What really matters when companies enter in a contractual relationship is managing obligations more than contractual terms

1. Project Risks:
The Importance of Managing Obligations
London, 9 September 2014

3. Managing obligations
Obligation: ä-blə-ˈgā-shən
: something that you must do because of a law, rule, contract, etc.
: something that you must do because it is morally right
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4. Risks: what are they?
ISO 31000:2009: the effect of uncertainty on objectives
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5. Risks: what are they?
C. Chapman:
‘The implications of uncertainty about the level of
performance achievable, portrayed by variability
relative to expected outcomes, assessed for each
performance attribute using comparative cumulative
probability distribution when measurement is
appropriate '
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6. Be sure to put your feet in the right place,
then stand firm.
(A. Lincoln)
Risks: how to deal with them
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7. Effective risk and decision analysis
RISK ANALYSIS: Systematic use of available information to
identify threats or opportunities and to estimate the risk to
individuals, property and the environment
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Map
Plan
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8. Effective risk and decision analysis
 Allocation
 Identification
 Evaluation
 Ownership
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Map
Plan
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9. Certain, Uncertain, Unforeseen
CERTAIN: A project will face issues
UNCERTAIN: A project may have to deal with consequences of uncertainties
UNFORESEEN: ??
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10. Leverage human diversity

Cultural
Risk attitudinal
Emotional
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