Level: Basic
TCM Section(s):
7.6. Risk Management
Venue: 2023 AACE International Conference & Expo
Abstract: Project risk management has for decades been recognized by the US GAO as a project best practice who has urged federal agencies to conduct cost and schedule risk analyses to evaluate, quantify, and mitigate risks that can lead to cost increases and schedule delays. This paper will highlight the efforts at advancement and implementation of project risk management policies and supporting processes within the US Department of State, Bureau of Overseas Buildings Operations (OBO), Office of Construction Management in alignment with this GAO guidance. Initially launched as a pilot program, OBO recognized the value of enterprise-wide implementation of project risk management, expanding use beyond just the largest or most complex projects. OBO is driving a cultural shift within its respective project management structure with the implementation of these project risk management fundamentals, which has and will continue to reap rewards in improved project outcomes. Through lessons learned, this paper will explore the challenges and opportunities of these enterprise-wise efforts, including examining the way in which OBO is achieving team commitment, utilizing champions, establishing a proactive risk management culture, using defined requirements, and offering and updating training for their teams.
TCM Section(s):
7.6. Risk Management
Venue: 2023 AACE International Conference & Expo
Abstract: Project risk management has for decades been recognized by the US GAO as a project best practice who has urged federal agencies to conduct cost and schedule risk analyses to evaluate, quantify, and mitigate risks that can lead to cost increases and schedule delays. This paper will highlight the efforts at advancement and implementation of project risk management policies and supporting processes within the US Department of State, Bureau of Overseas Buildings Operations (OBO), Office of Construction Management in alignment with this GAO guidance. Initially launched as a pilot program, OBO recognized the value of enterprise-wide implementation of project risk management, expanding use beyond just the largest or most complex projects. OBO is driving a cultural shift within its respective project management structure with the implementation of these project risk management fundamentals, which has and will continue to reap rewards in improved project outcomes. Through lessons learned, this paper will explore the challenges and opportunities of these enterprise-wise efforts, including examining the way in which OBO is achieving team commitment, utilizing champions, establishing a proactive risk management culture, using defined requirements, and offering and updating training for their teams.