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Chapter 11 - Coggle Diagram
Chapter 11
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Contingency differences
Contingency plans are predefined actions that the project team will take if an identified risk event occurs
Fallback plans are developed for risks that have a high impact on meeting project objectives, and are put into effect if attempts to reduce the risk are not effective
Contingency reserves or allowances are provisions held by the project sponsor or organization to reduce the risk of cost or schedule overruns to an acceptable level; Management reserves are funds held for unknown risks.
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Identifying risks is the process of understanding what potential events might hurt or enhance a particular project