One of the inherit features of cognitive situation awareness and decision support processes is that they are context-dependent. This is hardly disputed by anybody, but as soon one wants to understand what this context dependency means, or even more, what is context and how it relates to a situation then we have to admit that no common understanding exists on those categories. The objective of this paper is to analyze the role of context in Situation Management applied to dynamic situation-driven systems, review the situation-of the art in understanding context, and outline a basis for a more formal handling of context in Situation Management.