Managing risks in the project pipeline.

Details

• Creators:
  Redd, Larry ; Redd, Kim
• Corporate Creators:
  Redd Engineering
• Corporate Contributors:
  United States. Federal Highway Administration
• Subject/TRT Terms:
  Construction Projects Costs Project Management Revenues Risk Management Simulation Uncertainty
• Publication/ Report Number:
  FHWA-WY-13/06F
• Resource Type:
  Tech Report
• Geographical Coverage:
  Wyoming
• Corporate Publisher:
  Wyoming. Dept. of Transportation
• Abstract:
  This research focuses on how to manage the risks of project costs and revenue uncertainties over the long-term, and identifies significant
  
  process improvements to ensure projects are delivered on time and as intended, thus maximizing the miles paved and minimizing financial
  
  risks to the organization. A dynamic simulation model is validated and tested by researching 50 historical projects, collecting data about
  
  these projects, and validating the key inputs for the simulation. A variety of parametric studies, including simulating the effects of various
  
  revenue scenarios, are performed and conclusive results are reached. Both Core Strategies, focusing on how to load and manage the
  
  project pipeline, and System and Organizational Improvement Strategies are identified. By implementing these strategies and minimizing
  
  the amount of projects held “on the shelf” and employing practices that minimize the risks of incurring Holding Costs due to revenue
  
  shortfalls, savings can be maximized. Applying new strategies and improving processes will allow the department to better manage the risks
  
  facing transportation projects in the project pipeline. Estimated cost savings are between 2 and 4 percent of the total budget; this would
  
  amount to a total savings of 90 million dollars, for a budget of 3 billion dollars over a ten-year period. The results of the research are
  
  enabling WYDOT to maximize the performance benefits from their asset management efforts.
  
  
• Format:
  PDF
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha256:127aa1adc9467774054bc1c44917bf01dc42a4594b9308b1f4d0dafc59e5cd41
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/27320/dot_27320_DS1.pdf
• File Type:
  [PDF - 1.46 MB ]