ABSTRACT
The project manager can request the contractor to revise the price or programme, but only after he has explained his reasons for the request. Time is said to be at large because the time or date for completion is not fixed before carrying out the work but determined after the work has been completed. Risk management is the process by which project managers address risk, determining any particular event’s probability and impact and allocating importance to it and, thus, setting priorities and resources to prevent loss. The individual doing the risk analysis can use a combination of both techniques, and the approach adopted will be influenced by the information available and the complexity of the risk involved after which the analysis of probability and impact are combined into a single “risk score”. The risk register is started on the Contract Date and includes any items for discussion submitted before award in the Contract Data by either the employer or supplier.
