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Accession Number PB2014-106912
Title Managing Risks in the Project Pipeline. Final Report.
Publication Date Aug 2013
Media Count 121p
Personal Author L. Redd
Abstract This research focuses on how to manage the risks of project costs and revenue uncertainties over the long-term, and identifies significant process improvements to ensure projects are delivered on time and as intended, thus maximizing the miles paved and minimizing financial risks to the organization. A dynamic simulation model is validated and tested by researching 50 historical projects, collecting data about these projects, and validating the key inputs for the simulation. A variety of parametric studies, including simulating the effects of various revenue scenarios, are performed and conclusive results are reached. Both Core Strategies, focusing on how to load and manage the project pipeline, and System and Organizational Improvement Strategies are identified. By implementing these strategies and minimizing the amount of projects held on the shelf and employing practices that minimize the risks of incurring Holding Costs due to revenue shortfalls, savings can be maximized. Applying new strategies and improving processes will allow the department to better manage the risks facing transportation projects in the project pipeline. Estimated cost savings are between 2 and 4 percent of the total budget; this would amount to a total savings of 90 million dollars, for a budget of 3 billion dollars over a ten-year period. The results of the research are enabling WYDOT to maximize the performance benefits from their asset management efforts.
Keywords Computerized simulation
Construction
Costs
Data collection
Environmental issues
Financial management
Materials
Pipelines
Projects
Revenue
Risk
Transportation planning
Wyoming Department of Transportation(WYDOT)


 
Source Agency Federal Highway Administration
NTIS Subject Category 85E - Pipeline Transportation
70B - Management Practice
91B - Transportation & Traffic Planning
43G - Transportation
Corporate Author Redd Engineering, Fort Collins, CO.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1419
Contract Number N/A

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