Understanding contract risk and opportunity management
The contract manager function

A risk is an uncertain event which, if it occurs, has a positive or negative effect on the project's objectives.

All projects entail risks, but also opportunities.

Risk management is a major component of project management.

This is a continuous process, as described in the Risk Management Process tool ( 3 ).

The earlier a risk is identified, the easier it is to manage.

A risk can come from anywhere, so keep an eye on project interfaces, or changes in project progress.

Once the risks have...