Risk Assessment and Allocation
The international community has an awareness of risk assessment and allocation techniques that is just now evolving in our U.S. highway agencies. The objective of this task is to provide guidance on risk assessment and allocation techniques and to implement these procedures in the project delivery process. To accomplish this objective, the following tasks are under development:
- Identify how risk assessment and allocation integrate into highway project delivery from scoping through construction management activities.
- Define a common vocabulary for risk assessment and allocation in the industry though the use of recognized standards.
- Incorporate applicable practices from multiple Federal Highway Administration (FHWA) international scans on related topics with a focus on the Construction Management Scan.
- Promote risk management concepts through case studies from U.S. highway agencies
- The FHWA published a "Guide to Risk Assessment and Allocation for Highway Construction Management" in October 2006 with assistance from the TCM membership