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What Is Contingency Reserve? – Contingency Reserve is a separately planned quantity used to allow for future situations which may be planned for only in part (sometimes called “known unknowns”). For example, rework is certain, the amount of rework is not. Contingency reserves may involve cost, schedule, or both. Contingency reserves are intended to reduce the impact of missing cost or schedule objectives. Contingency reserves are normally included in the project’s cost and schedule baselines.

For all Project Management Definitions, check the PMO and Project Management Dictionary by John Filicetti

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