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Is there a word to describe a future uncertainty that may cause serious consequences? For example,
There is a lot of uncertainties in the progress of this project.
But I would like to replace "uncertainties" here with another word that also connotes the seriousness of possible consequences if back luck hits in.
risk works:
the possibility that something bad or unpleasant (such as an injury or a loss) will happen
(source: Merriam-Webster)
It's a widely used term within project management.
I'd modify your sample sentence further: the word 'is' needs to be plural, and "in the progress" sounds off to me. Better would be something like:
There are a lot of risks endangering the progress of this project.
Glorfindel's answer of "risk" is an excellent one, especially in context of business.
If "risk" isn't exactly what you're after, "pitfall" may also suffice:
A hidden or not easily recognized danger or difficulty
Source: Merriam-Webster
Your example sentence could read:
There are a lot of potential pitfalls in the progress of this project.
