课程: Project Management Foundations: Budgets

Solution: Access to funds

课程: Project Management Foundations: Budgets

Solution: Access to funds

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(upbeat music) - Here's how I'd approach this challenge. We discussed the desire to use management reserve funds due to unexpected activities related to in-scope work. However, your sponsor wanted to use the contingency reserve funds instead. Stakeholders frequently get confused between contingency reserve and management reserve. You're fortunate if your project has both, but it's important to understand the difference. Assuming the unexpected activities required to produce the work were not identified in the risk mitigation plans, by definition, management reserve is the appropriate set of funds that should be used. Contingency reserve is intended to address uncertainty to implement identified risk responses or to respond to risk events. I would provide the sponsor specific examples of why I believe management reserve should be utilized. I would also provide examples of when contingency reserve could be used, so the sponsor understands the difference between the two categories. Ideally, the sponsor will agree that management reserve is the appropriate category to use. If the sponsor still wants to use the contingency reserve funds, I'd ask questions to understand their rationale. Maybe there's something else going on that I need to understand to support their decision. Ultimately, this is the sponsor's decision, however. The lesson here is reserve fund definitions need to be clearly defined upfront and explained to key stakeholders. It's important that reserve funds are defined and consumed appropriately. In addition, it's ideal if you predetermine the process by which these funds are approved to be utilized. The goal is for the project manager to have quick access to pre-approved funds once they justify the reason for consumption of any reserve funds.

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