In this paper, we describe the computational framework of a novel method for solving the challenging problem of probabilistic finite elements. The method is called Improved Dynamic Bounds (IDB) and was developed recently to improve the efficiency of the dynamic bounds. The IDB is used in finite element numerical models to calculate timedependent failure analyses of structures. In applications, the IDB can speed up the overall simulation process by several orders of magnitude. In applications controlled by two influential variables (e.g, two-dimensional problem), the computational efficiency is improved by a factor of 769 according to Rajabalinejad (2009). Applications of IDB indicate the method is most efficient for problems where the number of influential variables are limited. This is often the case for geotechnical and coastal flood defence systems. The IDB method is applied in this paper to the 17th Street Flood Wall, a component of the flood defence system (levee infra-structure) that failed during the Hurricane Katrina, to calculate the failure probability of an I-wall.