Contingency resource curves (P3e)
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There are two types of contingencies for:
Known Unknowns - Risk events that u were aware of but cant be predicted. (Mostly environmental risks)
UNKNOWN UNKNOWNS - Which we never thought of
CONTINGENCY RESERVE for the Known Unknows are in-built into the activties or work packages, while MANAGEMENT RESERVES are planned for unknown unknowns.
Management reserves cannot be used by the project Manager.
Cheers,
Sorry,
I meant unregistered risk event!
I agree, contingency is money you keep under the matress for when a registered risk happens.
(IMHO) You should never plan to spend contingency, and it should therefore always be at the end of a plan.
Monies which are identified to specific Risks (as opposed to Contingency) should be allocated to the time period during which the risk is likely to occur.