Our study is devoted to a subject popular in the field of matrix population models, namely, estimating the stochastic growth rate, λS, a quantitative measure of long-term population viability, for a discrete-stage-structured population monitored during many years. “Reproductive uncertainty” refers to a feature inherent in the data and life cycle graph (LCG) when the LCG has more than one reproductive stage, but when the progeny cannot be associated to a parent stage in a unique way. Reproductive uncertainty complicates the procedure of λS estimation following the defining of λS from the limit of a sequence consisting of population projection matrices (PPMs) chosen randomly from a given set of annual PPMs. To construct a Markov chain that governs the choice of PPMs for a local population of Eritrichium caucasicum, an short-lived perennial alpine plant species, we have found a local weather index that is correlated with the variations in the annual PPMs, and we considered its long time series as a realization of the Markov chain that was to be constructed. Reproductive uncertainty has required a proper modification of how to restore the transition matrix from a long realization of the chain, and the restored matrix has been governing random choice in several series of Monte Carlo simulations of long-enough sequences. The resulting ranges of λS estimates turn out to be more narrow than those obtained by the popular i.i.d. methods of random choice (independent and identically distributed matrices); hence, we receive a more accurate and reliable forecast of population viability.