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First of all let me answer what is a reserve. A reserve is either set aside time or money for a "rainy day". There are two main types of reserve contingency and management reserve. You get your contingency reserve from analysing what can go wrong and if it dose how much time or money you may need. As a project manager you have authority on those funds.
Management reserve is money set a side by senior management for the project in case something goes wrong that the project simply could not make plans for e.g. natural disasters. The project manager dose not have authority over these funds and have to request it from management.
Differences
Contingency reserve .............................. Management Reserve
===============............................. ===============
for risk you can plan for .........................For Events no one can predict
Controlled by project Manager.............. Controller by Senior management
These topic and more are covered in PMP and CAPM training
What else can I help you with?
Different parts of a project plan?
Project Planning involves 4 important phases. They are:1. Planning the Project Scope2. Planning the Project Resources3. Planning the Project Schedule4. Planning Quality & Risk ManagementThe Project Management Plan or the Project Plan has many parts. They are:The Scope Management PlanRequirements Management PlanSchedule Management PlanQuality Management PlanRisk Management PlanHuman Resource Management PlanCost Management PlanProcess Improvement Planetc
Do you like project management institute?
Yes. The PMI (Project Management Institute) is the premier institute that determines Project Management processes and methodologies.
What is Project Management Institute's population?
Project Management Institute's population is 51.
Importance cost management in a project?
Cost Management is critical to Project Management. A project cannot be initiated with Cost Management not in place, since cost management is about estimating, budgeting, monitoring, and analyzing the cost information.
Difference between Research and Development Project Management and conventional Project Management?
R&D Project Management is characterized by using (almost always) an iterative approach. Conventional Project Management is not restricted to any approach/methodology.
What is Schedule Reserve in PM?
Schedule reserve, also known as contingency reserve, is the amount of time added to a project schedule to account for unforeseen delays or risks that may arise during project execution. It provides a buffer to help ensure that the project can still meet its deadlines despite unexpected challenges. This reserve is typically calculated based on risk assessments and historical data from similar projects. Effective management of schedule reserves is crucial for maintaining project timelines and achieving successful outcomes.
What is the total number of PMP?
Project Cost Management Project Quality Management Project Human Resource Management Project Communications Management Project Risk Management Project Procurement Management Project Stakeholder Management
How would you sell your client on the wisdom of using management reserve in project management?
Most people would agree with the idea that the unexpected is bound to interfere at some point. A client's full participation at every step helps them to have a better understanding the implications that unforeseen changes have on the project. Instead of "selling" clients on the idea of a management reserve, it should be presented as standard operating procedure. The client can be made to understand the reserve is not an option, and will be included in the budget. Inform them that senior management must approve the use of reserves and PMs don't have authority to consume it. If the client is seeking our expertise, they'll need to rely on our expertise.
Who is the author of A Guide to the Project Management Body of Knowledge?
A Guide to the Project Management Body of Knowledge is a book by Project Management Institute. The book talks about knowledge in the project management profession.
Do you have Bank management as a project?
how to implement project in banking management?
Where can someone go to find out about project management?
There are many ways a person may learn more about project management. For instance, some college business courses teach about project management. Additionally, the Project Management Institute website specifically about project management.
Computerized project Management techniques?
"Computerized project Management techniques?"
Who would be responsible for creating a project management plan?
The Project Manager is responsible for creating the Project Management Plan for the project.
Different parts of a project plan?
Project Planning involves 4 important phases. They are:1. Planning the Project Scope2. Planning the Project Resources3. Planning the Project Schedule4. Planning Quality & Risk ManagementThe Project Management Plan or the Project Plan has many parts. They are:The Scope Management PlanRequirements Management PlanSchedule Management PlanQuality Management PlanRisk Management PlanHuman Resource Management PlanCost Management PlanProcess Improvement Planetc
Do you like project management institute?
Yes. The PMI (Project Management Institute) is the premier institute that determines Project Management processes and methodologies.
What are reserves fro tiger?
Project Tiger, Manas Tiger Reserve, and the NPR; a huge tiger reserve.
What is the Evolution of project management?
One evolution is from simple project management methodologies for people and organizations just looking to get a handle on a to do list. then on through a fully mature project management methodology and a project management software system.
