United States Department of Transportation
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Development of Funding Project Risk Management Tools
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2013-11-01
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[PDF-6.18 MB]
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TRIS Online Accession Number:01500126
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Edition:Final Report August 16, 2011-August 15, 2013
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Abstract:Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potential project delays due to funding issues quickly. Funding project risk management becomes essential for NCDOT as part of Executive Management’s decision-making processes. The objectives of this research project are to (1) investigate current risk management and funding risk management business processes and practices in transportation areas, (2) analyze project risk management and funding risk management practices in DOTs of Tech Report states, (3) analyze best practices in the Tech Report states, especially California Department of Transportation’s practices, and appraise the potentials for possible implementation, and (4) develop a funding project risk management tool to assist NCDOT staff members for better decision-making in budget/cash management, funding risk management, and project management under frequent funding change environment. In this project, the research team has investigated current risk management and funding risk management processes, and evaluated the best practices among DOTs in the US. An in-depth study has been conducted to appraise the potentials for possible implementation of the best practices. A funding project risk management tool, funding risk register, has been developed with optimization and simulation capability. This register can produce a potential adjustment of the project let schedule under 15 preset funding change scenarios as well as a user-specified funding change, which can help NCDOT staff members and Executive Management Leaders to make better decisions in budget management, cash management, and project management.
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