Megaproject success is strongly linked to successful management of project uncertainties. Management of project uncertainties fundamentally differs from the management of project risk. In particular, projects often are based on assumptions that have uncertainty, leading them to overly optimistic planning. Classical project management has a long tradition of managing project risks but the concept of uncertainty, particularly in large complex projects, has not been sufficiently addressed in project management literature or practice. Most often, project uncertainties and their simplifying assumptions are not differentiated from project risks. They should be addressed with inherently different leadership and management approaches.
The previous DAU Future of Megaproject Management webinars introduced the concept of a “Project Uncertainty Framework” and evaluated that framework based on two historical case studies. Additional case studies and work with an existing defense project that is at its Milestone B decision phase supported the definition of a set of best practices for management of uncertainty in megaprojects. This third DAU webinar will present these best practices with evidence from historical case studies and ongoing megaprojects.
Speaker:
Mr. Tom McDermott, CTO, SERC