Risk Management During Construction.
During the construction phase, uncertainty comes from various sources because this phase involves various participants. The contractor has to develop a risk management plan which considers occurrence of financial, economic, commercial, political, and natural risks.
It goes without saying that:
Risk should be continuously monitored, to minimize and possibly eliminate exposure to contract breaches and disputes .
Author:
Ms Qaqamba Selikane:
The risk management plan then indicates how risks associated with the project will be identified, analysed, managed, and controlled. Risk should be continuously monitored and response action must be taken immediately. It’s easier and best when risk management is implemented early on as this will benefit the project and work on minimizing or eliminating the impact of the risk events on the project.
Below we have shared a downloadable Risk and Mitigation Sheet that will benefit project owners, managers and contractors. Hope that it can be a useful reminder or reference tool on a typical building project. We’re pretty sure that graduate interns and budding site agents will appreciate this one too!
