A contingency is described in Chapter six as “alternate plans” on page 102. How does risk identification help with project contingency planning? Provide an example of a specific contingency plan you have ever used, and why it was necessary.
Develop contingency/recovery plans based on risk matrix.Contingency plans are based on risk assessment and completion of the risk matrix, which includes the development of a contingency plan for each task, judged to be medium or high risk. Contingencies are alternate plans that provide a means for recovery of a project, impacted by a risk event.