Applying Risk Analysis, Value Engineering, and Other Innovative Solutions for Project Delivery (2017) / Chapter Skim
Currently Skimming:
Chapter 3 - Risk Analysis Research Results
Chapter 3 - Risk Analysis Research Results
Pages 66-72
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 66... ...
The terms Risk Analysis, Risk Assessment, and Risk Management are used interchangeably in several of the documents reviewed. Risk Analysis and Risk Assessment may be used as terms for performing risk identification and risk analysis or for conducting Risk Management efforts that include risk response planning and risk monitoring and control.
|
From page 67... ...
TRB NCHRP Report 706: Uses of Risk Management and Data Management to Support Target-Setting for PerformanceBased Resource Allocation by Transportation Agencies 2011 16. North Carolina Development of Funding Project Risk Management Tools November 5, 2013 17.
|
From page 68... ...
As a result, many states tend to rely on consultant support for RA efforts and engage in actions for management of risks through project managers and project engineers that are assigned project delivery responsibilities. Consultants may coordinate with DOT staff to plan and facilitate workshops, conduct risk analyses, and develop risk response strategies and action plans for project managers.
|
From page 69... ...
It is noted that most organizations do not spend their RA efforts developing risk response strategies and action plans or in engaging in risk monitoring and control. RA efforts are most commonly performed as a combination of internal and external consultant staff.
|
From page 70... ...
The other 42% of organizations do not perform formal risk response planning. • Approximately 50% of respondents indicated that less than 10% of the total time expended on Risk Management is expended on risk response planning and risk monitoring and control.
|
From page 71... ...
Analysis types ranged from qualitative to quantitative employing various methods to characterize the degree of risk exposure to project costs, durations, and scope. For RA, qualitative analysis is effective on smaller and less complex projects, and increasing degrees of quantitative analysis (i.e., quantification of risks in the register, Monte Carlo simulations, and integrated cost and schedule risk models)
|
From page 72... ...
In conclusion, the research team pursued the following activities in developing a RA tool: • Establish a process driven template (i.e., incorporates Risk Identification, RA, Risk Response Planning, and Risk Monitoring and Control) for RA in MS Excel for use by state DOTs and transportation agencies to manage risk and uncertainties continuously throughout the project delivery life cycle.
|
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.