Management Of Uncertainty

Voltaire said, “uncertainty is an uncomfortable position, but certainty is an absurd one”. It is a necessity for project teams to operate in a world of uncertainty, and for sanctioning bodies and senior stakeholders to fully understand this fact of life and its implications.

This is never more so than at the early phases of the project; when the demands of establishing a robust, underpinned estimate and the drive to secure sanction to get critical activities underway in a timely fashion are often in conflict. Managing this uncertainty throughout the project lifecycle is a cornerstone of Project Controls, and this presentation will look at some common pitfalls and approaches to avoiding optimism bias.