Managing project risks is a continuous process. The project manager would always reassess project risks. Risks that have not occurred will get retired. On the other hand, new risks can emerge as well. The contingency reserves will be recalculated, and as a result, they can be reduced or increased.
Lets say you find a risk in some process so you keep some contingency reserve to address that risk. If the risk does not occur and we are at a point in the project where the risk will not occur. What will you do with the contingency reserve? Do you keep the money in the reserve for other risks? Release the money. etc. Please someone explain. Thanks
Training for Project Management Professional (PMP)®, PMI Agile Certified Practitioner (PMI-ACP)®, and Certified Associate in Project Management (CAPM)®
