Final answer:
In the context of contingency planning, the correct term for the critical events that launch the plans is 'triggers.' Triggers are the specific events that signal for a contingency plan to be executed.
Step-by-step explanation:
The critical events that launch contingency plans are called triggers. These are specific conditions or thresholds that signal when the contingency plan should be implemented. For example, a contingency plan for a business may be triggered by events such as natural disasters, technical failures, or financial crises. The execution of a contingency plan involves predetermined actions that are designated to stabilize the situation and guide the organization towards recovery.