Guidebook on Risk Analysis Tools and Management Practices to Control Transportation Project Costs (2010) / Chapter Skim
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Pages 76-78
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From page 76... ...
The Guidebook addresses risk identification, assessment, analysis, mitigation, allocation, and tracking and control in a manner that is systematically integrated into the organizational structure and culture of SHAs. 9.2 Guidebook Development The Guidebook was developed as an extension to NCHRP Report 574: Guidance for Cost Estimation and Management for Highway Projects During Planning, Programming, and Preconstruction.
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From page 77... ...
• Risk allocation involves placing responsibility for a risk to a party, typically through a contract. The fundamental tenants of risk allocation include allocating risks to the party that is best able to manage them, allocating risks in alignment with project goals, and allocating risks to promote team alignment with customer-oriented performance goals.
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From page 78... ...
Of particular note is Cost Estimating Practice #3, which deals directly with identifying risks and uncertainties. Lessons learned from the development of this Guidebook can be summarized in five additional keys to success for risk analysis tools to control project cost.
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