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

Demir, ST and Bryde, DJ and Fearon, DJ and Ochieng, EG (2015) A tool for integrating time, cost and quality perspectives in Probability Impact (P-I) Tables. International Journal of Project Organisation and Management, 6 (4). ISSN 1740-2905

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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.

Item Type: Article
Uncontrolled Keywords: 1202 Building, 1503 Business And Management
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
T Technology > TH Building construction
Divisions: Built Environment
Publisher: Inderscience
Date Deposited: 08 Dec 2016 12:33
Last Modified: 08 Sep 2017 19:29
DOI or Identification number: 10.1504/IJPOM.2014.066410
URI: http://researchonline.ljmu.ac.uk/id/eprint/437

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