Optimising Project Success by Minimising Threats and Maximising Opportunities: Identify, Quantify, Respond and Control

The construction sector is dominated by significant risk and uncertainty issues, which have only been increased by the global economic downturn. Project risk management is a must for every construction industry stakeholder as to avoid costly project delays and the deterioration of project partnerships. However, risk management within project delivery is often done inaccurately, ineffectively, too late in the day, or underestimated.

If there is a certainty in the construction industry, is that only a few projects begin with absolute certainty. The only way to mitigate the risk or at the least reduce its negative impact is by implementing a comprehensive risk management program from day one of the project and throughout its whole life cycle.

With this said, you will agree that asset owners are now, more than ever before, looking to ensure their projects’ risks are mitigated, or at least managed effectively as to avoid costly delays or budget overruns.

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