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What are the different reserve types and explain it?

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The two types of reserve are: Management and Contingency Reserve

Management Reserve – Is an estimated amount (5% total budget) added to the cost baseline and used for the unknown unknowns, it requires management approval to be used.

Contingency Reserve – The amount of funds, budget, or time needed above the estimate to reduce the risk of overruns of project objectives to a level acceptable to the organization. PM can approve.

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