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The same quantitative techniques can be deployed to take account of opportunities and threats in the context of uncertainty measurements in terms of time and cost as well as the probabilistic combination of individual uncertainties.
It repeated at different phases of the project life cycle.
Uncertainty is therefore imperfect knowledge and risk is uncertain consequences.
Uncertainty is central to all projects and that uncertainty management is a more descriptive term of the risk management process, and more appropriate for managing the sources of uncertainty that includes risks, threats, and opportunities.
This requires a clear and unambiguous understanding of the level of risk being borne by each participant and an assessment of the capacity of that participant to manage the risk in the context of the project environment.
Lastly, the motivation from a behavioural perspective is a key consideration in capacity to manage risk.