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: Active
    • 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

    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