Framing risk and uncertainty in the context of projects: Perspectives on decision-making.

Projects exist in a highly turbulent and uncertain business environment, which is affected by a myriad of internal and external factors. Under these circumstances, project managers have to make quick and rational decisions to achieve project performance objectives. While the role of external factors in the decision-making process under risk has been extensively examined in the existing body of management literature, internal factors have been largely overlooked. In this paper, the authors attempt to synthesise knowledge from the previous academic and scholarly literature on the topic of decision-making under risk and uncertainty in the context of project management. Specifically, the issues of intra-group conflicts, project managers’ perceptions of uncertainty, and the contribution of project managers’ individual characteristics to the decision-making process are explored and critically discussed.