What Is Risk Management?
Risk management is the process of identifying, assessing and evaluating potential risks to your business and the employees involved. Risk management in any field relating to construction is incredibly important.
What Potential Risks Need To Be Managed?
There are several different types of potential risks that present themselves on a construction project. Some of the most common are:
The possibility that something may go wrong from the inception to the completion of the project which could affect its delivery. (e.g. planning timelines, procurement methodology, legal agreements etc). Project risks are commonly considered in terms of time, cost and quality, and are required to be analysed and mitigated.
An allowance during the construction process to provide for the risks associated with site conditions such as access restrictions, weather conditions, ground conditions etc.
Employer change risk
An allowance for use during both the design process and the construction process to provide for the risks of employer-driven changes (e.g. changes in scope of works or brief, changes in quality and changes in time).
A risk that is related to the employer is considered a very broad term. In this regard, employers need to be prepared for anything. For example, an employer will have to be aware and be advised on liquidated damages, project acceleration or postponement, funding availability, and more which will be highlighted by the lead consultant or PM.
What Is Project Management Software?
Project management software is cutting-edge technology that seamlessly integrates into your business and gives you tools to manage your projects more efficiently and reliably. For example, our project management software, ESTA, organises your data and makes it accessible in just three clicks.
Project management software is designed to make professionals' lives easier by reducing the amount of time spent on administrative work and making data available to all collaborators. There are many benefits of project management software, including that it makes it easier to mitigate and minimise risks.
How Does It Help Construction Project Risk Management?
Construction project risk management involves a lot of tracking, monitoring and distributing information to the relevant personnel, and project management software is created to help with these specific tasks. Firstly, staying on top of the different risks each project presents is far easier as once they are inputted into the project management software, they can be easily found as part of the project’s portfolio. Managing risk in projects can then be effortlessly distributed amongst the appropriate team within the need for excessive emails and documents. Due to the software’s collaborative tools, the risk register can be created organised and presented in a concise and clear manner. In addition to this, project management software has unlimited cloud-based storage and sharing. This ensures the right information makes it to the right team along with no documents being lost giving you a robust risk management platform.
The features of project management software are created as an effective way to do many things, including minimising risks. Construction project risk management is one of the most essential aspects of leading any team. Ensuring your business, team and clients are protected along with the change control process is the most important investment a construction professional can make. The ability to see all data and information easily and quickly is necessary in order to respond quickly to any issues that arise along the process. Project management software helps you work safer, smarter and faster.