The art of interpreting
DOI link for The art of interpreting
The art of interpreting book
Project uncertainty is in the eye of the beholder. It’s an interpretation of what we do and do not think we know. It is based on interpretations and judgement, a product of social interaction, a continuous construction and reconstruction. A project is often understood in terms of its constituent elements using a work breakdown structure. The process of risk management is driven by a relatively simple principle – the likelihood of an event occurring and the probable impact should that event occur. The purpose of value-driven project management is to shift the focus from the detailed delivery of project activities to understanding what value means for a customer and end-user stakeholders and, in doing so, concentrating on what matters in the project. Over-optimistic forecasts of likely project performance, based on underestimating aleatoric and epistemic uncertainty in projects, coupled with an over-optimistic assessment of the project team’s ability to deal with uncertainty, are significant problems for project decision-making.