A project team is reviewing solved project issues from the last phase of a project.

According to the PMBOK Guide 7th edition, a reserve analysis is a technique used to determine the amount of contingency and management reserves needed for a project. Contingency reserves are used to address known risks, while management reserves are used to address unknown risks. The risk management plan is a component of the project management plan that describes how risk management activities will be planned, structured, and performed. The project manager should request a reserve analysis and update the risk management plan to account for the critical element and the reserves needed in the next phase of the project. This will help the project manager to manage the uncertainties and potential impacts of the risks on the project objectives. References: PMBOK Guide 7th edition, pages 215-216, 223-224, 228-229. PMBOK Guide 7th Edition and PMP Exam Prep