E153: Project Risk Management

“Risk management is a key step in maintaining our profitable construction business.”

Are you managing your risks in each phase of the project?

  1. What is Risk Management
    1. Planning for the what-ifs – having a back-up plan
    2. Looking at a project to determine what could go wrong
    3. Recognizing the important things to watch and plan for
  2. Each phase has different concerns
    1. In the beginning –  who, where, when, project type, etc. we need to look at
    2. During estimating there are other things to be concerned about
    3. While building the project we have a whole new set of concerns
    4. Some concerns may have been the same – like working in a new geography
  3. Analysis & Planning
    1. This is what RM is – analysis & planning
    2. Review you projects at each step, determine top risks and plan for them
    3. Track & review

Recognizing the importance of risk management will help us keep our projects profitable.

Take-Action Items:

  1. Develop a Risk Management Plan/Procedure – if you don’t have one

  2. Start mapping risks at each phase of your projects

  3. Track and monitor your risk plans

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