Risk management
The process of identifying, assessing, and mitigating risks throughout a project's lifecycle.
Risk management involves identifying, assessing, and mitigating potential threats to project objectives, ensuring proactive and strategic responses. It is crucial for protecting resources, maintaining schedules, and achieving project goals. Effective risk management enhances decision-making, supports resilience, and fosters a culture of preparedness, enabling teams to navigate uncertainties, optimize opportunities, and deliver successful project outcomes by minimizing risks and maximizing performance.
Used in a sentence
Effective risk management helped prevent potential delays.
Synonyms/variation
Risk Assessment
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BIM’s Role in Risk Mitigation: Strategies for Success
Building information modeling (BIM), has been touted as a way to deliver a broad range of wins on any construction project. It supports stronger planning and smoother collaboration. It provides a valuable tool teams can handover to owners to support the building through its lifecycle. It also serves as a way to proactively manage risk. […]
Risky Business: Transforming Risk Mitigation into Risk Prevention
Risk burrows into every aspect of construction — costs, safety, labor, scheduling, profitability and even market leadership. In an inherently dangerous industry, risk is inevitable, but truly powerful risk mitigation doesn’t just patch up the damage from incidents. Diligent mitigation shaves risk to the bare minimum. Slack resource management, scheduling and communications can also lead to […]
Using AI to Manage Risk in Construction
Since the day construction became an industry, many people have been trying to manage the risks of building things — to identify and mitigate potential conditions that might impact a project’s safety, schedule, cost, quality or compliance. Part of the allure of using artificial intelligence (AI) in construction is the potential to make the complex, ongoing […]
Mitigating Subcontractor Risk: Pro Tips for General Contractors
Every construction project comes with unique risks, and assessing and mitigating subcontractor risks is necessary for general contractors (GCs) to maintain profitability and smooth operations. Effectively planning for and managing the risks inherent in hiring trade partners can prevent problems down the line. While surety bonds and subcontractor default insurance can mitigate the risks, using […]
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