A Guide To Managing Construction Risk

This guide will help you manage construction risk

Construction is a great field, which offers many jobs. It has different departments, covering different areas. All the fields have some share of risk associated with them too. However, construction is the one which has the most risks associated with it, owing to the diversity it offers. You must always be prepared well with the thought of ‘Safety comes first’ in your mind.

Stage One Twelve provides quality content to all its readers consistently. This article is also covering an important topic, so is shared here. It contains valuable information that will help you to manage and mitigate the risks in construction.

Safety should not be taken lightly. It does not matter how skilled or experienced you are, there is always a risk; a possibility to encounter an unfortunate event or accident. The valuable information presented herein will help you and your employees stay safe.

Read the complete article to learn more about managing construction risk!

Allocate Risk

The contract negotiation and preparation phase is the best time for all project leaders, including the owner, contractors, architects, and building manager, to come together and anticipate all potential risks and assign responsibility of those risks to parties most apt to handle them should the unwanted arise. For example, the building owner and architect should be charged with ensuring design and environment issues are worked out and should draft a plan in case something arises. Meanwhile, contractors should be charged with ensuring personnel are equipped with all the necessary safety guidelines and understand how best to maneuver the environment with equipment in a safe and secure manner.

Managing Funding Risks and Feasibility Risks

These two types of risks are commonly described as “invisible risks” as they are rarely apparent until they are, in which they change the entire game. Yet, with careful preparation and research, most undertaking construction tasks can avoid them.

The first, feasibility risks, arise most commonly out of environmental issues that were not fully addressed in the original plan proposal. They include things like:

  • Extreme weather-based delays
  • Unforeseen factors of a specific location
  • New issues with coding and zoning laws

Some of these, like issues related to coding and zoning, can be protected against with a more thorough, expert-led review process in the beginning. Other issues, like an onslaught of storms and varying water tables, cannot be so easily mitigated but may be protected against with some foresight.

To learn more about managing the risks in construction, read the complete guide and strategies for managing construction risk.