Final answer:
Contingency planning is an important part of managing strategic momentum in business. It involves creating alternative plans and strategies to address unforeseen events or changes in the business environment. By including contingency planning in strategic management, organizations can be better prepared to navigate unexpected challenges and maintain their strategic momentum.
Step-by-step explanation:
Contingency planning is an important part of managing strategic momentum. It involves creating alternative plans and strategies to address unforeseen events or changes in the business environment. Contingency planning can be incorporated into the normal strategic management process at any level of an organization. For example, a company may develop a contingency plan for a potential economic recession or a technological disruption. This plan would outline the steps to be taken and the resources needed to mitigate the impact of the event. By including contingency planning in strategic management, the organization can be better prepared to navigate unexpected challenges and maintain its strategic momentum.