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

Author

Listed:
  • Selim Tugra Demir
  • David James Bryde
  • Damian John Fearon
  • Edward Godfrey Ochieng

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.

Suggested Citation

  • Selim Tugra Demir & David James Bryde & Damian John Fearon & Edward Godfrey Ochieng, 2014. "A tool for integrating time, cost and quality perspectives in Probability Impact (P-I) Tables," International Journal of Project Organisation and Management, Inderscience Enterprises Ltd, vol. 6(4), pages 303-318.
    • Handle: RePEc:ids:ijpoma:v:6:y:2014:i:4:p:303-318
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