A tool for integrating time, cost and quality perspectives in Probability Impact (P-I) Tables

Selim Tugra Demir, David James Bryde, Damian John Fearon and Edward Godfrey Ochieng

International Journal of Project Organisation and Management, 2014, vol. 6, issue 4, 303-318

Abstract: One widely documented tool for project risk analysis is the Probability-Impact (P-I) Table, which assesses the probability of occurrence of a risky event and its likely impact on the project objectives, which are typically articulated in terms of cost, time and quality. Whilst there are numerous adaptations of the P-I Table, they are all consistent in treating the project objectives as independent and unrelated variables. This is a major limitation of the tool and reduces the P-I Table's practical applicability, as in most project contexts the probabilities and impacts of a risky event on the project objectives will be inter-related. To address this limitation, this paper presents a new tool that uses vector theory to enable a single calculation of the overall probability and impact, incorporating the perspective of all three objectives. The tool is illustrated through a practical application to a real case construction project.

Keywords: risk management; vector theory; probability impact tables; construction projects; time; cost; quality; project risk assessment; project management. (search for similar items in EconPapers)
Date: 2014
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.inderscience.com/link.php?id=66410 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ids:ijpoma:v:6:y:2014:i:4:p:303-318

Access Statistics for this article

More articles in International Journal of Project Organisation and Management from Inderscience Enterprises Ltd
Bibliographic data for series maintained by Sarah Parker ().