SPR 21-609: Risk-Based Project Development

Grants and Contracts Details

Description

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 KYTC’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 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. OBJECTIVES • Document KYTC’s current design process and identify major decision points where project managers must make design assumptions. • For each type of design assumption, identify and quantify its attendant risk to project impacts and project costs. • Develop guidance on risk-based project development to assist KYTC leadership and project managers.
StatusActive
Effective start/end date7/1/206/30/23

Funding

  • KY Transportation Cabinet

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