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Capstone Project Idea
Risk and Uncertainty Management
What – the aim of your project
In 2003, Ward and Chapman suggested that project risk management should be transformed into project uncertainty management, because traditional risk management limits the contribution to improving project management practices and hence project performance, while uncertainty management can extend the benefits of project management. There are different opinions on this topic but there is a consistency on one question: the risk management model is too narrow to improve the performance of project management because “risk” is too simple to manage uncertainties.
According to the literature, risk and uncertainty have different meanings and are distinct constructs, but in practice, the terms have been used interchangeably, impacting the overall performance of a project. By doing this and accepting the interchangeable methods, we are accepting the results due to these methods.
The main idea behind this capstone is to maintain that a broader perspective concerned with managing uncertainty is required and that we need to pay attention to the difference between uncertainty management and risk management, especially in the source identification phase of project management.
The aim of this capstone project is to propose that the risk management model can be adapted to facilitate an uncertainty management perspective, and that uncertainty management can widen its contribution to improving project management performance, which will result in a significant change in emphasis with traditional risk management.