Risk Management and Analysis for Infrastructure Projects
July 28, 2021
Risk Management and Analysis for Infrastructure Projects
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Abstract: This one-day short course covers eight modules. Module One: Introduction to Risk Management covers design and construction risk context, risk management theory, and decision theory. Modules Two through Four will cover design, scope, cost, schedule, construction, how to use risk rankings like pairwise comparisons and importance index, how to use a 3-point estimating technique, and how to develop bid tab data for risk analysis input for use in risk identification, evaluation, and quantification. Module Five focuses on Qualitative Risk Analysis using risk registers, exposure milestones, response plans, and monitoring and control plans. Module Six focuses on Quantitative Risk Analysis using a hybrid 3-point input process, risk response decisions, and risk-based line-item contingencies. Module Seven: Stochastic Risk Analysis covers the FHWA Major Project Cost Estimate Risk Analysis, rational contingency development, Monte Carlo Simulations, and how to interpret simulation output. The last module of the short course will cover Qualitative Risk Evaluation PE and will cover developing a qualitative risk register for a typical ODOT project including both design and construction risks.
Bio: Dr. Douglas D. Gransberg is the President of Gransberg & Associates, Inc. of Norman, OK and an emeritus professor of construction engineering at the University of Oklahoma. He retired at the rank of Lieutenant Colonel in the US Army Corps of Engineers. He earned a Ph.D. in civil engineering from the University of Colorado at Boulder and BSCE and MSCE degrees from Oregon State University. He was elected to the National Academy of Construction in 2019. He is also a licensed Professional Engineer in Oklahoma, Texas, and Oregon, a Certified Cost Professional, a Designated Design-Build Professional, and a Fellow of both the American Society of Civil Engineers and the Royal Institution of Chartered Surveyors in the United Kingdom.
