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All You Need to Know About Construction Risk Management

There’s a lot of risk associated with a construction project. Multiple stakeholders, countless variables, and tight deadlines can make developers and contractors feel underprepared. Multivista has put together a collection of resources that will help improve risk management for construction project teams.

3 Tools That Bring the Spirit of Risk Analysis On-Site

When you think of risk analysis, what do you picture? Professionally dressed people in glass offices poring over data on banks of computer monitors? Lawyers and executives discussing endless possibilities in front of colorful charts?

While risk management like this occurs long before anyone breaks ground on most projects, risk analysis is also happening on-site on a daily basis.

It might involve a seasoned inspector walking a job site and identifying possible hazards. It might look like a foreman reviewing the schedule and making a judgment about whether the project will be done on time. It might be a worker walking an I-beam and spotting a storm brewing in the distance.

These practices are vital, but they don’t paint a complete picture of on-site construction project risk. Inspectors can only cover so much ground, foremen can only make educated guesses, and workers can’t be relied upon to look out for the entire project.

Construction worker talking on the Walkie Talkie on a construction site

Thankfully, there is a middle ground between high-rise corporate risk management and on-site, hands-on construction risk management. Technologies like construction management software, comprehensive visual documentation, and 3D reality capture enable construction teams to assess, analyze, and manage risk like never before.

Learn more about these 3 tools for on-site risk analysis.

Why Developers and Contractors Need to Prioritize Construction Worker Safety

Construction work is one of the deadliest professions in America. In 2015, construction workers represented 21.4% of all private industry on-the-job deaths, with 937 total fatalities.

These numbers are tragic, but the tragedy is only part of the story. For developers and contractors, a construction worker getting injured or killed on a job site can have devastating consequences that extend far beyond the initial emotional toll. These consequences include:

  • Legal Issues
  • Project Delays
  • Public Relations Problems
  • Rising Insurance Costs

When you consider all of the possible costs associated with worker injury, it becomes clear that it is a risk which must be avoided. Managing this risk means taking a fresh look at construction worker safety, and implementing programs, procedures, and policies that keep workers safe in dangerous situations.

Increased training is the most obvious way to reduce injury risk, but it’s not the only solution. Technology such as drones, webcams, and visual documentation services can help reduce instances of construction worker injury in surprising ways.

We’ve put together a whitepaper that details the importance of construction worker safety and strategies for reducing risk.

Interested in learning more about construction worker safety? Get the full whitepaper.

3 Critical Reasons for Construction Project Visual Documentation

In an ideal world, finished plans and a finished building would be identical. Realistically, however, building projects often end up being significantly different than how they were initially envisioned.

Throughout the lifecycle of a construction project, a building becomes more like a living thing than a mathematical formula. Many factors cause a building to evolve from its original plans, including:

  • Unforeseen Site Conditions
  • Resource Availability Issues
  • Contractor or Subcontractor Error

Every time a change occurs in a construction project, you risk unknown consequences. Contractor disputes and litigation can cause financial problems and interrupt business. Mistakes that go unnoticed can compound and cause other issues. Workers leave and take the knowledge of certain building areas or systems with them, leaving future workers in the dark.

Workers on a construction site

How can owners and developers shield themselves from these issues? With comprehensive visual documentation. As-built photographs of every part of a construction project can ease dispute resolution, help inspectors catch mistakes early, and preserve knowledge throughout a building’s lifecycle.

Read the full post on construction project visual documentation.

3 Tips For Better Subcontractor Management

When assessing ongoing risks on a jobsite, subcontractors can be big, blurry variables. The sometimes strained relationship between general contractors and subcontractors can lead to unexpected and unfortunate problems for the project team, such as:

  • Payment Disputes
  • Shoddy or Incomplete Work
  • Construction Delays

Working with known quantities is vital to managing risk on a construction project. Unfortunately, sometimes there is an atmosphere of distrust between general contractors and subcontractors, created by the use of unfair contracts, short-term thinking, and a “pass-the-buck” attitude.

This atmosphere reduces the likelihood that general contractors and subcontractors will work together again, which means every new building project comes with a new set of unknown variables to worry about.   

Many of the problems associated with subcontractor management can be avoided by putting people above profits. We’ve detailed some reliable strategies to cut through the atmosphere of distrust and foster long-term, productive relationships with subcontractors.

A construction site image

With a trusted subcontractor network, those blurry spots will suddenly become a whole lot clearer, and you’ll be in a much better place to make decisions about your project.

Read more about better subcontractor management.

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