Guide for the Process of Managing Risk on Rapid Renewal Projects (2012) / Chapter Skim
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Pages 6-12
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From page 6... ...
4THE PROBLEM The planning, design, construction, and subsequent operation of highway projects are complex and fraught with uncertainty. The result is that many highway projects have exceeded initial cost estimates and expected completion dates, as well as experienced other undesirable consequences, such as greater-than-expected disruption and poor longevity.
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From page 7... ...
5GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS • Underestimating longevity can result in additional costs for and disruption of opera tions and maintenance and for replacement, which might be needed sooner than planned. 2 2014.01.08 R09 02 Guide Chapter 1_final for composition.docx Underestimating disruption can result in public dissatisfaction, which in turn can lead to project delays while being resolved and additional costs for mitigation.
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From page 8... ...
6GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS All of the above, in turn, can lead to poor project decisions and affect the department of transportation's (DOT's) credibility, especially with the public.
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From page 9... ...
7GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS and how they can best be managed, generally will vary as the number of affected projects increases. However, this guide focuses on individual project-level risks, which include the larger-scale risks as well.
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From page 10... ...
8GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS Note that formal risk management is similar to value engineering (VE) , in that the primary objective is to optimize project performance, although risk management focuses on reducing risks (both individually and collectively)
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From page 11... ...
9GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS THE GUIDE The primary objective of this guide is to adequately but concisely describe an appropriate method for risk management on rapid renewal projects and provide adequate guidance on implementation. The method should result in optimizing project performance, achieving an appropriate balance of accuracy, defensibility, schedule of results, and resource utilization (allowing the DOT to do as much as it can independently)
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From page 12... ...
10 GUIDE FOR THE PROCESS OF MANAGING RISK ON RAPID RENEWAL PROJECTS -- Chapter 9 (Implementing the Risk Management Plan) includes monitoring, updating, and decision making and is supported by Appendix E
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