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Contingency Planning Contingency planning: alternative plans that can be put into effect if certain key events do not occur as expected. A premise of sound strategic management is planning to deal with unfavorable and favorable events before they occur. Contingency plans should be as simple as possible. Only high-priority areas require the insurance of contingency plans. Contingency Planning Linneman’s and Chandran’s Seven-Step Process Identify both beneficial and unfavorable events that could possibly derail the strategy or strategies. Specify trigger points. Assess the impact of each conting