Final answer:
The term for dealing with uncertainties in projects is risk management, which focuses on mitigating potential risks and balancing transaction and conformity costs in decision-making processes.
Step-by-step explanation:
The process of dealing with uncertainties in projects is known as risk management. This involves identifying potential risks, assessing their impact and likelihood, and taking steps to mitigate or prepare for them. In the context of coordinating a project, risk management aims to balance the various costs associated with decision-making processes. Transaction costs are expenses incurred during the process of making decisions, such as the costs to communicate and coordinate between team members. On the other hand, when a single person or a small group makes decisions, there can be increased conformity costs, meaning the decisions may not fully represent the interests of the entire group. Conversely, involving the entire team in a decision through a democratic process can lead to reduced conformity costs but may result in higher transaction costs due to the increased time and effort required to reach a consensus.