What distinguishes a contingency plan from a simple risk assessment when setting career goals?

A contingency plan is distinguished from a simple risk assessment by providing specific, actionable steps to mitigate the impact of identified risks or to adapt to unforeseen circumstances, while a risk assessment only identifies and evaluates potential threats to achieving a goal. A risk assessment involves identifying potential obstacles or challenges that could hinder progress towards a career goal, evaluating the likelihood and potential impact of each risk, and prioritizing them based on their severity. For example, a risk assessment for the goal of 'becoming a software engineering manager' might identify risks such as 'lack of leadership experience,' 'competition from other candidates,' or 'company restructuring.' A contingency plan, on the other hand, goes beyond identifying these risks and outlines specific actions to take if these risks materialize. For example, if the risk is 'lack of leadership experience,' the contingency plan might include 'seeking opportunities to lead projects within the current role,' 'enrolling in a leadership development program,' or 'mentoring junior team members.' It essentially lays out alternative pathways or backup plans to ensure that progress towards the goal is not completely derailed by unforeseen events. A risk assessment informs the creation of a contingency plan, but the contingency plan provides the practical steps needed to respond effectively when things don't go as planned.