Can be defined as alternative plans that can be put into effect if certain key events do not occur as expected

These are known as contingency plans. Contingency planning is a proactive strategy that involves planning for both the worst-case scenario and changes in a business environment.

Here are the steps to define it:

1. Identify: The first step is to identify potential risks or events that could significantly impact the operations of the business.

2. Evaluate: After identifying potential risks, the next step is to evaluate these risks based on their likelihood of occurrence and potential impact on the business.

3. Develop: Once the risks have been evaluated, the next step is to develop contingency plans to address these risks. This could involve developing alternative methods of operation, backup plans, or recovery strategies.

4. Implement: After the contingency plans have been developed, they need to be implemented. This could involve training staff, investing in necessary resources, or setting up necessary systems.

5. Review: The final step is to regularly review and update the contingency plans as necessary. This ensures that the plans remain relevant and effective in addressing the identified risks.