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Project Risk Management - The Commercial Dimension
Thorogood Publishing, July 2003, Pages: 139
‘Time bombs can be created before the contract and only go off during or after the contract.’ Where might yours be lurking?
This report is different and relevant now because:
- Despite modern tools and models, projects are becoming more complex and so more subject to risk
- Increasing use of litigation means that managers must now have a much sharper commercial grasp
- It introduces the concept of Total Risk Management as the key method for reducing risk
- It explains the crucial connection between project management [the job] and commercial management [the contract] and the need for running them in tandem
The benefits to you are clear:
- You will significantly reduce the risk of serious problems arising
- Where problems do arise, you will greatly reduce the risk of catastrophic results
Project risk management and commercial risk management are too often handled separately – even though they both have the same aim: to complete the project on time, to specification and within budget, with no hidden liabilities (the lurking time bombs).
Bringing together these two facets of project management at prime contract stage is already too late. They need to be combined from bid stage onwards in a Total Risk Management process.
5 good reasons for reading this report. You will learn to:
1. Fully appreciate all the commercial dimensions of important projects
2. Understand how to identify all the risks during the pre-contract bidding phase
3. Be fully aware of the hidden commercial dangers of things said or done in good faith before, during and after contract negotiations
4. Look beyond technical and timeframe matters to the commercial aspects of project implementation
5. Understand the risks and problems of converting a successful bid into a ‘good’ contract
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