Project teams can choose to incorporate additional time referred to as contingency reserves, time reserves, or buffers into the overall project schedule as a recognition of schedule risk. The contingency reserve may be a percentage of the estimated activity duration, a fixed number of work periods, or may be developed by quantitative schedule risk analysis (Section 188.8.131.52.). The contingency reserve may be used completely or partially, or may later be reduced or eliminated, as more precise information about the project becomes available. Such contingency reserve is documented along with other related data and assumptions.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.