Gannett Fleming Uses
@RISK for Project to Get Public Transit Projects Funded
Are public transit projects risky? You bet!
Local transit authorities often apply for federal contributions to help fund capital projects. The Federal Transit Administration (FTA), the federal body overseeing public transit, has established guidelines that call for detailed risk assessments by qualified consultants before granting federal funds. Gannett Fleming, a national planning, design, and management firm, uses Palisade’s @RISK for Project to provide detailed project planning and risk assessment services that exceed FTA guidelines.
@RISK for Project Meets Strict Federal Guidelines
These requirements open the door for experienced consulting firms such as Gannett Fleming. Using Microsoft® Project® and Palisade’s @RISK for Project, Gannett Fleming has performed a number of successful risk assessments. According to Dan Estrada, Project Manager for Gannett Fleming, “@RISK for Project facilitates an integrated approach to quantifying schedule and cost risks and offers concise evaluations of their potential impacts. The software allows us to confidently address FTA requirements.”
The Need for Certainty
Whereas confidence levels of 50% or less may be acceptable for entrepreneurs and other risk-takers, public bodies including the FTA are expecting confidence levels of 70-80% and sometimes higher. @RISK for Project aides in identifying inherent confidence levels. As respective confidence levels are compared to preliminary budgets and schedules, contingency and schedule float are thus evaluated for sufficiency.
The Gannett Fleming Solution
The key to Gannett Fleming’s success is an integrated cost and schedule approach. According to Mr. Estrada, “We’ve been very successful assessing project risk on several major transit projects. The key is to perform an integrated cost and schedule risk analysis, one that recognizes the interplay of time and money.”
About Gannett Fleming