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PLANNING — OCM STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceOCMPLANNING3 Marks
Question
What is contingency plan?
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Answer

Contingency plan:
  • A plan designed to take account of a possible future event or circumstance is called a contingency plan.
  • Business unit face changing market situations. These changes could be change in political, economical, social or natural factors.
  • If the business has to make changes in the original plan or make a new plan due to such reasons then the plan made is called contingency plan.

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