The main objective of this thesis is the development of a system of techniques for management planning and the control of major project contracts. The present study treats the probabilistic aspects of planning and proposes an approach to analyse cost/time risk associated with capital project contracts. The techniques developed fall into two classifications: 1. Risk quantification (during planning). 2. Use of quantified risk and information theory in the prediction of the completion time and the cost of the project. The extensive literature relating to management Planning and control techniques is critically reviewed. Simulation models are developed to find the critical indices of activities, and the completion time distribution of the project. Effects of network structure and activity time distribution on critical indices and completion time distributions are investigated. Possible applications of these risk quantification techniques are described. A technique making use of networks and Monte Carlo simulation is suggested for the quantification of risk in project expenditure when activity times are uncertain. These expenditure curves can be used to predict the expenditure for future similar kinds of projects. The risk associated with the uncertainty of completion times is quantified by Monte Carlo simulation and used along with information theory to predict the completion date of a project. Similarly, an algorithm to predict the final cost of a project is proposed. Validation and implementation of developed techniques are discussed and compared with results obtained from analytical techniques for suitably simplified case studies.