Background

Highway projects come in a variety of sizes and complexities. They are designed and built in an environment that is fraught with uncertainty. These projects have the potential for schedule delays, budget overruns, and other unexpected problems or “risks” that affect project performance. The risks of underestimating schedule, cost, or disruption can increase delays, negatively affect budgets, require expensive changes, and undermine public confidence. Managing a project by anticipating and planning for these risks can significantly improve its outcome for the transportation agency and the traveling public.

The SHRP 2 Project R09 Managing Risk in Rapid Renewal Projects produced an Excel template to help managers quantify risks and provide guidance on the level of risk management needed. It presents a formal risk management process that optimizes performance for accelerated reconstruction on projects. Through this Excel template, R09 offers practical methods to identify, assess, mitigate, allocate, and monitor risks.  

Project objective

The objective of this research is to develop an initial probabilistic analysis capability for the Strategic Highway Renewal Program 2 (SHRP 2) R09 Risk Management Excel Template using a commercial Monte Carlo software add-on.

Commercial add-on links (requierement to use the templates)

Excel Template Files

@Risk Template Cyrstal Ball Template
Template for Crystal Ball v1.0 (.xlsm) Template for Crystal Ball v1.0 (.xlsm)
PDF Guide PDF Guide

If you have questions or comments, please email us at: alfonso.bastias@colorado.edu