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The Silver Lining of Project Uncertainties by Barbara Edington, Ting Gao, Thomas G. Lechler

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Introduction

Differentiating the Management of Project Risks and Project Uncertainties

This research project is based on the assumption that the management of risks fundamentally differs from the management of uncertainty. The implementation of projects is faced with challenges from both risks and uncertainties. Classic project management has a long tradition of managing project risks (known-unknowns), and it is fair to say that the management of risks is a mature component of the project management discipline. Its foundation is the triple constraint paradigm, (TC-paradigm) which represents the basis for identifying and quantifying the sources of variation and the analysis of tradeoffs.

However, the concept of uncertainty has neither been clearly ...

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