Explanation:

Succession planning is a process for identifying and developing new leaders who can replace old leaders when they leave, retire or die. Here the planning is usually a close process, so that those who have been selected are not likely to know that they are on a succession list or chat. Succession planning can be defined as the process of identifying critical roles in a company and the core skills associated with those roles, and then identifying possible internal candidates to assume those jobs when the incumbents leave.

In dictatorships, succession planning aims for continuity of leadership, preventing a chaotic power struggle by preventing a power vacuum.
In monarchies, succession is usually settled by the order of succession.
In business, succession planning entails developing internal people with the potential to fill key business leadership positions in the company.
Effective succession or talent-pool management concerns itself with building a series of feeder groups up and down the entire leadership pipeline or progression. In contrast, replacement planning is focused narrowly on identifying specific back-up candidates for given senior management positions. Thought should be given to the retention of key employees, and the consequences that the departure of key employees may have on the business.