Risk Management for Alaskan Way Viaduct
HDR is providing Cost Risk Assessment and Value Engineering services (CRAVE™) to the Washington State Department of Transportation for the Alaskan Way Viaduct and Seawall Replacement (AWV) project. The project involves replacing the existing viaduct's central waterfront section with a bored tunnel beneath downtown, along with a new waterfront surface street, transit investments, and downtown waterfront and city street improvements. A series of cost risk assessments were performed to identify, quantify and evaluate the cost and schedule risks to the project within consensus-based workshops. Based on information gathered during these workshops and on project cost and schedule estimates, we generated initial outputs including cost and schedule probability distributions and prioritization of top risk factors.
Initial results were then used to inform value engineering discussions and to support recommendations with respect to their impact on major cost and schedule risks. Risk response workshops were conducted to determine which recommendations will be incorporated into the project and what their impact will be on key project risk factors. This is a continual process throughout the delivery lifecycle of the AWV project that ensures proper monitoring and control of project risks and keeps the risk-based estimates current. HDR also developed a risk tracking database tool, which provides the project team with a user-friendly interface to monitor and update the key risk factors and risk response action.
- Professional Services: Risk Analysis & Management