¶ … unfavorable uncertainty and a favorable uncertainty have on a project? Provide examples.
Uncertainties can have a positive or negative outcome on a project based on how they are initially assessed and managed. The type, level, and potential impact of uncertainties all are predicated on how well orchestrated and planned a project is from the initial phases of development (Brown, Hyer, 2010). The most common sources of uncertainty include financial, technical, the business environment, social and external or natural environment. Taken together, these factors are what hold projects back from being entirely perfect or flawless in their execution. Unfavorable uncertainties are often out of the control of the project manager and emanate either from organizational constraints or the external environment. An example is when a project is heavily reliant on outside funding, as many of the NASA and Department of Defense (DoD) projects are. When there is an abundance of funding available, this factors becoming a favorable uncertainty as there is significant upside potential for the project to gain even greater financial support. An unfavorable uncertainty would be what has become a reality for many of these projects: cut funding and a lack of support. An example of a favorable uncertainty is what Eli Lilly and Co. found with their drug Evista which initially was developed for birth control but was later found to be an excellent treatment for osteoporosis (Brown, Hyer, 2010).
Explain the possible benefits to using one of the simulation methods...
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