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Understand what a contingency fund is, why all projects need one, how to request one and how to manage it in order to make a strong case to budget approvers.
A contingency fund is a necessary part of any project budget and serves to mitigate the risk of uncertainty and unexpected increases in costs. It's important to understand what it is, why all projects need them, how to request one and how to manage it in order to make a strong case to budget approvers. This research note addresses steps to mitigate the risk of wasted time, money and effort by creating a contingency fund.
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