Before beginning any construction project, it is important to engage in Risk Management to gauge potential pitfalls that could stall a project. Construction jobs are extremely complex and require a confluence of a number of factors including legal, financial, engineering/architectural, insurance, and safety issues to get off the ground. If one problem arises, it can cause a ripple effect that grinds an entire project to a halt. By engaging in effective Risk Management, it is possible to identify potential problems and have systems in place to immediately address them.
Creating an Effective Strategy for Risk Management
The first step in Risk Management is sitting down and carefully examining a construction project before it begins. Taking a look at all the of the above factors and looking at all of the parties involved can give an accurate picture of just what types of risks the respective players will be assuming. This can help clients accurately budget for projects and give themselves some leeway for expected risks.
There are, however, some risks that cannot be foreseen. In these circumstances, a client needs an ongoing, real-time Risk Management strategy that effectively analyzes problems and finds immediate solutions. In most cases, the best decision is the most cost-effective solution that keeps a project on track and within budget.
It is important to have a third party analyzing risks on a given project to provide fresh eyes and an analytic approach when problems arise. Sometimes when people are embroiled in a dispute, emotions can take over and cloud a person’s judgment. It is important to have someone above the fray who can provide advice that is based solely on fact and cold, hard analysis. At Manion Stigger, we work to provide this advice and thereby prevent costly litigation or personal disputes that can torpedo a project.
To learn more about how we can help with effective Risk Management, contact Manion Stigger today.