Handling Uncertainty in Project Management and Business Development: Similarities and Differences

Abstract

This chapter reports a study into the management of uncertainty in the disciplines of business development and project management. The first part of the chapter analyses the disciplines by looking at the process, the planning, uncertainty and risk and the measurement of success. Based on our analysis of these two disciplines, we conclude that they differ substantially in the perception and handling of uncertainty and how this is included in the overall process. We found that business development uses additional methods, for example scenario planning, to manage the uncertainty that is inherent to the business development process. The second part of the chapter reports an explorative study into the potential application of scenario planning in project management. This study shows that scenario planning may benefit project management in creating a shared understanding of the project as well as the provision and consideration of different information. In the planning processes of the project, this information is considered useful in risk management and milestone planning.