GMS 450 Lecture Notes - Lecture 9: Joint Venture, Miracle Drug, Flat Rate

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 450
• Professor: Mohammad Nikoofal

Document Summary

Projects are all about uncertainty: time required to complete a project, availability and cost of key resources, the whims of clients, actions taken by competitors. Effective project management requires an ability to deal with uncertainty. Can uncertainty be eliminated: no it cannot however if well managed can mitigate risks. Determine quantitative or qualitative value of project risk and prioritize them. Human resources may not have people available when required to staff the project. Sponsor/customer delays in approval, change in customer preferences. Encountering more than expected rock formations when excavating, Labor strike may occur during the peak of a construction project. A method for carrying out steps 2 through 5. Must ensure that the necessary resources can be applied in a timely and well-organized manner. The factors that cause uncertainty change over time, therefore the planning process is a continuous process. Planning how to deal with uncertainty is an organizational problem, not specifically a project problem.