Innovative Contracting Risk Management Best Practices
Many transportation departments use innovative contracting methods to reduce the costs of constructing facilities, accelerate project completion schedules, manage project risks efficiently and to obtain greater certainty regarding future costs. Techniques to identify, evaluate, avoid, and manage risks are critical in achieving this goal. MDOT Innovative Contracting Unit (ICU) currently manages project risks based on project size and complexity, except for FHWA classified Major Projects ($500m+), for which FHWA required risk management protocols are observed. MDOT ICU is seeking to research risk management best practices to develop and formalize its project risk management procedures and template. The study will also improve the institutional understanding of the importance, benefits, and practicality of risk management and provide guidance to educate and train staff to implement the recommended best practices. Documenting the risk management best practices that have been effectively utilized in Michigan, in other states or internationally for future use in Michigan will help MDOT better manage project risk to improve its project delivery program.
Project
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Contract Numbers:
2019‐1007
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Sponsor Organizations:
Michigan Department of Transportation
Van Wagoner Building
425 W. Ottawa Street
Lansing, MI United States 48909 - Performing Organizations: City, United States
- Start Date: 20200801
- Expected Completion Date: 20210731
- Actual Completion Date: 0
Subject/Index Terms
- TRT Terms: Best practices; Contracting; Risk management
- Subject Areas: Finance;
Filing Info
- Accession Number: 01774535
- Record Type: Research project
- Source Agency: Michigan Department of Transportation
- Contract Numbers: 2019‐1007
- Files: RIP, STATEDOT
- Created Date: Jun 21 2021 1:46PM