ABSTRACT
Risk and uncertainty have been topics of interest for a long time. The development of risk and uncertainty has been evolving ever since, stemming from diverse academic fields. Risk and uncertainty are a part of economic studies, psychology, insurance, finance and engineering disciplines such as safety and reliability studies. Uncertainty and risk have been discussed in the project management research community for decades. Project Management Institute interprets risk in two ways: either as negative risk or as a joint term for both positive and negative risks. New opportunities and risks can emerge at any time in a dynamic work environment. Active involvement, knowledge and authority are required from management in order for the benefit of opportunities to materialize. Contextual risk/opportunity is connected to circumstances outside the project that may influence the scope of work and the performance of the organization. Exploration of opportunities requires willingness to change plans if needed and accepting that uncertainty is part of the project’s nature.
