What role does contingency planning play in effective risk management?
- Providing backup plans for identified risks
- Ignoring risks altogether
- Reacting to risks as they occur
- Waiting until risks materialize to take action
Contingency planning involves developing backup plans for identified risks, enabling the team to respond promptly if risks materialize. It minimizes the impact of unforeseen events and enhances the project's resilience to potential disruptions.
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