Contingency, Fallback Plans, Contingency Reserves Contingency plans are predefined actions that the project team will take if an identified risk event occurs Fallback plans are developed for risks that have a high impact on meeting project objectives Contingency reserve or allowances are provisions held by the project sponsor that can be used to mitigate cost or schedule risk if changes in scope or quality occur 2021/2/21 16P2021/2/21 16 Contingency , Fallback Plans, Contingency Reserves ◼ Contingency plans are predefined actions that the project team will take if an identified risk event occurs ◼ Fallback plans are developed for risks that have a high impact on meeting project objectives ◼ Contingency reserve or allowances are provisions held by the project sponsor that can be used to mitigate cost or schedule risk if changes in scope or quality occur