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(RISK-1329) An Approach to Implementing Risk Management on Environmental Remediation Projects

Primary Author: Ms Christine W. Lametrie

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

Abstract: Environmental remediation projects can involve inherent risks, unforeseen conditions, and some uncertainty in scope. This paper will propose an approach for implementing a risk management process for common remediation scopes of work. Some risks in the environmental remediation world can be classified as “common” risks, such as underground obstructions, hazardous substances, uncertainty in limits of remediation area, or normal weather events. Other risks fall into the “uncommon” and unexpected category depending on the project and site location. Risk management can help to identify, mitigate, and avoid risks associated with environmental remediation work and probabilistically estimate potential cost and schedule impacts that could be associated risk events. This paper will review the steps that can be taken to implement risk management and provides guidelines for developing a risk management process. The process outlined in this paper will assist in developing a right-size approach for implementing risk management on environmental remediation projects.