Risk Management In Construction

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Risk Management In Construction
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Risk Management

• Risk Management is one of the most important, but
  often overlooked, activities to ensure the
  successful completion of a construction project.
• Without proper risk management, the projects
  schedule, budgeting, and quality is at stake. A
  proper risk management process considers
• Risk Identification
• Risk Assessment/Analysis
• Risk Responses
• Risk Control

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Risk Identification

• Risk identification is the most important piece
  of risk management.
• This phase is critical in order to manage and
  complete the project successfully.
• It involves identifying all possible risks as
  well as the conditions giving rise to these
  risks.
• The earlier the risks are identified, the earlier
  the plan can be adjusted to reduce the effects of
  the potential risks.

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Risk Management Process

• Risk Identification
• Risk Assessment/Analysis
• Risk Responses
• Risk Control

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Risk Assessment/Analysis

• Once the risks in a project have been identified,
  further analysis is done through assessing and
  estimating the possibility of risk occurrence as
  well as the potential impact of each risk factor.
  
• To do so, consultants use available information,
  experience, and best practices to determine the
  frequency of risk occurrence and its level of
  consequences.

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Risk Responses

• Risk responses determine what action will be
  taken to address risks. It includes actions taken
  to avoid, mitigate or transfer a risk or its
  consequences.
• A risk response is determined by proposing
  several alternatives to eliminate or mitigate an
  anticipated risk and assign an optimum
  alternative as a response.
• It identifies and develops risk response options
  and determines actions for treating the risk and
  reducing any threats to projects objectives.

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Risk Control

• After risks have been identified, assessed, and
  appropriate responses have been developed, those
  findings are implemented.
• The risk plans are put into action, ensuring that
  they are being considered, accounted for, and
  reacted to.
• Risk control enhances projects by reducing risks,
  and controlling deviations from the project plan.

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• Hire one of the best construction consulting
  services in Boston to manage your construction
  project risks, prepare for challenges before they
  occur, and enable you to retain control over your
  project.
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