Project Risk Management, Value Engineering and Constructability Reviews

Project Risk Management

An integral part of project management is controlling risk effectively and with transparency. Doing so shifts the odds in favor of achieving desired outcomes.

The risk management process includes:

Developing a plan of how we will manage risk.
Identifying risks.
Analyzing, evaluating and prioritizing those risks.
Strategizing how the project team will respond to the risk.
Implementing risk response strategies.
Ongoing risk review and monitoring.

Tools and Guidance

Project Risk Register

Post-Response Project Risk Register

Guide to Managing Project Risks for ODOT STIP

Directive DES 01-02 - Managing Project Risks for ODOT STIP

Frequently Asked Questions

Statement of Work Template

Example Risks

Value Engineering

Value engineering is a systematic process we use to identify opportunities for:

Cost reductions.
Reductions in design duration and schedule duration.
Mitigation or avoidance of threat risks.
Enhancement or exploitation of opportunity risks.
Improvements in project performance.

Value engineering is used internationally. The Federal Highway Administration considers value engineering to be the most effective technique for identifying and eliminating unnecessary costs and enhancing value.