Risk is an inherent part of any construction project. Failure to properly manage risks often leads to increased cost, schedule delays, disputes, claims, and litigation. In some situations, particularly for contractors and suppliers, failure to manage a project’s risk results in the failure of the business entity.
Management of construction project risks starts with identification of the various risks based on the type and complexity of the project. Then an analysis and assessment of the risk needs to be made, along with a determination of risk mitigation measures.
While risks are abundant in the construction industry, many entities lack the resources or knowledge to effectively address risk and the adverse situation that results when a risk becomes a reality. Particularly troublesome for contractors and owners is the management and mitigation of multiple risks, such as a project with no or very low cost contingency coupled with an inflexible project schedule. Even the most sophisticated and knowledgeable contractors and owners experience delayed projects that run substantially over budget due to a party’s inability to effectively manage multiple risks.
Interface Consulting’s experienced construction management professionals assist contractors, owners, engineers, and suppliers with the management of project risk. Our consultants provide expert assistance to clients in mitigating project risks and addressing the issues that can result when a risk becomes an adverse reality. In addition, we have the hands-on experience and knowledge to address the challenging issues that result when multiple risks combine to undermine the success of a project. Interface Consulting’s clients are able to capitalize on the knowledge we have gained from working on over 1,000 projects, most of them in distress, for the last 30 years.
Interface Consulting assists clients in identifying, evaluating, and managing risk in the following areas: