Spill Test at Chief Joseph Dam
Uncertainty can and does exist throughout a project's life cycle. Consider the following example related to a construction project.
- Planning. Will this plan solve the problems and realize the opportunities? How much do we over- or under-estimate costs? Will project benefits be realized?
- Design. Are there issues with the site? Will the funds be available when needed?
- Construction. Will weather or labor unrest affect the work? What is the risk of injury during construction?
- Operations. How long will components last before failure? Will the project be maintained properly?
We all face risk every day in our jobs.