The Art of Contingency Planning: Dealing with Unforeseen Costs
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Contingency planning is a strategic plan to allocate resources, time, and money if “all hell breaks loose” on a project. It considers risk mitigation and planning for a worst-case scenario. Contingency planning in construction is necessary. You're expected to throw in a percentage to cover a contingency plan in your estimates but is it enough? There is an art to this type of planning and, if project leaders aren’t careful, a contingency plan could cost the company a lot more than lapsed deadlin
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