NR NR/L2/P3M/224 ISSUE 1 PDF

This standard specifies the process for, and roles and responsibilities associated with the management of project risks. It sets out the specific requirements for capital project risk in support of NR/L1/RSK/001.

This standard is part of the Capital Delivery Core Process and relates to NR/L2/P3M/201.

It applies to projects that require Investment Authority as defined within IR01 Investment Regulations and enhance or renew the operational railway.

Purpose

The Project, Programme and Portfolio management (P3M) framework policy and Project Acceleration in a Controlled Environment (PACE) describe how Network Rail manages and controls investment projects on the rail network.

Network Rail has developed this approach to managing projects in order to minimise and mitigate the risks associated with project development and delivery. PACE provides a more flexible control framework enabling sponsors and project managers to tailor the controls therein to better meet the requirements of their project. The PACE framework is shown in figure 1.

The approach is based on best practice within comparable industries that undertake major investment projects. Network Rail recognises that the effective management of risk is critical to successfully delivering project outcomes and benefits for passengers. This standard provides a flexible methodology for projects to proactively manage the risk arising from the complexities and uncertainties inherent in developing and delivering rail investment projects.

This standard sets out a principle-based approach for the management of project risks in Network Rail to enable:

a) the effective and consistent management of P3M Risk;

b) an understanding of delivery confidence; and

c) P3M risks to be managed in accordance with NR/L1/RSK/001.