This article presents a model of project management as a payoff function that depends on the state of the world and the sequence of actions taken. The model incorporates uncertainty, ambiguity, and complexity by examining the adequacy of available information about the world's states and the effects of actions. The authors identify three fundamental project management strategies: instructionism, learning, and selectionism. Instructionism involves pre-specified actions based on signals, while learning involves adapting policies based on new information. Selectionism involves choosing the best solution from multiple options. The paper argues that classic project management methods emphasize instructionism and adequate information, while modern methods incorporate learning and selectionism. The appropriate strategy depends on the type of uncertainty and the complexity of the project. The model provides a framework for project managers to assess the adequacy of available information, choose appropriate strategies, and establish supporting infrastructure for planning, coordination, and monitoring. The authors also discuss the challenges of managing uncertainty and complexity in projects, emphasizing the need for flexibility and adaptability. They highlight the importance of understanding the true complexity of causal relationships and payoff functions, and the need to avoid overly simplistic models. The paper draws parallels between project management and biological strategies for dealing with uncertainty and complexity, suggesting that similar principles apply in both domains. The authors conclude that project managers must first map the project terrain to determine the adequacy of available information and the nature of uncertainty. This involves assessing whether the uncertainty is due to ambiguity or complexity, and determining the appropriate strategy. The model emphasizes the importance of flexibility, adaptability, and the ability to learn and replan in response to new information. The paper also highlights the importance of stakeholder engagement and the need to share risk with subcontractors to achieve flexibility and adaptability in project management.This article presents a model of project management as a payoff function that depends on the state of the world and the sequence of actions taken. The model incorporates uncertainty, ambiguity, and complexity by examining the adequacy of available information about the world's states and the effects of actions. The authors identify three fundamental project management strategies: instructionism, learning, and selectionism. Instructionism involves pre-specified actions based on signals, while learning involves adapting policies based on new information. Selectionism involves choosing the best solution from multiple options. The paper argues that classic project management methods emphasize instructionism and adequate information, while modern methods incorporate learning and selectionism. The appropriate strategy depends on the type of uncertainty and the complexity of the project. The model provides a framework for project managers to assess the adequacy of available information, choose appropriate strategies, and establish supporting infrastructure for planning, coordination, and monitoring. The authors also discuss the challenges of managing uncertainty and complexity in projects, emphasizing the need for flexibility and adaptability. They highlight the importance of understanding the true complexity of causal relationships and payoff functions, and the need to avoid overly simplistic models. The paper draws parallels between project management and biological strategies for dealing with uncertainty and complexity, suggesting that similar principles apply in both domains. The authors conclude that project managers must first map the project terrain to determine the adequacy of available information and the nature of uncertainty. This involves assessing whether the uncertainty is due to ambiguity or complexity, and determining the appropriate strategy. The model emphasizes the importance of flexibility, adaptability, and the ability to learn and replan in response to new information. The paper also highlights the importance of stakeholder engagement and the need to share risk with subcontractors to achieve flexibility and adaptability in project management.