Managing risk is a critical component of asset management. On a day-to-day basis transportation asset managers spend much of their time responding to or mitigating a large number of risks, which may range from external events that damage transportation infrastructure to unplanned changes to budget or workloads resulting from unexpected events. Various recent and on-going research efforts aim to improve approaches for risk management for transportation agencies. However, most of these efforts treat risk management as a high-level activity. Further research is needed to develop quantitative, repeatable approaches at the appropriate staff level, to assessing and identifying the highest priority risks transportation agencies face in managing physical assets. This project aims to develop such approaches to assess risks (e.g., financial, strategic, operational, political, environmental, technological, social justice risks) and incorporate them into life cycle analysis and planning efforts.
The objectives of this research are to:
• Generate risk identification techniques to determine high risk threats at project and network levels,
• Develop quantitative, repeatable approaches for assessing likelihood and consequences for these threats,
• Develop visual, interactive characterization methods (e.g., dashboards) to reflect an agency’s level of risk and the effectiveness of proposed mitigation actions,
• Allow risk and resilience to be on par with traditional performance measures.
High risk threats to be studied include, but are not limited to, extreme events (e.g., earthquakes, fires, hurricanes, avalanches, tornadoes), asset failure (structural and operational), financial, strategic, political, environmental (e.g., sea level rise, flooding), technological, and social justice risks.
The final deliverables could include guidebook with a spreadsheet or a framework for assessing high risk threats and incorporating the results into TAM efforts. The guidebook should feature a comprehensive review of existing literature and current practice. It should present a standard definition of resilience as well as step-by-step instructions to develop models, methods, and metrics for estimating resilience of highway systems to high risk threats. Pilot studies should be conducted with select agencies to test the guidance and calculation procedures.