๐ Project Vocabulary: Contingency Reserve ๐ฐ
Definition: The amount of funds, budget, or time needed above the estimate to reduce the risk of overruns of project objectives to a level acceptable to the organization.
Example: In a complex IT project with many unknowns, the project manager might include a 15% contingency reserve in the budget to account for unexpected issues or changes.
The contingency reserve is like a projectโs rainy day fund, providing a financial umbrella for stormy times. โ๐ธ
#ContingencyReserve #RiskMitigation #AcutePMC #stormytimes #vocabulary #budget #expecttheunexpected
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