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The process of preparing alternative courses of action in the event that primary plans fail is known as a contingency plan. This term emphasizes the need for organizations to anticipate potential issues and outline backup strategies that can be activated if unforeseen circumstances arise. Contingency planning is crucial in ensuring business continuity, as it allows organizations to respond effectively to unexpected challenges without losing momentum.

While risk management involves identifying and analyzing potential risks and taking steps to mitigate them, it does not specifically focus on the development of alternative plans. Strategic planning refers to long-term goals and the overarching direction of an organization, while operational planning is concerned with the day-to-day activities needed to implement the strategies. Contingency planning acts as an essential safeguard within these frameworks, ensuring that an organization's operations can adapt to changes and unforeseen events.