Project costs management is defined as: "The processes involved in planning, estimating, budgeting, and controlling costs so that the budget can be completed within the approved budget" 1. In the...

project management

Extracted text: Project costs management is defined as: "The processes involved in planning, estimating, budgeting, and controlling costs so that the budget can be completed within the approved budget" 1. In the situation where there are constant changes of equipment prices, fluctuation of foreign currency exchange, uncertain amount of equipment needed and limitation of budget, evaluate the needs for the inclusion of contingency reserve in a project. Justify your answer.