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:
  • Risk management
  • Costs
  • Construction projects
  • Simulation
  • Uncertainty
  • Revenues
  • Project management
• 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.
  More +
• Format:
  PDF
• Download URL:
  https://rosap.ntl.bts.gov/view/dot/27320/dot_27320_DS1.pdf
• File Type:
  [PDF - 1.46 MB]
• Collection(s):
  US Transportation Collection
• Main Document Checksum:
  urn:sha256:127aa1adc9467774054bc1c44917bf01dc42a4594b9308b1f4d0dafc59e5cd41