Skip to Main Content
This paper considers trade-offs that may be made during project among time, cost and quality. Most projects are unique one-of-a-kind activities. Hence, the project manager may find it extremely difficult to stay within the time-cost-quality triangle. Different project trade-off preferences exist in different industries. Based on this we propose set of axioms in project risk management which reflect relationships between key project variables. The conceptual model we develop satisfies this basic set of axioms. We use Bayesian networks (BNs) to model project trade-off. The purpose is to provide a quantitative model for trade-off analysis in project risk management.