Question

________________________ is the process of understanding what potential events might hurt or enhance a particular project.

Answer 1

Contingency reserve is the process of understanding what potential events might hurt or enhance a particular project.

When a danger materialises, the risk response plan calls for the utilisation of the contingency reserve. The cost or schedule is increased to account for the risk's real impact, the forecasts are revised, and the contingency reserve is reduced. But the starting point stays the same.

The selection of contingency reserves is not arbitrary. They are computed using any one of several different risk assessment approaches or procedures, and they are an element of the project's cost budget. Notably, the project manager is in charge of managing the contingency reserves.

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