What term describes a backup plan implemented in project management?

The correct term that describes a backup plan implemented in project management is contingency planning. This concept involves creating strategies and procedures to follow when unexpected changes or risks arise during a project. Contingency planning helps ensure that a project can continue effectively in the face of unforeseen challenges, thus minimizing potential disruptions and losses. By preparing alternative courses of action, project managers can maintain project stability and achieve objectives despite obstacles.

In project management, contingency planning is essential because it allows teams to respond quickly and effectively to issues, ensuring that there is minimal impact on the project's timeline and deliverables. This proactive approach demonstrates a thorough understanding of potential risks and equips the team with the resources and plans necessary to handle them.