Transforming project risk management into project uncertainty management
By: WARD, Stephen
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Contributor(s): CHAPMAN, Chris.
Material type: 
ArticlePublisher: The International Project Management Association, 2003Subject(s): Risk Management | Uncertainty Management | Opportunity ManagementInternational Journal of Project Management 21, 2, p. 97-105Abstract: This paper argues that all current project risk management processes induce a restricted focus on the management of projectuncertainty. In part this is because the term risk encourages a threat prespective. In part this is because the term risk has become associated with event rather than more general sources of significant uncertainty. The paper discusses the reasons for this view, and argues that a focus on uncertainty rather than risk could enhance project risk management, providing an important difference in perspective, including, but not limited to, an enhanced focus on opportunity management. The paper outlines how project risk management processes might be modified to facilitate an uncertainty management prespective
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This paper argues that all current project risk management processes induce a restricted focus on the management of projectuncertainty. In part this is because the term risk encourages a threat prespective. In part this is because the term risk has become associated with event rather than more general sources of significant uncertainty. The paper discusses the reasons for this view, and argues that a focus on uncertainty rather than risk could enhance project risk management, providing an important difference in perspective, including, but not limited to, an enhanced focus on opportunity management. The paper outlines how project risk management processes might be modified to facilitate an uncertainty management prespective
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