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Which of the following is not a benefit of having a contingency plan?
Suggested Answer: D
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Contingency plans won't increase your profit, but they will do the other three things. This is from p.109-110 of the study guide
31 comments · newest first
LI
Lindy
11 months ago
Not sure if increased staff morale is guaranteed, though.
DO
Dottie
11 months ago
I thought competitive advantage was a benefit?
CH
Cheryl
12 months ago
Wait, how does a plan actually increase profits?
TA
Tammara
12 months ago
Totally agree, it’s essential for staff morale too!
RH
Rhea
1 year ago
A contingency plan helps with resilience to unexpected events.
KA
Kate
1 year ago
I recall that increased staff morale is often mentioned as a benefit, but I can't quite remember if profits are usually included in that list.
SC
Scot
1 year ago
I’m a bit confused; I thought competitive advantage was a benefit, but now I’m wondering if it’s really a result of having a plan.
YO
Yolande
1 year ago
I practiced a question like this where we discussed the benefits of contingency plans, and I feel like increased profits might not be a direct benefit.
JU
Junita
1 year ago
I think I remember that contingency plans are supposed to help with resilience and morale, but I'm not sure about profits.
BE
Benton
1 year ago
I've got this! The answer is clearly A, competitive advantage. A contingency plan is about being prepared for unexpected events, not about gaining a competitive edge over other companies. The other options are all clear benefits of having a solid contingency plan in place.
RO
Rosio
1 year ago
Okay, let's see. A contingency plan is supposed to provide a backup in case something goes wrong, so increased staff morale, greater resilience, and increased profits all seem like clear benefits. I think the answer must be competitive advantage, since that's not really a direct benefit of having a contingency plan.
DO
Dominque
1 year ago
Hmm, this is a tricky one. I'm not entirely sure what the correct answer is. I'll have to think this through carefully and try to eliminate the options that are clearly benefits.
JE
Jeannetta
1 year ago
This question seems straightforward - I just need to identify the option that is not a benefit of having a contingency plan. I'll carefully read through the options and eliminate the ones that are benefits.
AM
Amber
1 year ago
I'm a bit confused by this question. Aren't all of these potential benefits of having a contingency plan? I'll have to re-read the options and try to figure out which one doesn't fit.
SA
Sabrina
2 years ago
Haha, increased profits? That's like winning the lottery - contingency plans are all about risk management, not getting rich quick.
TR
Tran
2 years ago
Lonna: Exactly, it's all about minimizing risks and being able to bounce back from challenges.
LO
Lonna
2 years ago
Definitely, it's not about making money but ensuring the business can keep running smoothly.
GL
Gladys
2 years ago
Yeah, having a contingency plan is more about being prepared for unexpected events.
SE
Selene
2 years ago
Wait, what? A contingency plan gives you a competitive edge, not a disadvantage. This question is a bit strange.
BA
Barb
2 years ago
D) increased profits
MA
Marleen
2 years ago
C) greater resilience to force majeure events
FE
Felicia
2 years ago
B) increased staff morale
CA
Carmela
2 years ago
A) competitive advantage
AN
Antonio
2 years ago
I believe increased profits may not directly result from a contingency plan.
DE
Denny
2 years ago
But which of the options do you think is not a benefit of having a contingency plan?
AN
Antonio
2 years ago
I agree, it helps in being prepared for unexpected events.
DE
Denny
2 years ago
I think having a contingency plan is important for a business.
TA
Tanesha
2 years ago
I'm pretty sure the answer is D. Increased profits - having a contingency plan doesn't directly boost your bottom line.
FI
Filiberto
2 years ago
C) greater resilience to force majeure events
LU
Luz
2 years ago
B) increased staff morale
MY
Myra
2 years ago
A) competitive advantage