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What is a Management Dashboard?
The term Management Dashboard defines a wide range of data reporting and visualization tools or dashboards that allow using various performance & efficiency measures to report on an enterprise’s ability to organize and coordinate its activities in accordance with certain policies and in achievement of pre-determined objectives. What is a Management Dashboard?
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Money Management Action Plan

In this Money Management Action Plan you can read a range of tips and suggestions that will help you manage your money in an effective manner.

Money Management Action Plan
Home » Glossary » What is Project Uncertainty
What is Project Uncertainty  

What is Project Uncertainty


Project Uncertainty is indispensable, natural and intricate component of every project. Especially high degree of uncertainty is peculiar to novel or breakthrough initiatives as performers have to face some challenges and problems that have never been handled before. Project uncertainty is a cause that makes projects to finish with overruns on their schedules and budgets, and with products of compromised specifications, in spite of costly planning, attentive risk management, etc. There are several types of project uncertainty recognized: 

  • Variation: certain project tolerance should be implemented into the project plan, as myriads of small factors and events cannot be anticipated, but their overall impact will cause schedules and budgets vary from their projected numbers. Variation can be generated by many factors such as worker sickness, delayed supply, bad weather, or anything else what matters; 
  • Foreseen Uncertainty: the project management identifies certain fragment of uncertainty in their project plan, so they can previously design something called their “Plan B” to anticipate proper alternate actions prior to actual occurrence of these alternative circumstances; 
  • Unforeseen uncertainty: circumstances that cannot be identified during the project planning, so there is no ready-to-go “Plan B” to response them. This type requires fast and ad-hoc solutions; 
  • Chaos: total uncertainty in all areas of the project. Such a project may have loose constraints on time or budget, as well as it can end with outcomes being fully different from originally desired;

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