What is the Cone of Uncertainty? Project Management in Under 5

The video explains the cone of uncertainty, a tool used in project management to visualize the evolution of uncertainty and confidence over a project's duration. It describes how confidence increases and uncertainty decreases in stages, particularly at key project milestones. The video emphasizes the importance of risk management and good governance in reducing uncertainty. It also discusses how the cone can be visualized to understand probability distributions of project outcomes, highlighting the impact of extreme events and strategic choices on project budgets and schedules.

How can the cone of uncertainty be used to understand probability distributions for budget or duration?

What factors can lead to extreme shifts in budget or schedule during a project?

In what ways can a project manager increase confidence levels throughout the project life cycle?