Guidebook on Risk Analysis Tools and Management Practices to Control Transportation Project Costs (2010) / Chapter Skim
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Pages 70-75
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From page 70... ...
One specific outcome of implementing risk management is to help control project costs. In this context, risk management provides a structured approach to estimating contingency dollars for a project.
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From page 71... ...
In either case, typical functions of the risk management support group could include, but not be limited to, developing policy, training materials, supporting risk applications on projects, and communicating risk related information to users. Setting up an organization structure to implement risk management requires support and decisions from upper management of the agency.
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From page 72... ...
Example assessment of risk management steps in the programming phase.
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From page 73... ...
Agencies should also consider policies relating to the use of range estimates to express risks and uncertainty. The FHWA allows ranges in long-range plans prepared during the planning phase.
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From page 74... ...
Example assessment of programming phase tools. Tools Examples of Use Subject Matter Experts Comments on Future Implementation Identification of Risks I2.1 Red Flag Items I2.3 Risk Checklists Risk Analysis R3.1 Risk Management Plan R3.2 Contingency -- Percentage R3.3 Contingency -- Identified Additional Tools Additional Tools
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From page 75... ...
Responsible Party and Performance Measurement Planning Risk Identification – Develop appropriate tools to support the identification of risks Red Flag Items – Develop tool application approach for documenting identified risks Program or party responsible for implementation with performance measurement Planning Risk Assessment/Analysis – Develop tools that provide for a contingency estimate Contingency Percentage – Prepare guidance for selecting contingency values consistent with planning phase Program or party responsible for implementation with performance measurement Planning All Steps Training – Develop training modules to incorporate risk identification and risk assessment/analysis for contingency applications for planning Program or party responsible for implementation with performance measurement Continue with Programming Phase… Continue with opportunity/actions from methods… Continue with implementation steps from tools… Continue with assignment of responsibilities and measures
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