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. It is considered that the effect of the variations from expected outcomes could be of values Neutral, Negative or Positive. In construction industry project management, these values are considered as Time, Quality and Economy of the project. Therefore, in construction project management, it is the effect of risks and uncertainties on project time, quality and economy that is the subject of management and management 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. Also, it is found that the method was executed within an integrated simulation structure capable of identifying physical features of the facility to be constructed and uncertainty in the working atmosphere and the construction procedures. Uncertainty management is one of the major problems faced in construction. Most of the solutions are more or less solving this 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. There is little evidence of application of risks and uncertainties management in construction in developing countries and yet it is apparent how they influence the course of construction projects and poses immense challenges. Therefore, this study describes the overview of various studies carried out on the simulating uncertainties in construction projects. It also discusses and introduces 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.