The problem is not project management. The problem is how the organization where project management is performed is ready for this type of thing. Some people think that project management is a function to be developed without context. Totally wrong. Project management is a function within the organization strategy and organization strategy is which drives the organizational architecture.
So, the question is: is the architecture ready for this type of situation?. Agile has been created for that. The problem is organizations like PMI seems do not understand that.
Good Project Managers know that risks must be analyzed and proportional responses prepared based on probability and impact