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The recent Vienna Hospital Nord project and other projects have seen “cost explosion” or “massive delays”. On a closer examination one often finds either contingency is missing or if it exists it is inadequate. It is one of the first things one learns in a basic course on project management, A project is inherently risky, so one must deal with uncertainties and changes. One takes this into account by actively dealing with it by Identifying risks, evaluate them, define measures and actions to mitigate them then plan accordingly.   Then why is there no contingency? I have some ideas. The most likely scenario is that risk management is simply to describe the risks rather than plan actions to contain them as well. True to the motto: Danger detected; danger banished. Sometimes, containment activities are not defined at all, but it is deemed enough to identify the risks. At other times the risks may be defined but their impact is ignored. Or mitigating actions are defined but the residual risk is ignored. Or a risk is accepted but no contingency is allowed for it. Or risk management is avoided completely by not identifying any new risks for "Plan B."   Why do I do this? One reason may be is that I just don't allocate time for risk management. Every activity in project management takes time and if I don't make that time then the task will not happen. Another reason may be is that I know too little about risk management or I have not practiced it sufficiently to be comfortable with it. Another reason may be is that the client has fixed ideas or negative attitude to risks and how to deal with them. This makes risk management very difficult to perform.   What can I do now? Knowing the attitude of the project sponsor(s) towards professional risk management at the start of the project is key to my approach and will help me ensure that common misunderstandings are avoided. Of course, it is helpful not to be afraid of conflicts and to be capable of resolving them when they occur. The required skills are relatively easy to acquire, this can be accomplished by attending seminars, reading books or exchanging ideas and experiences with others. The hardest part is doing it and knowing what prevents me from doing it. In fact, all I need personally is to “just do it”.   À propos "Read Books": There is a new PMI standard for risk management. ( https://www.pmi.org/pmbok-guide-standards/foundational/risk-management )   By the way "reading books   I think risk management is one of those knowledge areas of project management where personal, human factors often play a role. But project management is about people and projects are ultimately accomplished by them. In this respect, it should simply be "natural" and understand to deal with the subject just as thoroughly, as with everything else in my project.