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Resources

Risk Management

Risk Management Tool for Managing the Planning / Environmental Phases of Prospective Major Projects

FHWA recommends that sponsors of major projects begin the risk management process while projects are in the planning and environmental phases. This document provides a model of an appropriate risk management approach for the replacement of "Big Bridge" over the Big River in Cavalier City. It is organized around an updated and refined version of the "Checklist of Major Project Questions for DAs to Use during Planning/Environment Stages," which FHWA issued in January 2006. This type of risk management inventory should be prepared close to the date of publication of a Notice of Intent for NEPA, in close consultation with the State DOT. The FHWA Division should update it, in consultation with the State DOT, at major points in the planning/environmental process, including DEIS, FEIS, and MPO Plan updates or amendments.

SHRP2 R09: Managing Risk in Rapid Renewal Projects

Managing Risk in Rapid Renewal Projects helps managers quantify risks and provides guidance on the level of risk management needed. It presents a formal risk management process that optimizes performance for accelerated reconstruction on projects. The study offers practical methods to identify, assess, mitigate, allocate, and monitor risk. Also, it fills the gaps that current risk management practices do not address by adding project performance measures, and different project delivery and construction methods. The process described in the SHRP2 R09 Guidebook allows users to factor in project scope, strategy and conditions, structuring, risk identification, risk assessment, risk analysis, risk management planning, and risk management implementation. It also provides objective guidance that can be applied to various types and sizes of rapid renewal projects, as well as other rehabilitation efforts. The SHRP2 R09 Guidebook includes spreadsheets that lead the user through a risk analysis process and a Two-day Train the Facilitator training course that includes instruction on the risk management process, and helps participants apply the principles in a case study activity.

SHRP2 C10: Project Management Strategies for Complex Projects

Project management has long focused on three elements - cost, schedule, and technical requirements (scope, design, quality, and integrated delivery). However, complex projects, particularly those in the rapid renewal area, need something more robust to be successful.

Moving beyond traditional approaches requires stronger partnerships among transportation agencies, contractors, consulting engineers, and external stakeholders. Better strategic planning and execution must occur from startup through construction. SHRP2 C10 developed a Guidebook for Project Management Strategies for Complex Projects that provides practical tools and techniques to optimize innovation, minimize schedule and budget risks, and build better projects. The Guidebook expands the three-dimensional analysis typically used by departments of transportation to create a model that facilitates project management in five areas: cost, schedule, technical, financial, and context. Methods for assessing complexity factors are also provided to help managers in making rational resource allocations and guide planning and implementation.

SHRP2 Solutions: Taking Project Management and Risk Management to the Next Level
These fact sheets summarize new guides and tools prepared through the SHRP2 research program on project management and risk management. They provide practical approaches to optimize innovation, minimize schedule and budget risk and build better projects. New Strategies for Managing Complex Projects (R10) provides methods for assessing complexity factors and will help managers make rational resource allocations and guide planning and implementation. the approach is scalable and can be used on all types of projects. Guide for the Process of Managing Risk on Rapid Renewal Contracts (R09) helps managers quantify risks and provides guidance on the level of risk management needed through a risk management process that helps optimize performance for accelerated reconstruction projects with methods for identifying, assessing, mitigating, allocating and monitoring risk.

For more information on these products and the SHRP2 program, please visit http://www.fhwa.dot.gov/goshrp2/.

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