Benefits of Construction Risk Management:
As a Contractor, certain risks are taken to grow and advance. Throughout all sectors, effectively managing risks will help companies obtain a market edge. Risks tend to evolve swiftly and only companies with a proper and structured risk management plan can minimize threats and maximize opportunity
How can Risk Management add value to the construction project management?
There are five areas where risk management can add greater value to your business and provided examples of how risk management has allowed clients to more accurately analyze their business:
Enable you to make better decisions
In construction, risks are inevitable. A single entity cannot handle all encountered risks. However, companies with a strong risk understanding will make the right decisions regarding the different risks they may face. Either by mitigation, avoid or transfer, the correct decision can be taken to allocate each risk to the correct party.
Providing a Competitive Edge
A company that succeeds in managing prospective risks will have a competitive advantage over their competitors. A contractor with high-risk awareness will always bid with the right amount for potential projects. A full understanding of each job’s risks and opportunities goes a long way for project success.
Build better resilience
Risk Management will prepare the contractor for different scenarios that they may be encountered throughout the project life cycle. It can develop an action plan for each risk which will allow you to accurately estimate and manage the project’s time and cost, along with allocating the right contingency to increase the surety of project outcomes.
Forming a Risk Culture
Through Risk Management, you can establish a risk culture and raise the risk awareness among your team. This will improve the efficiency of risks identification and lead to an effective response plan.
Many construction companies managed to reduce their expenses through a sound risk management plan applied either on a project or corporate level.
We provide services that include:
Preparation of Risk management Implementation Plan
Quantitative and qualitative risk analyses
Risk Heat Map
Monte Carlo Simulation
Preparation of Risk Response Plan
Management of residual risk
Periodical Risk monitoring and Reporting
How our team can assist you?
Applying Industry best practice ISO 31000, PROGREX PMC L.L.C risk management service helps to implement a risk management Plan into your day-to-day project management. Our Risk Specialists can apply a range of Tools designed to enhance the delivery of a project’s in terms of cost and schedule.
We start with the production of a tailor-made risk register listing all identified risk. Qualitatively asses the probability and impact of each risk in order to progress the risk process to the quantitative analysis stage. This information, together with opportunity identification and analysis, forms the basis of project-specific risk management Plan.