Construction Risk Management

Risk management is an iterative process, whereby potential deviations from the expected project outcomes are identified, the likelihood and consequence of these deviations assessed, and strategies devised to dispose of the resulting risks. Successful construction projects and maintenance programs require effective risk management to balance potential recovery costs, user disruption, project delays and third-party claims resulting from a particular hazard, with the costs to reduce these risks. In addition, both new and existing structures can be vulnerable to the risks associated with natural hazards.

In the planning and pre-design stages of a project, feasibility or due diligence studies can be performed so that risks can be identified and assessed at the earliest possible stage. This allows risk avoidance and mitigation measures to be implemented into the project design when it is most cost-effective.

As the site conditions and project scope are developed in the design phase, new risks will be identified and will need to be managed through design details and contract documents.

The construction contractor’s preferred means and methods, protective measures, material selection and delegated design details can expose stakeholders to additional risks that require management through the construction phase. In some cases, external stakeholders, like adjacent property owners and facility operators, have risks that need to be assessed and resolved. The management strategy for certain retained risks may require control and monitoring during relevant construction activities.

In addition to taking a risk management approach to providing structural and foundation engineering, Richard J. Driscoll, Consulting Engineer can assist construction project stakeholders to manage their risks, especially the risks associated with foundation systems, below-ground construction and building on urban sites.

Risk Management Services:

See Also: Abutter Services, Design Phase and Construction Phase Service, Due Diligence & Feasibility Studies, Protection and Monitoring, Peer Reviews, Temporary Structures for Construction

A Risk Management Approach to Engineering,