Contingency funds are a common form of mitigation and the risk of changes in cost for project. With respect to time/scheduling padding is a common mitigation/contingency for delays and/or miscalculation of duration, which in most cases become a game between the project manager and management as well as a major point of discussion within the field of project management. Hence, you have the debate between Critical Chain, Critical Path and Agile Theories of Constraints, but the other theory/law that affects everything including the implementation of the project is Parkinson's Law, which states: 'Work expands so as to fill the time available for its completion.' (http://www.fluent-time-management.com/parkinsons-law.html).
So, what about/thoughts the debate of padding and the argument between Critical Chain, Critical Path and Agile, with respect to mitigating the risk of time/scheduling?