|
Answer» Single Use plan: - As the name suggests, single use plans are made for handling one-time, non-recurring problems. Single-use plans are also referred to as ‘specific plans’ since these are meant to solve a particular problem.
- These plans are formulated to handle non-repetitive and unique problem. These plans cannot be used again and again. These plans become obsolete after achieving their purpose.
- The examples of these plans could be constructing a dam, making budget, organizing an event, etc.
Contingency plan: - A plan designed to take account of a possible future event or circumstance is called a contingency plan.
- Business unit face changing market situations. These changes could be change in political, economical, social or natural factors.
- If the business has to make changes in the original plan or make a new plan due to such reasons then the plan made is called contingency plan.
|
