Contingency
Official Definition:
A plan or resource held in reserve in case something goes wrong. It can be time, money, scope, or a workaround plan.
Layman’s Definition:
Contingency is the backup — extra time, money, or ability to decrease scope, or alternative plans set aside in case things don’t go to plan.
Examples:
• Construction: Allowing 3 extra weeks in case of bad weather delays.
• Software: Budgeting £10k for bug fixes after launch.
• Events: Booking a backup venue in case the main one falls through.
When to Use:
During planning and throughout delivery — contingencies should be built in from the start and only used if necessary.
What It Might Look Like in Practice:
• A time buffer included in the project schedule.
• Extra funds in a cost plan, only spent if agreed.
• A ‘Plan B’ for high-risk activities.