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Tools
Demir, ST, Bryde, DJ, 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 |
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| 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: | Civil Engineering & Built Environment |
| Publisher: | Inderscience |
| Date Deposited: | 08 Dec 2016 12:33 |
| Last Modified: | 04 Sep 2021 14:41 |
| DOI or ID number: | 10.1504/IJPOM.2014.066410 |
| URI: | https://researchonline.ljmu.ac.uk/id/eprint/437 |
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