Guide for the Process of Managing Risk on Rapid Renewal Projects

In the past, many transportation projects have performed poorly (e.g., in terms of ultimate cost and schedule to completion), often because of unexpected problems. This might be amplified for rapid renewal projects, which are intended to accelerate schedule and minimize disruption through construction, without adversely affecting either costs through construction or postconstruction longevity. By definition, these rapid renewal methods typically are innovative, with little past experience from which to learn, and possibly more susceptible to poor performance. This guide presents a formal risk management process to better understand and to actually optimize project performance specifically for rapid renewal projects, especially by anticipating and planning for potential problems (risks) and potential improvements (opportunities). This process, which is a significant expansion of a previously developed risk management process for non–rapid renewal projects (for which the expanded process is also applicable), consists of a well-defined series of steps, each of which has been described in appropriate detail, including possible variations. Sufficient guidance is also provided to ensure compatibility and consistency among the various steps, and ultimately to ensure adequate accuracy and defensibility of results (where adequacy depends on how the results will be used), as efficiently as possible. The steps, which are sequential and in some cases iterative, include: structuring; risk identification; risk assessment; risk analysis; risk management planning; and risk management implementation.

• Record URL:
  http://www.trb.org/Main/Blurbs/168369.aspx
• Availability:
  • Find a library where document is available. Order URL: http://www.trb.org/Main/Blurbs/168369.aspx
• Corporate Authors:

  Golder Associates

  ,    
• Authors:
  • Molenaar, Keith
  • Loulakis, Michael
  • Ferragut, Ted
• Publication Date: 2014

Language

• English

Media Info

• Media Type: Web
• Features: Appendices; Figures; Glossary; References; Tables;
• Pagination: 373p
• Serial:
  • SHRP 2 Report
  • Issue Number: S2-R09-RW-02
  • Publisher: Transportation Research Board

Subject/Index Terms

• TRT Terms: Construction projects; Guidelines; Project delivery; Project management; Risk management; Road construction; State departments of transportation
• Uncontrolled Terms: Rapid road construction
• Subject Areas: Administration and Management; Construction; Highways; I10: Economics and Administration; I50: Construction and Supervision of Construction;

Filing Info

• Accession Number: 01473741
• Record Type: Publication
• ISBN: 9780309272926
• Report/Paper Numbers: SHRP 2 Report S2-R09-RW-02
• Files: TRIS, TRB, ATRI
• Created Date: Feb 25 2013 1:50PM