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.
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.