ABSTRACT
This chapter discusses a source of conflict in construction—the failure by a party to a project to make adequate allowance for the risks involved. The methodology of Risk Management is briefly outlined, and the central role of the client's Project Manager in applying these techniques is discussed. The hypothesis that Risk Management is the primary role of the Project Manager is proposed. The risks inherent in any project will arise from a variety of sources and vary both in likelihood of occurrence and in potential impact on the success of the project. Accordingly, Project Management must place much emphasis on the choice of an appropriate contract and procurement strategy as well as the application of Risk Management methodology. Risk Management is the core of good project management and an acknowledgement of the fact and the dissemination of the methodology could improve the performance of Project Managers.
