International Conference on Transportation and Development 2020
A Case Study of Quantitative Cost and Schedule Risk Assessment and Risk Management over the Life of a Major Transportation Project
Publication: International Conference on Transportation and Development 2020
ABSTRACT
Quantitative risk assessment and risk management approaches have been employed by many public agencies in recent years to develop more robust project cost and schedule estimates and improve project delivery performance. A retrospective review of the results from risk assessments conducted at various stages of project development can provide insight into the stability of the risk-based estimates over time, along with the effectiveness of risk management implementation on the project. The Nevada Department of Transportation’s (NDOT) “Project NEON” has reconstructed substantial portions of I-15 and U.S.-95 in central Las Vegas, Nevada, with an estimated cost at completion of roughly $950 million. A series of quantitative risk assessments were performed on the project between 2008, early in conceptual design, and 2019 as the project was nearing completion. This paper describes the risk assessment and risk management approach utilized by NDOT on this project, summarizes the cost and schedule estimate progression over the project life, and identifies lessons learned.
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Information & Authors
Information
Published In
International Conference on Transportation and Development 2020
Pages: 215 - 227
Editor: Guohui Zhang, Ph.D., University of Hawaii
ISBN (Online): 978-0-7844-8316-9
Copyright
© 2020 American Society of Civil Engineers.
History
Published online: Aug 31, 2020
Published in print: Aug 31, 2020
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