What is the difference between a contingency reserve and a management reserve?

A contingency reserve is time or budget set aside for identified risks that have been analyzed and have planned responses, also called known unknowns. The project manager controls contingency reserves, and they are included in the cost baseline. A management reserve is time or budget set aside for unidentified risks, also called unknown unknowns, and for unforeseen work within the project scope. Management reserves are controlled by senior management or the sponsor and are not included in the cost baseline but are part of the project budget.