According to the FHWA, EDC is "a state-based model to identify and rapidly deploy proven but underutilized innovations to shorten the project delivery process, enhance roadway safety, reduce congestion and improve environmental sustainability". OK, leave the technicalities. FHWA and AASHTO got together and proposed the EDC model, which is basically a methodological approach or a short-circuit to take care of safety problems when there is limitation in time and budget. Here is a page in FHWA's website that says what it is and how it works.
Now, EDC-3 is the same story but only for 2015-2016.