Abstract: Uncertainty certainly affects the performance of a construction project. The exact definition of risk and uncertainty is still not known. Everyone has their own perspectives. Though, it is accepted as the results and outcomes are likely to differ from expected values. The values can be considered to be Time, Quality and Economy of the project depending upon the project needs. Therefore, in construction project management, the effects of unidentified risks and uncertainties hamper the project time, quality as well as its economy and ultimately obstruct the project management and thus its development. Identifying the uncertainty and quantitatively analyses the impact on the project performance can notably enhance the exactness, validity and reliability of a project plan. This paper describes a methodology to systemize, model, and diminish uncertainty. Uncertainty management is one of the major problems faced in construction. Most of the solutions aim to solve the problem but it has to meet demands of all project criteria. The uncertainty is always evaluated at the start of the construction project but it should be continuing process with solutions at the time of whole project life cycle. The application of risks and uncertainties management is practiced in construction in developing countries and thus the result poses massive challenges in the project development and management. Therefore, this study provides a brief idea of various research taken place to simulate the identified uncertainties in construction projects. It also recommends the idea of uncertainty and risk and their consequences on construction projects management as one of the challenges faced in the construction industry of developing countries.

Keywords: Risks; uncertainties; simulation; construction projects; management