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Risk Management

Successful risk management strategy should start in early planning.

Unforeseen Conditions: Hazards That Can Derail a Renovation Project
Unforeseen Conditions: Hazards That Can Derail a Renovation Project

Renovation projects are an exciting opportunity to breathe new life into a building.Lamentably, they're also prone to shocking cost overruns and time delays that stem from defects hiding in a building's walls or structure. Apart from [...]

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How Skillful Contract Administration can Optimize Your Construction Project
How Skillful Contract Administration can Optimize Your Construction Project

If you're planning a construction project, you may feel overwhelmed by all of the clauses of the construction contract. Yes, they are complicated. But you don't have to manage them alone. Contract Administration is one of [...]

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Why RFIs are a Vital Communication Tool in Construction
Why RFIs are a Vital Communication Tool in Construction

To those working in construction, it's no secret that Requests for Information (RFIs) are an integral part of the construction administration process for large projects. They're also unavoidable. Contract documents will always raise questions and concerns. [...]

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How to Avoid Legal Disputes in the Construction Industry
How to Avoid Legal Disputes in the Construction Industry

Understand the Contract for ConstructionAccording to the 2019 Global Construction Dispute Report released by the renowned construction consultancy Arcadis, the number one cause of legal wrangles in the construction industry is when any of the parties [...]

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Identifying Risks and Exposures on Construction Projects
Identifying Risks and Exposures on Construction Projects

Construction can be precarious. Budget-busting design omissions, unforeseen conditions and everything in between can affect a project’s bottom line; for this reason, construction project risk management is one of the most vital functions of cost estimation. Risk [...]

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The 5 Most Important Construction Project Contract Clauses
The 5 Most Important Construction Project Contract Clauses

When you are working with a general contractor, it is important to set the terms of your working relationship as soon as possible. Usually this is done by entering into a construction contract of some type. [...]

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A successful risk management strategy should start in the early planning phase and continue through every aspect of a construction project. Risk management focuses on anything that can wrong on a project and is based upon balancing cost and perceived risk. Risk differs according to the project, the owner, the team and project delivery method, among a myriad of other variables. Risk assessment planning requires a high level of skill and experience best performed by an experienced construction professional to protect the owner from liability and establish the strategic framework for the project.

Every decision made in a project carries cost and schedule implications that must be identified and analyzed to assess potential risk exposures. A professional construction manager will assess each potential team member. He will review the developing design for potential conflicts. He will continually evaluate and shape the project plan in order to ensure work remains consistent with the original intentions and budget. He will consider the owner’s experience and capabilities. He will make recommendations on project insurance that provides comprehensive coverage with policy terms and limits reasonably sufficient to cover potential losses. A professional construction manager will ensure quality and safety, reduce change orders and cost overruns and limit liability.