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(RISK-2473) Lessons Learned in Completing a Tailored Project Risk Management Assessment Tool

Level: Intermediate
Author(s): Bryan A. Skokan, PE CCP; Connie (Wei) Liu; Rodney Lehman; Jake Lefman; Dan Melamed, CCP EVP
Venue: 2017 AACE International Annual Meeting, Orlando, FL

Abstract: The Office of Environmental Management (EM) of the U.S. Department of Energy developed a tool to help risk/project managers estimate the reasonableness of their individual risk probability and risk impact estimates for common environmental cleanup project risks. A database was designed, developed, and populated with risks extracted from the risk registers of a variety of both ongoing and completed EM projects for all phases of project cycles. The function of the tool is to help determine the adequacy of project risk for new projects and in addition, to serve as a means to incorporate lessons learned from past risk approaches and mitigation. It also provides a means to evaluate the reasonableness of the entirety of risk registers with respect to the common risks. This tool allows the user to evaluate and compare their common project risks to the probability and impact estimates of others for similar risks. The tool makes automatic adjustments to the data to compensate for differences in project sizes and increase comparability accuracy to the target project. Lessons learned in developing this tool and analyzing historical project risks will also be discussed.