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Unknown Unknown - Risk

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rameshsa@yahoo.com
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Unknown Unknown - Risk

Wed Jan 06, 2016 3:34 am

Hello Saket,

Can the Contingency Reserves be used for any unknow unknow? In case the know risk does not occur but if we forcee and unknow risk?
Can we use the contingency reserves?

Regards
Ramesh
arjun
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Re: Unknown Unknown - Risk

Wed Jan 06, 2016 3:58 am

rameshsa@yahoo.com wrote:Hello Saket,

Can the Contingency Reserves be used for any unknow unknow? In case the know risk does not occur but if we forcee and unknow risk?
Can we use the contingency reserves?

Regards
Ramesh
Hi,

I think No and No. But i will wait for Saket to answer.

Thanks!
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saket
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Re: Unknown Unknown - Risk

Wed Jan 06, 2016 4:59 am

See as per just contents for Unknown Unknown the management reserve is used. If you are using contingency reserve for it mean you had contingency planned for this even and it is known unkown.

Just keep simple in mind that for things which project manager and team could not plan for are covered in management reserve.
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rameshsa@yahoo.com
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Re: Unknown Unknown - Risk

Wed Jan 06, 2016 5:04 am

Hello Saket,

Let me put this like this... I have risk A (known unknown) and i have planned contingency reserve($1000)for that.
But Risk A (known unknown) did not occurs for some reasons.. Now I get Risk B (unknown unknown) in the project -- can I use the $1000 from contingency reserve to mitigate this risk B.?
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saket
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Re: Unknown Unknown - Risk

Wed Jan 06, 2016 5:07 am

Yes you can since you have unused budget .
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ujjal_show
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Re: Unknown Unknown - Risk

Sat Jan 09, 2016 8:08 pm

if we follow Rita.. then it should not be.
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saket
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Re: Unknown Unknown - Risk

Tue Jan 12, 2016 5:35 pm

:-) sometime we just need to take some judgement, we may not get very clear black and white guidelines. Anyway... following Rita is safer :)
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