A risk is identified and documented by the risk manager, but it is unclear how this risk can be proactively managed. In this situation, what type of reserve should be allocated for the risk?
A contingency reserve is a budget allocated for unforeseen risks that may arise during a project. It is an essential part of risk management and helps ensure that the project can continue smoothly even if unexpected issues occur.
Known risks are those that have been identified and analyzed, making it possible to plan responses for those risks. Known risks that cannot be managed proactively, should be assigned a contingency reserve. Unknown risks cannot be managed proactively and therefore may be assigned a management reserve.
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