Notes

⦁ Purpose
⦁ This Contingency Reserve Policy is put into place to establish guidelines for how this project will document, assess and disburse contingency funds. The contingency fund on this project is enacted to ensure that there are funds to keep the project going based on uncertainty in the project scope and unforeseen or unpredictable costs. It should be in alignment with the project’s goals and risk management strategy.
Scope
This policy applies to all requests for funds that have an impact on the contingency budget. It shall be used when:
⦁ When risks with high EMVs materialize and impact the project's scope, schedule, or budget significantly
⦁ When the Project Manager identifies a need for contingency funds and substantiates the request with supporting risk analysis
Management
⦁ All contingency requests that come into the Project Management Office shall be reviewed by the project manager for proper completion.
⦁ The use of contingency funds will follow a structured process involving the submission of a request detailing the risk event, its impact, proposed mitigation or response strategies, and the corresponding need for additional funding
⦁ The project manager manages the contingency reserve on the project's behalf and must report and get approval on each spend by the project sponsor.
⦁ All contingency requests should utilize the Change Control Request Form located in the Appendix.
Revision
This policy shall be reviewed and updated to ensure its effectiveness on this particular project. It is to be in alignment with common project management practices.
Initial Contingency Reserve Request
Based on the comprehensive risk assessment and analysis conducted for this project, a contingency amount of $15,000 is requested. This request is based on a careful evaluation of the project's identified risks, their potential impacts, and the calculated Expected Monetary Values (EMVs). The proposed contingency amount provides a buffer to address unforeseen challenges that might arise during the project's execution. The risk analysis revealed potential risks such as budget overruns, technology issues, and unexpected changes in stakeholder requirements, which could collectively contribute to cost escalations. By allocating a contingency of $15,000, we ensure that the project has the financial flexibility to mitigate these risks effectively and maintain the project's overall success and quality.



⦁ 9.1 Integrated Change Control Policy
⦁ Change Request Submission
All change requests for the High School STEM PM Project are required to utilize the change request form found in the appendix of thus Integrated Project Plan. All project stakeholders as well as project team members may submit a relevant change request to the project.
⦁ Change Request Review
The Project Manager, along with the Project Sponsor will review all change requests submitted to the project. Other stakeholders will be brought in at the discretion of the project manager to provide input on complex change requests.
⦁ Change Request Form Authorizations
The authorization for a change to the project will be broken into both major and minor requests.
Minor Change – The project manager may act in the best interest of the project if the request is limited in change to the scope, schedule or budget of the project.
Major Change – The project manager will need the approval of the project sponsor in order to move forward with major changes to the scope, schedule or budget of the project. The project manager is encouraged to provide a recommendation to the sponsor based on their review and qualification of the request.
⦁ Change Control Implementation
It is the duty of the project manager to collaborate with the requestor to enact the approval change on the project. This includes all stages of the implementation until completion of the change.
⦁ Project Plan & Relevant Updates
The project plan shall be updated to include the approved change from the request. This will include, but is not limited to, schedule, scope, budget, and resource allocation.
⦁ The update shall be communicated to all relevant sakeholders and project team members on the project
⦁ All changes shall be logged in to the Change Control Log to serve as a reference and repository for the project.
⦁ Revision
This policy shall be reviewed and updated to ensure its effectiveness on this particular project. It is to be in alignment with common project change management practices.