A new report spotlighting risk reduction in commercial construction has ramifications for residential builders as well.
A key finding of the report from Dodge Data & Analytics is that collaboration is widely recognized as beneficial in an industry still plagued by silos and competition within teams. It points out the link between risk reduction practices such as conducting regular meetings with the full project team, formal brainstorming and developing a plan to manage risk and tangible project benefits, such as reduced construction cost, improved project schedule and improved safety. “Mangaging Risks in the Construction Industry” is available for free download here.
“This study contributes to the growing body of knowledge about the positive impacts of project collaboration,” says Steve Jones, senior director of industry insights research at Dodge Data & Analytics “and early collaboration by team members can lead directly to less project risk and crisis – a significant incentive to start working together better, more often.”
The most effective risk evaluation strategies, according to the study, are regular meetings with the full project team focused on risk and the development of a plan to manage risk, Both practices help increase project performance reliability, maintain project quality and improve project safety.
The report also includes perspectives on risk from surety experts, offers tips on achieving cyber resilience, managing subcontractor default risk and dealing with active shooter risks on a jobsite, as well offering insights on risk and the evolution of the construction industry since the Great Recession.
