Definition:
Additional time added to the schedule to account for potential delays or unforeseen events.
Key Components:
- Risk Management: Provides a buffer for unexpected disruptions.
- Schedule Resilience: Helps mitigate project delays.
- Uncertainty Consideration: Factors in weather, regulatory approvals, or design changes.
Use Cases/Industries:
- Construction: Allowing extra days for adverse weather conditions.
- Energy Sector: Adding buffer time for obtaining environmental permits.
- Manufacturing: Incorporating contingency for supply chain delays.
Advantages:
- Reduces the risk of missed deadlines.
- Enhances flexibility in project execution.
- Allows for proactive delay management.
Challenges:
- Excessive contingency can lead to inefficiencies.
- Requires accurate estimation to avoid unnecessary extensions.
Related Terms:
Risk Buffer, Schedule Risk Analysis, Float
Example:
A wind farm project includes a 15-day time contingency to account for potential supplier delays.
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Synonyms:
Schedule Buffer, Time Allowance, Project Slack
