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Risk Management

Successful risk management strategy should start in early planning.

What is Contract Management in Construction Projects?
What is Contract Management in Construction Projects?

Many people assume that managers of all levels are well-versed in effective contract management techniques. But contract management can actually be a career--there’s even an International Association for Contract & Commercial Management, the IACCM.How would you [...]

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What is a Construction Management Plan?
What is a Construction Management Plan?

Any complex building project integrates a vast number of elements; the construction management plan, or CMP, is one of them. You might think of it as a travel plan that charts your path from point A [...]

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What Does a Construction Manager Do
What Does a Construction Manager Do

Wonder what expertise you need to be a construction manager? The skill set is both specific and extensive. In this article we’ll have a look at what CMs do, and who they are.The construction manager, or [...]

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Construction Risk Management or What Could Possibly Go Wrong?
Construction Risk Management or What Could Possibly Go Wrong?

If you’re a professional builder, you don’t need this article. Or at least you think you don’t. But if you’re an owner, or wondering about this particular aspect of how to be a construction project manager, [...]

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6 Classic Mistakes in Project Management
6 Classic Mistakes in Project Management

The home is much more than a primary investment—it’s also a reflection of who we are and what we treasure in life. Most of us spend more money on our homes than on anything else. Whether [...]

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Top 10 Benefits of Professional Construction Management
Top 10 Benefits of Professional Construction Management

Thе bеnеfitѕ of professional соnѕtruсtiоn mаnаgеment include highly skilled рrосеѕѕes that fасilitаtе рlаnning, сооrdinаtiоn аnd соntrоl оf а рrоjесt frоm inсерtiоn tо соmрlеtiоn. A professional construction manager will bаlаnсе thе соmреting nееdѕ оf соѕt, ѕсоре аnd [...]

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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.