A Guide for Program-Level Risk Management Performance Metrics

Risk within transportation agencies encompasses uncertainties that present opportunities and threats to an agency's mission. Effective risk management relies on quantifying the impacts of these uncertainties. However, current performance measures, like asset condition and safety, might not fully capture the potential for value creation and risk reduction achievable through effective management of these uncertainties. Several research projects on risk management have been conducted by the American Association of State Highway and Transportation Officials (AASHTO), the Federal Highway Administration (FHWA), and the NCHRP. However, this body of knowledge primarily concentrates on enterprise risk management itself rather than on quantifying the benefits of risk management. Research is needed to bridge the gap and develop a framework for program-level risk management performance metrics (e.g., federally funded programs, grant programs, or state or locally funded transportation programs), thereby better quantifying the efficacy of risk management practices. Additionally, the needed research must enhance the data-driven decision-making process and integrate risk management into the daily operations of multimodal transportation agencies. The objective of this research is to develop a guide to create program-level risk management performance metrics tailored for state departments of transportation (DOTs), accompanied by example performance measures, case studies, and toolkits to drive data-driven decision-making throughout multimodal transportation systems.

• Record URL:
  • http://apps.trb.org/cmsfeed/TRBNetProjectDisplay.asp?ProjectID=5541

Language

• English

Project

• Status: Active
• Funding: $400000
• Contract Numbers:

  Project 23-35

• Sponsor Organizations:

  National Cooperative Highway Research Program

  Transportation Research Board
  500 Fifth Street, NW
  Washington, DC  United States  20001

  American Association of State Highway and Transportation Officials (AASHTO)

  444 North Capitol Street, NW
  Washington, DC  United States  20001

  Federal Highway Administration

  1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Project Managers:

  Zhao, Yi

• Performing Organizations:

  Cambridge Systematics, Incorporated

  150 Cambridge Park Drive, Suite 4000
  Cambridge, MA  United States  02140-2369
• Principal Investigators:

  Zissman, Joe

• Start Date: 20241022
• Expected Completion Date: 20261022
• Actual Completion Date: 0

Subject/Index Terms

• TRT Terms: Best practices; Decision making; Metrics (Quantitative assessment); Multimodal transportation; Performance measurement; Risk management; State of the practice; Transportation departments
• Subject Areas: Administration and Management; Highways; Planning and Forecasting;

Filing Info

• Accession Number: 01887817
• Record Type: Research project
• Source Agency: Transportation Research Board
• Contract Numbers: Project 23-35
• Files: TRB, RIP
• Created Date: Jul 17 2023 11:32PM