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I guess it can be both as long as it is clear for everyone what the measure is. In the end days are actually $ so if you manage it by days or money it does not change much.
Make sure though that all stakeholders agree on the unit of measure, otherwise it will become a nightmare to manage.
Normally you must have both. PMs can spend money to recover some schedule, but this does not completely suppress the variability of the completion date.
Both - terminology-wise, we tend to use the term buffer when speaking about time as opposed to reserves which are more commonly related to cost but the intent is the same. They are there to protect the specified constraint from the impact of identified, realized risks.
Both but most of the times each time you hear contingency reserves it's talking abut cost reserves
Both time and cost can be determined as contingency reserves
Both and more.
Add for example contingency in resources (standby skills), materials (extra sand piles), in machines , even trust.
Contingency is a strategy principle to become more resilient.
Thank you all. It was very helpful
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