Risk in construction can broadly be described as exposure to any loss. In this video, explore the application of this definition to the building process and how it is not feasible to eliminate risk in construction. Also, look at the concept of risk vs. reward.
- Risk in construction can broadly be described … as the exposure to any loss. … In the construction industry, we're exposed … to many types of potential loss everyday. … We could lose money, … we could lose precious days in our schedule, … a worker could get hurt on the job site, … a tragic mishap could injure a passerby, … we could fail to recognize the significance … of a change in scope. … One of our trade contractors or suppliers … that we have a contract with could have financial … difficulties that impact their ability … to deliver as promised. … These are all examples of the types of risk … that we have to manage every day on a construction project. … And that really is an important concept, … we must manage risk. … Think about that for just a minute. … I did not say that it's our job to eliminate risk. … Because is that really even possible. … I don't think so. … Our attorneys may want us to eliminate all the risk. … Have everyone that sets foot on or near the job site … sign away all their rights, in case we do something wrong. …
- Defining risk
- Identifying the role of the construction manager
- Analyzing risk
- Controlling risk
- Managing challenges: scope, safety, communication, and more