Successfully Managing Contract Risk – Passing the Buck or Forming a Win-Win Relationship?

Introduction
In Vegas, projects would most likely be described analogous to the games such as roulette or poker. Interestingly in reality, often the odds of project success are as slim as that of winning such a game of chance in a casino. Regardless of industry, projects are inherently risky with project success being dependant upon a project plan accurately modeling the scope of work required to complete the project on time and to budget. To make matters even worse, most projects involve subcontracting out large portions of the project to a third party or subcontractor – further adding a degree of complexity and uncertainty to already muddied waters.

To ensure success, project planners and schedulers go to great lengths to plan to the most minute level of detail and to produce the smartest plans and cash flows they can. However, the most important factor when planning and forecasting is often forgotten – the aspect of uncertainty. The impact of uncertainty in any project can deem the best laid plans useless, and yet it is arguably the most overlooked aspect of project management at both the planning and execution phase.

Download the entire white paper by filling out the form below. Fields marked with a * are required.