Developing the "Guide for the Process of Managing Risk on Rapid Renewal Projects" (2014)

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23 C h a p t e r 3 Conclusions The major products of the research described in this report are 1. A comprehensive guide, including extensive checklists and a comprehensive example project application for illustration of concepts and training purposes. 2. Associated implementation materials for conducting risk management on relatively simple rapid renewal projects, including annotated training materials, a presentation intro­ ducing the risk management process, forms for document­ ing the process, and an MS Excel template with user’s guide for documenting the process and automatically conduct­ ing the necessary analyses. The guide and implementation materials were successfully tested on two rapid renewal projects and in two pilot training workshops for DOTs and are available at http://www.trb.org/ Main/Blurbs/168369.aspx. The products will enable DOTs to facilitate risk workshops for relatively simple rapid renewal projects (as well as other design and construction projects) and to develop and subsequently implement comprehensive risk management plans. It is anticipated that, through the implementation of the principles and practices described in this work, DOTs can develop a culture of risk management and more successfully complete their rapid renewal projects, as well as non–rapid renewal projects. Suggested additional research Although the scope of work has been completed, the follow­ ing additional work is suggested to maximize the benefits of the completed efforts: • Knowledge and availability of the guide and materials are essential to success. It is recommended that papers and pre­ sentations on the guide (both the process and case studies, including metrics) be given at various appropriate venues to inform DOTs of its existence, value, and availability. Feed­ back and comments on the guide can be gathered and used to improve it, especially in relation to checklists of rapid renewal methods, risks, and risk reduction actions. • The tools (e.g., forms and MS Excel template with user’s guide) to implement the guide must be accurate and prac­ tical. Feedback and comments on the tools can be gathered and used to improve them (e.g., reporting and fixing of template bugs). The implementation materials also include development and maintenance of a database of project risks, input assessments, and value metrics. • A specific program is generally needed within each DOT to conduct risk management. Such a program consists of a risk management policy and set of procedures, as well as an organization structure and infrastructure to carry it out. Therefore, DOTs may benefit from technical assistance to set up their risk management programs. • Training of DOTs may be beneficial for their staff to digest the guide and materials so they can apply them, including technical assistance on actual applications. A streamlined (e.g., half day) version of the training can be developed and presented at venues (e.g., the TRB annual meeting). A web­ based version of the training is recommended (with accommodations for planned discussions and practical exercises). Similarly, feedback and comments on the train­ ing materials can be gathered and used to improve those materials. Additional work could be cost­effective in getting DOTs to successfully implement the risk management process described here so that they can realize its potentially significant benefits. Such additional work has been itemized, including cost esti­ mates, in Table F.1 of Appendix F. The research undertaken by the R09 project can improve project performance in relation to cost, schedule, disruption, and longevity if the guide and tools are appropriately applied to Conclusions and Suggested Additional Research

24 projects. However, before DOTs are organized and trained to conduct risk management, they must be convinced of its ben­ efits. This can best be done by making DOTs aware of the pro­ cess (e.g., through wide exposure) and clearly demonstrating its value (e.g., through case studies). In addition to marketing (e.g., papers and brochures, presentations and webinars, and user conferences), case studies can be collected and evaluated, and new applications can be encouraged and documented as case studies. To demonstrate the benefits of implementing the guide, specific metrics (e.g., total and average project cost savings) can be developed and reported. Furthermore, it is recommended that the guide and tools be updated and improved as needed and as appropriate. In addition to marketing (emphasizing cost­effectiveness of risk management), such training can be encouraged in vari­ ous ways. Training is essential to implement the guide. Such training can be delivered at different levels (from providing familiarity to developing full capability), as dictated by neces­ sity, and can be available in different formats and media [live and recorded, on site and remote, National Highway Institute (NHI) and non­NHI format, lecture and application]. Some of the formats and media would need to be developed first.