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(RISK-1284) Tailored Project Risk Management Assessment Tool

Primary Author: Mr Bryan A Skokan PE
Co-author(s): Mr Dan Melamed CCC EVP; Mr Rodney Lehman; Mr Jake Lefman

Audience Focus: Intermediate
Application Type: Application
Venue: 2013 AACE International Annual Meeting, Washington, DC, USA

Abstract: The Office of Environmental Management (EM) of the U.S. Department of Energy developed a tool based upon analyses of a database of risk registers from a variety of both ongoing and completed EM projects to help determine the adequacy of project risk in addition to a means to incorporate lessons learned from past risk approaches and mitigation. For new or ongoing projects, it provides a means to develop risk registers that can be tailored to specific environmental projects and facilitate risk management adequacy assessments. This tool consists of three components. The first are lists, by project phase, of common or universal risks for each type of project. The second component consists of risk probabilities along with risk impact cost ranges. Lastly, criteria that will allow the user to adjust probability and impact range information to project size and scope. This tool allows the user to evaluate and adjust specific project risks to allow for a more accurate representation of project uncertainty. General applications and future uses for this methodology will be discussed.