Comparison of State Department of Transportation Practices in Analyzing Risks for Large Infrastructure Projects

Joseph Shrestha; Jacob Fielden; Mohammad Uddin

doi:10.29007/2hdq

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Comparison of State Department of Transportation Practices in Analyzing Risks for Large Infrastructure Projects

7 pages•Published: December 11, 2023

Joseph Shrestha, Jacob Fielden and Mohammad Uddin

Abstract

Construction projects are inherently associated with various risks that can increase the project costs. Identifying and analyzing such risks are essential to successfully managing construction budgets at state Departments of Transportation (DOTs). While many state DOTs have developed and/or adopted risk assessments methodologies and tools, Tennessee DOT (TDOT) lacks a comprehensive methodology and tool to analyze construction project risks. This study reviewed state DOT practices of analyzing various risks associated with large infrastructure construction projects. The comparison of risk assessment practices among state DOTs are summarized in three sections: a) risk management, b) major categories affecting project costs, and c) risk estimating tools and practices. The review finds that many state DOTs have similar practices of analyzing project risks and have developed spreadsheet-based tools to automate such analysis. While some risk analysis tools are used primarily for qualitative risk analysis, other tools are developed for qualitative and quantitative risk analysis. Such tools with qualitative and quantitative risk analysis can be used to quantify contingencies for various projects for budgeting purposes.

Keyphrases: Monte Carlo simulation, risk analysis, risk factors, risk-based-cost-estimation

In: Tom Leathem, Wesley Collins and Anthony J. Perrenoud (editors). Proceedings of 59th Annual Associated Schools of Construction International Conference, vol 4, pages 786--792

Links:	https://easychair.org/publications/paper/g6rK
	https://doi.org/10.29007/2hdq

BibTeX entry

@inproceedings{ASC2023:Comparison_of_State_Department,
  author    = {Joseph Shrestha and Jacob Fielden and Mohammad Uddin},
  title     = {Comparison of State Department of Transportation Practices in Analyzing Risks for Large Infrastructure Projects},
  booktitle = {Proceedings of 59th Annual Associated Schools of Construction International Conference},
  editor    = {Tom Leathem and Wes Collins and Anthony Perrenoud},
  series    = {EPiC Series in Built Environment},
  volume    = {4},
  pages     = {786--792},
  year      = {2023},
  publisher = {EasyChair},
  bibsource = {EasyChair, https://easychair.org},
  issn      = {2632-881X},
  url       = {https://easychair.org/publications/paper/g6rK},
  doi       = {10.29007/2hdq}}

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