Risk-Based Budgeting for Maintenance Dredging

by Michael R. Walsh, Inst for Water Resources, Ft. Belvoir, United States,
David A. Moser, Inst for Water Resources, Ft. Belvoir, United States,



Document Type: Proceeding Paper

Part of: Risk-Based Decision Making in Water Resources VI

Abstract:

The U.S. Army Corps of Engineers must estimate the budget required to conduct maintenance dredging at hundreds of sites across the country. The amount of funds needed to do the maintenance dredging is highly uncertain and there are risks associated with overestimates and underestimates. A risk-based approach to the budgeting process for maintenance dredging can help identify the uncertainty and assess and manage the associated risk. A concept and preliminary plan for a risk-based approach for developing budgets for maintenance dredging is presented.

Subject Headings: Dredging | Budgets | Risk management | Maintenance and operation | United States Army Corps of Engineers | Uncertainty principles | Probability | United States

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