From the course: Construction Management: Managing Risk
Join today to access over 22,600 courses taught by industry experts or purchase this course individually.
The process of risk analysis
From the course: Construction Management: Managing Risk
The process of risk analysis
- 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, and how long it will…
Download courses and learn on the go
Watch courses on your mobile device without an internet connection. Download courses using your iOS or Android LinkedIn Learning app.