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US 101/Woodside Interchange Improvement Project Page 11 <br />o Capital or support <br /> Risk Response: <br />o Strategy <br />o Response actions <br />o Risk owner <br />The PMT will collectively review and update the risk register that will be distributed quarterly to the <br />PDT, PLT, and ESC. <br /> <br />B. REPORTING <br />1) PROJECT COST REPORTING <br />To track progress across the phases, a monthly cost report will be prepared that identifies, at <br />minimum, the following: <br />• Current budget <br />• Estimated cost at completion and variance from budget <br />• Expenditures to date <br />• Percent expended <br />• Percent complete <br />• Confidence level – qualitative assessment of physical % complete per status of deliverables and <br />schedule. <br />Cost reports will be prepared monthly by the PMT, and provided quarterly to the PLT and the ESC so <br />that potential overruns are identified early and mitigation actions can be taken. <br />See Figure 5 for example cost report.