Enhanced Risk Management for Surface Transportation Projects

About the project

Threats to develop transportation projects on-time and on-budget should first appear as project risks.  Not properly identifying, evaluating, or responding to these risks can directly jeopardize the project’s success.  VDOT’s existing risk management guidance recommends practices that approach risk through a qualitative lens.  The result is risk management practices among VDOT and locality project managers that vary widely.  This initiative will create a Risk Library that quantifies risk in terms of impacts on project success, including budget impacts, schedule impacts, and realization of the project, along with strategies to reduce and mitigate risks at various stages in project development.   Project risks will be identified by an extensive literature review and stakeholder outreach.  Risk quantitative characteristics will be vetted by industry experts and approved by VDOT PMO.  The result will be a new Risk Library that will empower project managers and their teams to be more effective and efficient, while positioning VDOT to pursue unprecedented consistency of risk governance and risk integration into the development of their SYIP.

Project team

Principal investigators

Co-Principal investigators

Project manager

Project monitor

Members

Other investigators