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As risks occur on a project, and money is needed to pay for them, the contingency can be transferred to the appropriate accounts that need it. The transfer and its reason is recorded. In risk management , risks are continually reassessed during the course of a project, as are the needs for cost contingency.
A contingency plan, or alternate plan, also known colloquially as Plan B, is a plan devised for an outcome other than in the usual (expected) plan. [1] It is often used for risk management for an exceptional risk that, though unlikely, would have catastrophic consequences.
Primary, alternate, contingency and emergency (PACE) is a methodology used to build a communication plan. [1] The method requires the author to determine the different stakeholders or parties that need to communicate and then determine, if possible, the best four, different, redundant forms of communication between each of those parties ...
Project management office: The Project management office in a business or professional enterprise is the department or group that defines and maintains the standards of process, generally related to project management, within the organization. The PMO strives to standardize and introduce economies of repetition in the execution of projects.
Deliverable is a term used in project management to describe a tangible or intangible object produced as a result of the project that is intended to be delivered to a customer (either internal or external). Direct costs are directly attributable to the cost object. In construction, the costs of materials, labor, equipment, etc., and all ...
There are some factors that make for a successful execution of a lump sum contract on a project such as experience and confidence, management skills, communication skills, having a clear work plan, proper list of deliverables, contingency, and dividing the responsibility among the project team. [5]
The George W. Bush administration put the Continuity of Operations plan into effect for the first time directly following the September 11 attacks.Their implementation involved a rotating staff of 75 to 150 senior officials and other government workers from every federal executive department and other parts of the executive branch in two secure bunkers on the East Coast.
Contingency or Contingent may refer to: Contingency (philosophy), in philosophy and logic; Contingency plan, in planning; Contingency (electrical grid), in electrical grid engineering; Contingency table, in statistics; Contingency theory, in organizational theory; Contingency (evolutionary biology) Contingency management, in medicine ...