Things don't always work out as firms would like them to and could cost the firm a lot of money in lost business. As the events listed above are difficult to prevent it is prudent to draw up a contingency plan to manage their impact.
Choose a person to make sure that the actions (solutions) to set up the contingency plan are completed by the agreed deadlines.
The good news is that the majority of days are “business as usual” but on the rare occasion that a day is not as normal, a contingency plan will minimise business disruption. Contingency PlanDespite having a well thought-out production schedule, there also needs to be acontingency plan in case anything goes wrong or is unavailable in regards to thelocation, props, characters, mise-en-scene etc.LocationWe have chosen to set our music video in four different locations which consistsof the park, shopping centre, restaurant and house (bedroom). Clipping is a handy way to collect and organize the most important slides from a presentation. This means that firms need a plan for when there is a problem (contingency) to limit the amount of money they lose. This person should regularly review action completion and take necessary action if completion is not on track. Out of all theselocations, the restaurant will probably require a back-up plan because somerestaurants may not allow us to film in their business. This plan is known as a contingency plan and usually covers things that the firm cannot control. Contingency plans for events that are highly likely and will have a big impact on the firm need to be `completed first.
It is also very important to tell all your employees and anybody that is included in your plan e.g. Contingency plans may take time to set up but you will get more than the time you invested (in the plan) back, the first time you use the contingency plan. As a result, were going tohave to find a few locations, some of which are really quiet and may not have alot of customers. Small firms will probably have one contingency plan but large firms will have a number of contingency plans to cover each of their departments and sites. Whilst contingency plans for events that are unlikely to happen and will only have a small impact on the firm need to be bottom of the list. Finally to make sure your plan continues to be an effective solution, review it periodically to make sure it still meets business needs. This will help people understand what they need to do if one of the events (in the plan) happens. Identified risks can be further divided into many categories, such as: primary risk, secondary risk, residual risk, etc.

Each of ourcharacters are reliable and we have based our filming time around theiravailability. Communication should also reduce the number of people “panicking” when things don't go to plan. If a character is not present on the day due to an illness or any overissue then we will have to film another section of our video in order not to wasteany valuable time.PropsWe have a range of props that can be bought from a wide range of shops (withinour local area) whilst keeping within our budget. There are a number of ways to communicate the plan including training sessions and posters.
We are also going to use someof our own stuff as props to save money.LightingIn regards to lighting, we won’t face any problems because there will be enoughelectricity within our chosen locations. Share9 Tweet Share2 +18 PinComments RKS saysJune 5, 2012 at 8:55 AM After reading this article bit confused between Risk response and Contingency plan. Contingency reserve is the amount calculated, typically using a Decision Tree or EMV calculations.
As a part of estimating costs, we estimate all the activities and add up their individual costs.
In parallel, we also calculate the amount we will need to cover all the identified risks, in case they occur. It is the series of steps that need to be taken and is documented in the Risk Management Plan. Also, the cost of support may go un acceptably high if the quality is compromised.Now, what if you do not have time, and money and quality cannot be compromised and still the delivery is required? What if a good to have feature does not fall under critical path, does not cost much and yet is to be done by a resource that would not be utilized in either crashing or fast tracking project?
Good discussion here!Reply prashant gandhi saysAugust 9, 2014 at 12:58 AM So in broader sense saying something like “we will provide the product on time, ***within*** budget but it will not be a quality product, so expect issues” is not an acceptable approach for several reasons. CR should be initiated because there will be a change in the cost baseline once the contingency reserve will get used. A project risk that has occurred can also be considered an issueDear Fahad,The above given are the four sentences of the last paragraph of page 275 PMBOK.
Contingency Plans are executed using those contingency reserves to tackle known unknown risks They become known when they occur. For example what do you think about this?” Your team has identified a risk with some of the chemicals you are using on your highway construction project.
It is really difficult to mix them just right and, based on past projects, you’ve figured out that there’s a high probability that about 14% of the chemical supply will be lost in mixing problems. You decide to buy an extra 15% of the chemicals up front so that you will be prepared for those losses and your project won’t be delayed.

Passive acceptance requires no action except to document the strategy, leaving the project team to deal with the risks as they occur.
These risk along with the ones identified during project initiation are dealt with risk management. During risk management you prepare risk response but, some residual risk remains even after risk response planning. For some risks, it is appropriate for the project team to make a response plan that will only be executed under certain predefined conditions, if it is believed that there will be sufficient warning to implement the plan.
Events that trigger the contingency response, such as missing intermediate milestones or gaining higher priority with a supplier, should be defined and tracked.
If you can reconfigure the project tasks in such a way to eliminate the risk by achieving the task objective in a different way, without negatively impacting schedule, budget, scope, or quality, you can make that change and AVOID the risk.2.
If you can outsource the risky task to another organization, shifting responsibility for the risk to them, you can TRANSFER the risk.3. If you can augment your project plan in such a way to lessen either the probability or impact of the risk to a more acceptable level, then you can MITIGATE the risk. In this case, you are developing and implementing a MITIGATION PLAN, which becomes part of the baseline project, and for which you are proactively accepting the associated costs and budget impacts into the project.
If the proactive changes are not feasible (cost or schedule impact is too high to accept as is), you can develop a CONTINGENCY PLAN which will be implemented only if the trigger event occurs. This contingency plan becomes part of the approved project baseline, and associated budget is placed in the CONTINGENCY RESERVE. You might also create contingency plans for secondary or residual risks which could occur in the event of failure of the primary contingency plans, and allocate additional budget to the contingency reserve in case their trigger events also occur. These secondary contingency plans could be thought of as FALLBACK PLANS.Your approved project baseline allows for all of the above, and anything you do up to here generally would not require a scope change or additional approval. An UNKNOWN-KNOWN is something that you should have been able to identify WOULD occur in your project, but somehow you did not include this in your plan. This would generally be considered a planning error, since a skilled project manager would have realized that it must be included in the project plan.2. An UNKNOWN-UNKNOWN is something that could occur during the project execution, but that you had no reasonable expectation to identify as a risk. If it occurs, it would be difficult to place blame on the project plan, and instead most would consider this an unfortunate unforeseen circumstance.To limit the impact on the project, you have to be REACTIVE and implement a WORKAROUND, requesting approval for a scope change that would then be drawn from the MANAGEMENT RESERVE.

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