Risk analysis in construction is a continuous process that involves identification, assessment, control, and review in an effort to evaluate the likelihood of a particular hazard taking place and the impact of that. In this video, explore this process as a continuous cycle on a construction project.
- Risk management is a continuous process, … a cycle that involves identification, … assessment, control, and then review. … I've said several times … that the goal is not to eliminate all risk. … That's just not feasible on a construction project. … The goal is, though, … to identify all the risk that does exist … and then make informed and calculated decisions … on what to do with it. … Identification, then, is the first step in the process. … If we don't even recognize … some of the risk we're taking on, … then it's unlikely that we're going to manage it well … or be ready to deal with the consequences … of something going wrong. … In construction, this starts during the bidding process. … If you're an estimator … or otherwise involved in the bidding process, … you need to do more … than just take quantities off of a plan. … You should be examining the plans … and the overall project, … looking at the bid documents, … and really gaining an understanding of what you're bidding, … how the project will be built, …
- Defining risk
- Identifying the role of the construction manager
- Analyzing risk
- Controlling risk
- Managing challenges: scope, safety, communication, and more