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Grant hesitantly knocks on his project sponsor’s door to inform her of a budget overage that has happened. Because of a vendor mistake, he shared that a critical piece of equipment would cost $30,000 more than scheduled. Fortunately for Grant, the funder understood the situation and accepted the use of funds set aside for unexpected events. From where will Grant pull the funds to cover the apparatus?

A Management reserves

Management reserves are funds set aside for unexpected situations and are used at the discretion of management (hence the name). Management reserves are not considered to be part of the cost baseline but are part of the overall project budget.

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