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For most businesspeople, the term “contingency planning” conjures images of natural disasters such as hurricanes, tornadoes, earthquakes, or floods and man-made crises like riots, fires, or terrorism. The concept of contingency planning is rarely tied in with routine business performance management. That’s because many companies fail to recognize how important it is to describe in advance, in detail, the steps the organization will take in the event that it fails to meet—or, conversely, in the event that it exceeds—its budget and performance plans.

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