PMP - Tell about the difference between Management reserves & Contingency reserves and who is the responsible person to utilize/approve it ?

Management reserves are kept aside by the management/ sponsor for unknown unknowns, i.e. unanticipated risks. They are part of the project budget, but are under the control of the management/ sponsor only. The utilisation of these funds in the project by the project manager requires prior approval from management/ sponsor.

Contingency reserves are kept aside for known unknowns, i.e. known risks by the project team. They are also part of the project budget, and are controlled by the project manager. These funds can be utilised by the project manager without need for any approval.

Management reserve is for unknown unknowns risks , which can not be previous foreseen . It is managed by the project sponsor.

Contingency Reserve are for known unknowns risks which is managed from project manager in a projectize organization