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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.
Process Decision Program Chart (PDPC) is a technique designed to help prepare contingency plans. The emphasis of the PDPC is to identify the consequential impact of failure on activity plans, and create appropriate contingency plans to limit risks.
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]
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.
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 approach: The roles and authority of team members. It represents the executive summary of the project management plan. Project scope: The scope statement from the Project charter should be used as a starting point with more details about what the project includes and what it does not include (in-scope and out-of-scope).
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 ...
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.