Successfully Managing Project Risks for Construction

Video: Successfully Managing Project Risks for Construction

Successfully managing project risks in construction requires identifying, assessing, managing, and resolving risks. It is important to have a rising standard of quality, hire capable people, face bad news, prioritize training, and have control measures in place.

Key Highlights:

  • Successful risk management requires a rising standard of quality and ongoing training to improve performance and response times.
  • Hiring capable people is crucial for managing risk, as inexperienced individuals may not be able to think through complex issues effectively.
  • Supervisors must face bad news and take immediate action to fix problems, ensuring effective supervision and implementation of systems.
  • Risk assessments should be conducted on each project to identify high-probability risks and prioritize efforts to address them.
  • Control measures, such as audits and inspections, are essential to assure that all functions align and tasks are being performed correctly.
  • Transparent communication and collaboration tools can enhance risk management by enabling stakeholders to track and address issues in real-time.
  • In dispute resolution, analyzing and managing risks in claims is crucial to minimize costs and prevent negative consequences for the project.
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