Estimating

Contingency reserve sits inside the cost baseline, for risks already named and priced. Management reserve sits above it, for the ones nobody named. Level and authority, not size.

Money held inside the cost baseline, or time held inside the schedule baseline, for risks already identified, assessed and priced, and drawn on by the project manager as they occur.

The approved, time phased budget a project is measured against, made up of the priced work packages plus their contingency reserve, and excluding management reserve.

Money held above the cost baseline for exposure nobody identified during planning, released by the sponsor or the funding body and never by the project manager.