What is a contingency plan?

A contingency plan considers possible problems and provides alternatives, solutions or ways to work around the problems. They are common in business, but can be used in many ways, even as a form of suicide prevention.

A contingency plan looks at the main risks facing a given situation or eventuality and ways in which the risks can be minimized or counteracted. A suicide contingency plan, for example, should include methods a person can use to soothe himself when he feels suicidal. It should also contain a list of contacts who can help during a bleak moment. A business contingency plan usually addresses scenarios, including fire, flooding and data loss.