Guidelines for Modelling Time and Cost Uncertainty in Project and Programme Management

While it is commonly acknowledged that the presence of uncertainty is critical for the realization of projects and programmes, there is a lack of a holistic approach to its management. The paper starts first by reviewing the existing body of knowledge in time and cost uncertainty modelling in project management, portfolio management and programme management. Then, the theoretical, conceptual and practical differences between project and programme management are examined. Thereafter, the limitations in existing techniques are identified and the possibilities of improving coordination are examined. Finally, guidelines are presented to achieve the best alignment between project and programme strategy. It is envisaged that their application will help in achieving maximum benefits and value during programme management in the presence of uncertainty.