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Topics: Construction, PMO, Risk Management
Best Advice for Commuter Rail Risk Policy - Part 3
What Did You Tell the PM was the Commuter Railroad Company’s Risk Policy-Part 3?

This is the third in a series of articles that will comprise a mock-version of a Risk Management Policy for a Commuter Railroad Company (CRC). This article covers risks and accepted impacts.

Previous articles covered the scope, purpose, Mission/Vision, customer satisfaction attributes, objectives and goals, typical risks, and philosophies for managing risks.

Future articles will cover other policy topics for risks and transfer mechanisms, risks and avoid mechanisms, and managing project risks.

Risks and Accepted Impacts

Risks accepted by the CRC can be categorized as Accept and Avoid. Below is a description on managing these type risks:

Accepting a risk indicates the probability of occurrence and the corresponding impacts can be monitored and mitigated within established policies and procedures. Additionally, CRC will make appropriate arrangements/allocation to off-set the qualitative and quantitative impacts. The decision to accept the risk initiates defined monitoring and mitigating actions. As project metrics indicate the risk is near triggering, the defined response actions will be initiated. When triggered, resources will be dedicated for full implementation of the response activities.

• RISK/IMPACT: Operating Environment Deteriorates. The impacts accepted include delayed trains, canceled train, provided busing program, and refunded/adjusted customer fares.

• RISK/IMPACT: Infrastructure Problems Occur. The impacts accepted include delayed trains, canceled train, provided busing program, and refunded/adjusted customer fares.

• RISK/IMPACT: Customer Disputes Occur. The impacts accepted include lowered customer comfort and delayed trains.

• RISK/IMPACT: Medical Emergencies Occur. The impacts accepted delayed trains and canceled trains.

• RISK/IMPACT: Assisted Passenger Loading Increases. The impacts accepted are delayed trains.

• RISK/IMPACT: Train Cleanliness Decreases. The impacts accepted include lower customer comfort, reduced available seating and reduced availability of toilet service.

• RISK/IMPACT: Train HVAC Performance Decreases. The impacts accepted include lower customer comfort, reduced available seating and overcrowded individual cars.

• RISK/IMPACT: Outside Entity Fouls Right of Way. The impacts accepted include delayed trains, canceled trains, provided busing program, and refunded/adjusted customer fares.

• RISK/IMPACT: MTA Priorities or Goals Change. The impacts accepted include delayed or improved progress on capital projects.

• RISK/IMPACT: Corporate Policies and Procedures Change. The impacts accepted include delayed or improved progress on capital projects, increased/decreased expenses on capital projects, and delayed/improved internal transactions.

• RISK/IMPACT: Union Agreements Change or Disputes Occur. The impacts accepted include delayed/improved labor productivity, decreased/improved service quality, increased/reduced operating expenses for claims, delayed/improved progress on capital projects, and increased/decreased expenses on capital projects.

• RISK/IMPACT: Political Influence Creates Changes. The impacts accepted include increased/decreased credibility of management, delayed/improved progress on maintenance work, delayed/improved progress on capital projects, and increased/decreased scope and expenses on projects.
Thanks for sharing
Still believe should be a series of Articles

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