Successful risk management strategy should start in early planning.
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.