Why use risk management?
Uncertainty and risk are constant features of everyday life. Successful businesses maintain a competitive advantage by effectively managing risk rather than focussing on risk eradication. Traditionally, risk is perhaps the least well-managed aspect of every construction project, and impacts include cost, time, reputation, safety and environment. By using best practice risk management processes, the aim is to be prepared – to use past experience and best judgement to predict and evaluate what could happen, and to derive strategies for managing the identified risks efficiently and effectively. This should be a continuous activity that runs from the concept stage right through until completion, minimising threats and maximising opportunities.
