Risk-Based Project Development

Historically, baseline design guidance has advocated the use of project development procedures that assume near-worst-case scenarios and therefore the selection of conservative design parameters. As Kentucky's project managers redouble their efforts to identify project solutions that minimize impacts and costs, it will be critical to develop and implement a risk-based approach to project development that is rooted in a performance based flexible solutions (PBFS) framework. This research will examine Kentucky Transportation Cabinet's (KYTC’s) project development processes and quantify risks associated with project team assumptions and decisions made at the corporate, programmatic, and project levels. KYTC leadership and project managers can use project findings to identify risks and evaluate risk-mitigation solutions to that minimize impacts as well as project costs.

Language

• English

Project

• Status: Completed
• Funding: $210000
• Contract Numbers:

  KYSPR 21-610

• Sponsor Organizations:

  Kentucky Transportation Cabinet

  200 Mero Street
  Frankfort, KY  United States  40622
• Performing Organizations:

  University of Kentucky, Lexington

  Kentucky Transportation Center College of Engineering, 176 Raymond Building
  Lexington, KY  United States  40506-0281
• Principal Investigators:

  Waddle, Steve

  Kreis, Doug

• Start Date: 20200200
• Expected Completion Date: 20200220
• Actual Completion Date: 0

Subject/Index Terms

• TRT Terms: Procedures; Programming (Planning); Project management; Risk assessment
• Identifier Terms: Kentucky Transportation Cabinet
• Geographic Terms: Kentucky
• Subject Areas: Administration and Management; Planning and Forecasting; Transportation (General);

Filing Info

• Accession Number: 01751323
• Record Type: Research project
• Source Agency: University of Kentucky, Lexington
• Contract Numbers: KYSPR 21-610
• Files: RIP, STATEDOT
• Created Date: Sep 3 2020 2:47PM