Homonym: Contingency (Uncertainty)
Contingency refers to a situation or event that may occur but is not certain to happen. It often involves planning for unexpected outcomes or circumstances, allowing individuals or organizations to adapt to changes. For example, businesses may create contingency plans to address potential risks, such as economic downturns or natural disasters.
In decision-making, contingency can also relate to the idea of conditional actions. This means that certain actions will only be taken if specific conditions are met. For instance, a company might decide to expand its operations only if sales reach a particular target, demonstrating a strategic approach to managing uncertainty.