We work with delivery teams to identify and manage the varying risks that are prevalent in construction projects. Early identification means early intervention and least cost to resolve those risks.
We do this by holding an initial inclusive risk workshop including client, design and delivery team and 3rd parties where we act as facilitator and/or participant.
Risks to projects can come from varying sources dependent on the type of project and are not limited to simple construction risks like problems in the ground, they can include such issues as resources, political change, macro and micro economic, legislative, and environmental.
Identifying risks at the earliest possible stage, implementing effective mitigation strategies means the risk impacts can be reduced or eliminated.
All identified risks are logged and assessed for probability and impact on cost and programme and this information is fed into excel based add-in @Risk to run a Monte Carlo analysis of possible permutations.
Risks are allocated to that party best able to manage the particular risk. The resultant financial output sum can be flagged as the project contingency.
Thereafter periodic risk review workshops take place, typically monthly and the updated risk sums fed into the overall financial reporting of the project.