Stonemark Logo Building Confidence

Risk Management

Successful risk management strategy should start in early planning.

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, [...]

read more
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 [...]

read more
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 [...]

read more
5 Reasons You Need a Professional Construction Manager
5 Reasons You Need a Professional Construction Manager

This article is a quick primer on the top five reasons you should retain an expert construction manager to oversee your project. Very few people have the experience or the time to manage a high-value, complex [...]

read more
Construction Project Insurance Requirements
Construction Project Insurance Requirements

Insurance is an essential component of a construction risk management plan. Insurance is a contract, represented by a policy from an insurance company, in which an individual or entity receives a guarantee of compensation for specified [...]

read more
Top 10 Tips and Best Practices for Managing Construction Projects
Top 10 Tips and Best Practices for Managing Construction Projects

Disaster stories in construction abound—unfinished homes and buildings, blown budgets, lawsuits and contractors fleeing the state. True story: a potential client came to me after receiving an anonymous packet on his front doorstep containing 200 pages [...]

read more
Top Blog Posts
Categories
Connect With Us

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.