Successful risk management strategy should start in early planning.
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 [...] read more
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 [...] read more
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, [...] read more
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. [...] read more
5 Steps to Avoiding Chaos with Well-Planned Construction Document Control
Construction projects can unleash a storm of paperwork. Tracking all these documents, ensuring everyone has the final version, and finding docs that fell through the cracks may be a project manager's least favorite task. In this [...] read more
5 Construction Project Manager Duties you Should Never Assume as the Owner
Are you an owner-builder? Are you thinking about managing your own construction project? In this post, we will try to talk you out of assuming 5 crucial responsibilities that only a skilled project manager should perform. [...] read more
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.