Level: Intermediate
TCM Section(s):
7.6. Risk Management
4.1. Project Implementation
Venue: 2023 AACE International Conference & Expo
Abstract: Risk management plays a fundamental role in project controls and delivery. The purpose of incorporating risk management into project management practices is to identify and address uncertainties related to key project-related activities. The uncertainties, known as risk events, can relate to project deliverables that are quantifiable and are often measured by impact to project schedule, cost, or environmental impact. Risk management should be incorporated as an iterative practice throughout the planning, execution, and commissioning phases of a project. This paper specifically examines how risk management contributes to effective project controls and delivery through a case study of a transportation project. The case study covers a 12-kilometer heavy rail design and construction project through multiple municipalities and natural environment. A risk-based approach was implemented to evaluate the risk-based contingency for construction and design costs, evaluate project duration, and prepare and implement mitigation strategies to increase the likelihood of project success.
TCM Section(s):
7.6. Risk Management
4.1. Project Implementation
Venue: 2023 AACE International Conference & Expo
Abstract: Risk management plays a fundamental role in project controls and delivery. The purpose of incorporating risk management into project management practices is to identify and address uncertainties related to key project-related activities. The uncertainties, known as risk events, can relate to project deliverables that are quantifiable and are often measured by impact to project schedule, cost, or environmental impact. Risk management should be incorporated as an iterative practice throughout the planning, execution, and commissioning phases of a project. This paper specifically examines how risk management contributes to effective project controls and delivery through a case study of a transportation project. The case study covers a 12-kilometer heavy rail design and construction project through multiple municipalities and natural environment. A risk-based approach was implemented to evaluate the risk-based contingency for construction and design costs, evaluate project duration, and prepare and implement mitigation strategies to increase the likelihood of project success.