LACMTA I-5 HOV/ Truck Lanes Project from SR-14 to Parker Road
Providing Construction Phase Risk Analysis
Los Angeles County Metropolitan Transportation Authority (LACMTA)
Los Angeles, CA
Risk Assessment and Risk Management
Artist rendering of the I-5 HOV/ Truck Lanes Project from SR-14 to Parker Road
SHA Analytics, LLC is providing pre-bid and construction phase risk assessment and risk analysis services to Metro on its I-5 HOV/Truck Lanes Project from SR-14 to Parker Road. The Project consists of widening I-5 between the SR-14 Interchange and the Parker Road Interchange along with Intelligent Transportation System (ITS) improvements between the I-405 and I-210 interchanges. The Project is in the City of Santa Clarita and the unincorporated area of the Los Angeles County.
SHA Analytics, LLC is working with Metro to conduct a pre-bid quantitative risk analysis for the Project and set up a risk analysis and reporting framework to be implemented throughout construction. We will facilitate a risk assessment workshop with Metro staff and Metro’s technical advisors to identify and quantify risks to the project, incorporating information from the FHWA Cost Estimate Review and constructability study for the Project to create a comprehensive risk register. Using Monte Carlo simulation we will estimate the risk-adjusted cost and schedule for the project, providing Metro with increased confidence in project budgets and contingency requirements. We are also working with Metro Project Controls to develop the risk assessment integration with their Oracle Primavera Unifier System that will track Project’s change orders. During the construction phase, a change order typically starts as a quantified risk in the risk register, then moves into the potential change, then becomes a pending change, then an executed change. Therefore interface and communication between the project’s risk register and change logs is critical to ensure accurate accounting of risks and contingency.
During the construction phase our risk assessment and risk analysis work will continue, with monthly meetings to update the Project’s risk register and quarterly updates to the quantitative risk analysis using Monte Carlo simulation.