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Risk Management

Successful risk management strategy should start in early planning.

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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What goes into a feasibility study for a construction project?
What goes into a feasibility study for a construction project?

Just like with any project management plan, the construction project process consists of a series of predetermined phases that begin with project initiation and end with closure: completion and delivery. Often, the first concrete steps of [...]

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Got what it takes to be a successful Construction Project Manager?
Got what it takes to be a successful Construction Project Manager?

Pick a quality that defines a successful construction project manager.A successful construction project manager needs to be a people person. That’s number one in my mind. At the same time, I’m a by-the-book kind of guy [...]

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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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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.