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Favorable and Unfavorable Project Uncertainties

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What is the difference between unfavorable and favorable uncertainties? Need a opionion of about 150-175 words. One example each.

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Solution Summary

A discussion regarding favorable and unfavorable project uncertainties including examples using the U.S. government building a border fence on Mexico soil and Eli Lilly and Co experiencing a favorable side effect of a drug during a clinical trial. 289 words, 2 references

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Hi,

"A project risk is an uncertain event or condition that, if it occurs, has a positive or negative effect on at least one project objective, such as time, cost, scope, or quality" (Project Management Institute, 2004, p. 238). In any project, it is good form to address as many project risks and uncertainties during the planning phase, upfront in the project. By doing so, the project manager and team are able to plan in terms of scope, cost, quality, time and resources needed as well as have any reserves or contingency accounts established.

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