76 PUBLIC INFRASTRUCTURE BULLETIN

Today, managing for risk and uncertainty are cornerstones of the project manager’s role. It is common practice for practitioners to use the terms risk and uncertainty interchangeably which can be unhelpful when managing long-term and complex projects, minimising adverse impacts and taking advantage of upside opportunities that may develop. However, the literature points to important differences in practices to measure, cost, mitigate and manage project risk and deal with future uncertainty which suggests that the distinction may warrant greater understanding at the project level. Contemporary project management requires practitioners to understand a great deal about the risk profile of a project and manage in conditions of uncertainty. This i