The National Academies Press

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Pages 65-66

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From page 65... ... 63 \| P a g e 5 Summary A project management plan is not complete if it does not include project risk management. Project risk management is an important tool to manage the broad spectrum of NEPA risks; project managers must use the tool wisely to focus on those risks that are most significant to meeting project objectives. Read the entire page →
From page 66... ... 64 \| P a g e • Risk management offers proven tools to identify and manage project development risks, which can ultimately benefit the public through avoiding o costly fees for redesigning projects because a risk was not identified or adequately managed o schedule delays, which can lead to construction cost escalation, and delay of the public benefits (safety, congestion relief) offered by the project o cost overruns in the construction phase of a project o impacts to the quality of the project, due to design compromises caused by unforeseen risks o damage to the agency's credibility and public perception of the agency's ability to deliver projects on time and on budget In summary, project risk management is not a new field of study, and the complexities of federal-aid project development beg for risk management solutions. Read the entire page →

From page 65...

... 63 | P a g e 5 Summary A project management plan is not complete if it does not include project risk management. Project risk management is an important tool to manage the broad spectrum of NEPA risks; project managers must use the tool wisely to focus on those risks that are most significant to meeting project objectives.

Read the entire page →

From page 66...

... 64 | P a g e • Risk management offers proven tools to identify and manage project development risks, which can ultimately benefit the public through avoiding o costly fees for redesigning projects because a risk was not identified or adequately managed o schedule delays, which can lead to construction cost escalation, and delay of the public benefits (safety, congestion relief) offered by the project o cost overruns in the construction phase of a project o impacts to the quality of the project, due to design compromises caused by unforeseen risks o damage to the agency's credibility and public perception of the agency's ability to deliver projects on time and on budget In summary, project risk management is not a new field of study, and the complexities of federal-aid project development beg for risk management solutions.

Read the entire page →

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