strategy.

Step-by-step explanation

BIA (Business Impact Analysis) should be carried out: The BIA will assist in identifying and prioritizing information systems and components that are crucial in supporting the organization's purpose and business operations.

Distinguish between Preventive Controls and Corrective Controls: Preventive controls are actions implemented to mitigate the impact of system disruptions. They will improve the system's availability while also lowering the cost of the contingency life-cycle.

Create Contingency Plans: These are comprehensive recovery procedures that guarantee that the system will be restored as fast possible in the event of an interruption.

Developing an Information System Contingency Plan should include specific instructions and processes for restoring an information system in the event of disaster or other emergency. These processes will be tailored to the particular security impact degree and recovery needs of the system under consideration. Each third-party vendor must be prepared to operate within the bank's contingency plan parameters during and during an emergency.

Prepare people by conducting plan testing, training, and exercises. Plan testing will guarantee that the recovery process will be effective, while training will prepare staff know what to do in event of emergency and how to put the plan into action.

Maintain the Plan: The plan should be updated regularly to ensure that it remains current with any changes that occur within the company.

Running a company entails taking risks, which might take the shape of accidents, natural catastrophes, financial hazards, information technology assaults, and other unforeseen events. As a precaution, do complete contingency planning at your workplace to ensure you are well prepared.