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.
1. 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?
2. Design. Are there issues with the site? Will the funds be available when needed?
3. Construction. Will weather or labor unrest affect the work? What is the risk of injury during construction?
4. Operations. How long will components last before failure? Will the project be maintained properly?
We all face risk every day in our jobs.