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Bancroft & Morrison Inc., as an organization, believes that it should always be prepared for the future. Thus, while planning the budget each year, the senior management of the company leaves aside a portion of the company's earnings to be used in case the company deviates from its core plans or any unexpected events occur. In this scenario, the senior management of Bancroft & Morrison Inc. is engaged in

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Answer: Contingency planning

Explanation: Contingency planning refers to planning in a way that an organisation can appropriately respond to an event that may or may not happen in the future. Such planning is usually done for potential problems that may arise in the business environment.

Thus, from the above we can conclude that the management of bancroft is engaged in contingency planning.

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