Since contingency reserves are part of the cost baseline and management reserves are not, contingency reserves are included in the BAC and management reserves are not. EAC may or may not include management reserves.

Does budget at completion include contingency?

As shown in Exhibit 2, the total estimated project cost at completion includes the base cost estimate and contingency. The base cost estimate is expected cost of known scope and contingency the amount of funds being requested to cover risk exposure and estimate uncertainty.

Is management reserve included in project budget?

The management reserve is the amount of the project budget reserved for unforeseen work that is within the scope of the project. The project manager adds the management reserve to the cost baseline resulting in the total project budget.