Risk Management for Construction Project

1. RISK RISK MANAGEMENT MANAGEMENT IN IN CONSTRUCTION CONSTRUCTION IDENTIFICATION Identify all the risks the construction project can encounter. Collect the past project’s data, talk with the crew and study other construction projects similar to the task at hand. ASSESSMENT A risk assessment matrix is an excellent way to deal with the construction project risk. The matrix chart is a probability of every project’s risk with impact size. MITIGATION Prioritize the risk and come up with a contingency plan. Prioritize those risks which have the most impact on the construction projects. High-priority risk should be assigned to the owner and he will take responsibility when the accident occurs and will be held answerable for the proceedings. MONITORING This process includes the continuous monitoring of the mitigation plans. Also, stakeholders should be consulted for the mitigation plans and updated with the new ones. REPORTING Regularly analyze the contingency or mitigation plan and report to the crew and stakeholders. These reports evaluate the shortcomings of the project’s risk mitigation plans. WRAPPING UP Risk management in construction is critical, keeping in view the large number of risks E&C firms face on a day-to-day basis. It is a reactive approach for handling accidents. This is precisely why risk assessment software is such a significant bounty for the E&C industry. SHARE