Description:
Participants will learn the purpose of a risk review, necessary preparations required to undertake a risk assessment, principles of the methods used for risk assessment, and how such assessments are applied to the project management process. Topics include:
- FTA’s risk review requirements
- Stages of project development when a risk assessment should be performed
- Types of expertise necessary to conduct a risk assessment
- Evaluating a project’s status
- Identifying risks and mapping them to project components
- Factoring risks
- Risk assessment process, including Beta range factor concepts
- Risk response
- Risk protection, contingency analysis, and primary and secondary risk mitigation
- Implementing and monitoring a Risk Management Plan
This is a comprehensive course. The following prerequisites are recommended:
- General knowledge of transit systems and common design and construction issues;
- Basic understanding of how New Starts transit development occurs within the context of the FTA funding assistance; and
- Experience with standard project metrics, such as estimating and scheduling.
Goals:
The goal of this course is to provide an overview of the risk review process, as described by the Federal Transit Administration (FTA) Oversight Procedure (OP) documents, including particularly OP-40.