A tool for integrating time, cost and quality perspectives in Probability Impact (P-I) Tables Online publication date: Wed, 14-Jan-2015
by Selim Tugra Demir; David James Bryde; Damian John Fearon; Edward Godfrey Ochieng
International Journal of Project Organisation and Management (IJPOM), Vol. 6, No. 4, 2014
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.
Existing subscribers:
Go to Inderscience Online Journals to access the Full Text of this article.
If you are not a subscriber and you just want to read the full contents of this article, buy online access here.Complimentary Subscribers, Editors or Members of the Editorial Board of the International Journal of Project Organisation and Management (IJPOM):
Login with your Inderscience username and password:
Want to subscribe?
A subscription gives you complete access to all articles in the current issue, as well as to all articles in the previous three years (where applicable). See our Orders page to subscribe.
If you still need assistance, please email subs@inderscience.com