Contingency plans are proactive strategies designed to address potential unforeseen events or emergencies. They outline steps to minimize risks and ensure continuity in business operations, safety, or project execution. These plans typically include risk assessment, identification of critical resources, and clear roles for team members. They cover scenarios such as natural disasters, financial setbacks, technological failures, or personnel issues. Effective contingency plans emphasize flexibility and adaptability, ensuring that an organization can quickly recover or shift operations. Regular updates and training are essential for keeping plans relevant and ensuring readiness when unexpected situations arise.