Challenging classic project management

turning project uncertainties into business opportunities

The management of uncertainty during a project's implementation is not well understood. In general, uncertainties are treated similar to project risks by practitioners and by scholars as negative events threatening a project's implementation. Following the arguments of economists, uncertainties are a necessary condition for the existence of opportunities. This research aims to identify specific classes of opportunities and specific contextual situations under which they occur during the implementation of projects. An exploratory case study of 20 projects was conducted. Four categories of opportunities and six categories of uncertainties were identified. All identified opportunities were connected with at least one situation of uncertainty but not every situation of uncertainty relates to opportunities. The cases unveiled that risks are misperceived as uncertainties and some situations of project improvements were misperceived as opportunities.
member content locked
PMI member benefit.

or Join

Advertisement

Advertisement

Related Content

  • PM Network

    Rookie Revelations member content locked

    PM Network asks the project management community to share their mistakes made at the beginning of their careers.

  • PM Network

    Interior Motives member content locked

    By Wenger, Fred Project managers are accustomed to looking outside their projects for risks—at competitors, clients, suppliers, the economy, even the weather. But experience has taught me that all projects face a…

  • PM Network

    New Digs member content locked

    By Waity, C. J. Ore deposits are hardly the only factor project leaders use to determine future mining sites in Latin America. Everything from geopolitical turmoil to local labor markets can impact a mining…

  • PM Network

    Past Is Prologue member content locked

    By Hendershot, Steve Organizations can't escape the past when they pump money into tech upgrades. Before they start rolling out cool new tech, project teams need to identify and mitigate the risk of putting fancy new…

  • PM Network

    Bank Breach member content locked

    Dankse Bank A/S came under scrutiny for failing to prevent suspected money laundering at its Estonian branch, and a shelved IT project may be to blame.

Advertisement

Publishing or acceptance of an advertisement is neither a guarantee nor endorsement of the advertiser's product or service. View advertising policy.