One of the most confusing aspects of Project Management is the concept of Contingencies and Management Reserves. When are they used? What are they used for? And how are they applied? In this article I will lift the veil. Contingencies Contingencies are amounts placed in the project estimate to account for "known unknowns." That is, the … [Read more...]
Not too long ago I was presiding over the tender opening for a small bridge replacement project. I had recently heard of some stories from another, unrelated, government contact that a certain contractor had ended up in court with them, and it turned out that after opening several tenders that this particular contractor was the low bidder (so far). I was holding my … [Read more...]
