Final answer:
Contingency planning has several alternative names, including disaster recovery planning, business interruption planning, and business continuity planning, but not business disaster planning. It serves as a crucial emergency measure to keep critical functions running during crises. Asymmetric risk is relevant here, reflecting the need to prepare for severe consequences.
Step-by-step explanation:
Alternative names for contingency planning include various strategies that organizations employ to deal with unexpected events or disruptions. The strategies mentioned, except for one, all correctly fit within the scope of contingency planning. These include:
- Disaster recovery planning which focuses on the restoration of systems and operations after a disaster.
- Business interruption planning, which prepares for situations that may halt regular business activities.
- Business continuity planning aims to ensure critical business functions continue during and after a disaster.
However, the term business disaster planning is not commonly used as an alternative name for contingency planning. Thinking about contingency planning in the context of "break glass in case of emergency" safeguards emphasizes its importance as an emergency measure.
The concept of asymmetric risk is relevant to contingency planning. Plan A may represent standard operations, while Plan B (the contingency plan) is designed to mitigate potential threats. This approach reflects a consideration of the possible severe consequences of not being prepared for a disaster (Figure 20.1).