Posted: February 26th, 2023

1. Post a reply of at least 250 words to the initial posts of at least 2 classma

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1. Post a reply of at least 250 words to the initial posts of at least 2 classmates. For each reply, you must reference at least 2 peer-reviewed sources and include 1 Biblical integration. For your replies, you must analyze the initial post and answer the questions posed; contribute to the discussion by adding to the research concepts proposed.
Peer Review the following:
Definition of Topic
A contingency plan is perhaps one of the most important steps of mitigating risk and lowering the impact of anticipated risk if it occurs. Larson and Gray (2020) describe a contingency plan as “a plan that covers possible identified project risks that may materialize over the life of the project.” Developing this plan is the third step in the risk management process and becomes a key component in reducing the loss a business may face in the case of a poor circumstance. Project planning includes a necessity for an worst-case scenario action, as a lack of contingency planning can often result in furthering the costs and negative impact a risk makes. In the case of an organization lacking a plan to deal with unprobable circumstances, decision-makers often have very little time to determine how to respond to catastrophe. This leads to panic, stress, and less wisdom going into whatever action is taken, when the risk could have otherwise been mitigated had it been prepared for. Black and Glaser-Segura (2020) communicated that “over the last few years as many organizations have experienced threats to their supply chains emerge, such as government tariffs.” This facet shows a greater need for contingency planning more recently for organizations around the world as result of the world’s situation. Additionally, Mayer et al. (2022) explains it as “using conditional mixed process models that allow for correlations among these contractual elements. It is important to account for the interdependency among these aspects.”
Biblical Integration
The Bible has much to say about hardships and struggle. While the struggles God is talking about relate to a personal level, there is truth within it that relates to contingency planning. In John 16:33, Jesus says “I have told you these things, so that in me you may have peace. In this world you will have trouble. But take heart! I have overcome the world” (New International Version). Jesus gives us a heads up to let us know that we will encounter trouble, so we must be prepared mentally to deal with it. Similarly, businesses must prepare for the event of a hardship.
Discussion Questions
How much of the total time of risk management planning should go towards Contingency planning?
Where in the Bible did a leader or person prepare for a tragedy, similar to the values of contingency planning?

References
Black, S., & Glaser-Segura, D. (2020). Supply chain resilience in a pandemic: The need for revised contingency planning. Management Dynamics in the Knowledge Economy, 8(4), 325-343. https://doi.org/10.2478/mdke-2020-0021
Links to an external site.
Larson, E. W., & Gray, C. F. (2020). ISE Project Management: The Managerial Process (ISE HED IRWIN OPERATIONS/DEC SCIENCES) (8th ed.). McGraw-Hill Education.
Mayer, K. J., Xing, Z. (., & Mondal, P. (2022). Contracting for innovation: Designing contracts that account for exchange hazards and the need for innovation. Strategic Management Journal, 43(11), 2253-2278. https://doi.org/10.1002/smj.3409
Links to an external site.
New International Bible. (2011). Zondervan. (Original work published 1978)

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