Few projects are executed as planned. Therefore, a management reserve is frequently established as the preferred strategy to mitigate the effects of overruns to budget and schedule. Based on your reading assignments, address the following issues with respect to management reserve:
- What is the purpose of management reserve?
- What methods are used to calculate a value for management reserve calculated?
- What are the elements of management reserve?
- The budgetary component
- The schedule component
- The technical component