5 HAVE A CONTINGENCY FUND
A contingency fund is money set aside at the start of a project to be used in case of need, for example to offset unforeseen increases in costs. The amount of this ring-fenced budget depends on the level of risk the project faces and also on the overall project budget itself. Contingency funds are sometimes called management reserves.
PLANNING CONTINGENCY BASED ON RISK
‘The contingency budget is the budget set aside to deal with identified and unidentified risks,’ explains Graham Inglis, a technical project manager ...
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