Uncertainties are inherent to any project and even the most efficient management team cannot avoid or overcome them. The best that they could do is to stay prepared and counter these uncertainties. The real challenge for a management team is the ability to take wise decisions even in uncertain times. Managing uncertainties is not the same as risk-management and in fact goes beyond it. Businesses involve risk and its management is among a regular management function. These risks are known and could be foretold. Uncertainties on the other hand, are unforeseen and could catch an organization by surprise.
These uncertainties could occur during any phase of a project lifecycle, namely, planning, initiation, implementation, and completion. The superiority of a manager lies in the ability to recognize the different forms of uncertainties and formulation of strategies to counter them. Projects are subject to uncertainties as there are several external factors that determine their execution and completion.