ABSTRACT
Geotechnical engineers can no longer ignore the benefits of performing risk assessments. Engineers from both the government and private sectors encounter the need to perform or review risk assessments for constructed facilities with increasing frequency. In the United States, the federal government is unlikely to appropriate funds for major infrastructure projects unless a risk assessment has been performed. Similarly, any major dam rehabilitation for a federal agency requires a thorough examination using risk assessment tools and techniques. In fact, the U.S. Office of Management and Budget (OMB, 2013) states:
Project managers when developing the cost, schedule, and performance goals on developmental projects with significant risk must, therefore, provide the agency Executive Review Committee (ERC) with risk-adjusted and most likely cost, schedule, and performance goals. Without the knowledge of the risks involved managers at all levelsagency, Office of Management and Budget (OMB) and the Congress-cannot make the best decisions for the allocation of resources among the competing investments.
