Work on highway projects often involves the potential for schedule delays, budget overruns, and other unexpected problems or “risks” that affect project performance. The risks of underestimating cost, schedule, or disruption can negatively affect budgets, increase delays, undermine public confidence, and necessitate expensive changes. Managing Risk on Rapid Renewal Projects (R09) helps managers quantify risks and provides guidance on the level of risk management needed. It presents a formal risk management process that optimizes performance for accelerated reconstruction on projects, offering practical methods for identifying, assessing, mitigating, allocating, and monitoring risk. It fills the gaps that current risk management practices do not address by adding project performance measures, and different project delivery methods. Key outcomes may include: - Earlier and more efficient risk predictions reduce costs associated with construction changes.
- Proactive risk management reduces the chance of cost overruns.
- When risks are anticipated and managed, a project is more likely to be delivered on time.
- Costs are saved through better management of schedules.
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