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The occurrence of events affecting project performance cannot likely be eliminated, and hence their early identification and communication become critical to efficiently mitigate their impact. This research devised a taxonomy for the classification of events that can influence a project with 36 event types grouped in 10 event categories. The frequency of occurrence of events, and their impact on cost, schedule, and predictability performances were statistically determined based on information gathered from 135 recently completed projects. The statistical results demonstrate and quantify the long-held perception that the frequency of an event is often inversely proportional to its impact on project performance. In addition, qualitative evidence collected from subject-matter experts was leveraged to provide complementary insights and explanations beyond the statistical results. The results of this study are of interest to both practitioners and academics. [ABSTRACT FROM AUTHOR]