Guide for the Process of Managing Risk on Rapid Renewal Projects (2012) / Chapter Skim
Currently Skimming:
Pages 112-122
The Chapter Skim interface presents what we've algorithmically identified as the most significant single chunk of text within every page in the chapter.
Select key terms on the right to highlight them within pages of the chapter.
From page 112... ...
110 INTRODUCTION This guide has outlined an efficient and effective process for managing risks on rapid renewal projects. However, adequate planning and logistical support are required for a DOT to successfully implement this process.
|
From page 113... ...
111 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS IMPLEMENTING THIS GUIDE starting too early to conduct effective risk management for individual projects. This can be true when a program is just being established, but the purpose and overall scope for individual projects have not yet been established.
|
From page 114... ...
112 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS • After the DOT has selected a project alternative (e.g., after completion of environmental documentation, or near 30% design) , the original structuring, risk identification, and risk assessment for the preferred alternative (if done previously)
|
From page 115... ...
113 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS assessment, and risk management planning might be conducted only once, although risk management implementation would have to be carried through to the project's completion to realize the maximum benefits. WSDOT has such a policy for any project with an estimated cost between $25 million and $100 million (Washington State Department of Transportation, 2006)
|
From page 116... ...
114 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS Participation in the Risk Management Process Project leadership should actively participate in the risk management process. Without consistent engagement by the project leadership, the risk management process will falter.
|
From page 117... ...
115 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS -- Possibly tying risk management and VE processes together at key milestones; and -- Determining if qualitative or quantitative analyses are needed (e.g., to quantify project performance uncertainty, from which appropriate budget and contingency can be determined)
|
From page 118... ...
116 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS -- Support services and materials: printing and copying; information technology (computer network, phone, e-mail) ; LCD projectors (×2)
|
From page 119... ...
117 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS • Finalize the risk management report based on feedback from the project team and other workshop participants.
|
From page 120... ...
118 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS specialized skills that cannot be developed in a 2-day class. Instead, the training will allow a DOT to effectively supervise such analyses, as well as supervise the evaluation of more complex projects.
|
From page 121... ...
119 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS CONCLUSIONS ON IMPLEMENTING THIS GUIDE The risk management process presented has the potential to greatly improve the ability of project leadership and team members to make critical decisions as well as improve project performance with respect to the rapid renewal objectives. However, the process must be adequately planned and resources made available, and then followed through to its completion, to obtain these benefits in an efficient way.
|
From page 122... ...
120 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS Example The hypothetical QDOT case study (see Appendix D) , which is used to adequately illustrate the various steps of the risk management process and includes a risk management plan (RMP; Appendix E)
|
Key Terms
This material may be derived from roughly machine-read images, and so is provided only to facilitate research.
More
information on Chapter Skim is available.