The two-dimensionality of project risk

Williams, T.M. (1996) The two-dimensionality of project risk. International Journal of Project Management, 14, (3), 185-186. (doi:10.1016/0263-7863(96)00030-0).


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The idea of multiplying the likelihood and the impact of risks is common. This Note discusses the point that the proper consideration of project risk requires consideration of both impact and likelihood. Calculating “expected” risk as probability times impact has limitations, and ranking risks according to this figure is misleading. Computerized “risk lists” thus ranked should not be relied upon.

Item Type: Article
ISSNs: 0263-7863 (print)
Related URLs:
Keywords: risk
Subjects: H Social Sciences > HD Industries. Land use. Labor > HD61 Risk Management
Divisions: University Structure - Pre August 2011 > School of Management
ePrint ID: 36882
Date Deposited: 08 Mar 2007
Last Modified: 06 Aug 2015 02:32

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