May 2013
Intermediate to advanced
242 pages
6h 40m
English
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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.
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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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