Management reserve can be easier to access compare to contingency reserve. This because contingency can be utilized only if risk occurred, but management reserve can be used to make party if major milestone accomplished as it is not part of cost baseline.
so what can be the answer to the following ? A project risk for which the mitigation plan was done during planning seems to be outdated. The project team gathered in a risk reassessment meeting and modified the risk response plan for which addition funds will be required if the response plan needs to be implemented. What reserve should be used to access this additional fund? A. Contingency reserve. B. Management reserve. C. Reserve from cost baseline.…
What happens if even the contigency reserves are not utilized in project means no such known risk occurred for which contigency reserves were included in cost basline???
That really differs from project to project and organisation to organisation. I won't be surprised if the organisation decides to pay the amount to the project team as a bonus 👍😊
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Management reserve can be easier to access compare to contingency reserve. This because contingency can be utilized only if risk occurred, but management reserve can be used to make party if major milestone accomplished as it is not part of cost baseline.
Well that depends on the management too 😀👍
@@pmclounge will the sponsor aware that we are using mgt reserve for party
@@pmclounge will it be same case for fixed fee and time and material projects. ?
The mgmt needs to be aware of what's happening with the mgmt reserve. Sponsor is most definitely part of mgmt.
so what can be the answer to the following ?
A project risk for which the mitigation plan was done during planning seems to be outdated. The project team gathered in a risk reassessment meeting and modified the risk response plan for which addition funds will be required if the response plan needs to be implemented. What reserve should be used to access this additional fund?
A. Contingency reserve.
B. Management reserve.
C. Reserve from cost baseline.…
What happens if even the contigency reserves are not utilized in project means no such known risk occurred for which contigency reserves were included in cost basline???
That really differs from project to project and organisation to organisation. I won't be surprised if the organisation decides to pay the amount to the project team as a bonus 👍😊