Methods to Allow Agencies to Incorporate Quantitative Risk Assessment at Project and Network Level

Source of Support: US Transportation Research Board (NCHRP)

Place of Performance: UCLA

Project Period: 2022-2025

Total Award Amount: $500,000 USD

Overall Objectives: Development of a Quantitative Risk Assessment (QRA) method for Transportation Asset Management (TAM) and integrate the method into a user-friendly operation platform for transportation practitioners' risk management. The method is repeatable and easily applicable by practitioners to quantify and visualize the threats to which the assets are susceptible, the risks of these threats in terms of likelihood and consequences, and the benefits of potential preventive and mitigation actions. The method combines the best techniques available for risk qualitative and quantitative assessment: Bow-ties and the Hybrid Causal Logic (HCL) Method. While bow-ties provide qualitative modeling and visualization of threats, hazards, consequences, and risk-reducing measures, HCL enables the quantification of these risks through three methods for a complete picture of diverse risk scenarios in a traceable, quantifiable, and flexible way.