Project Risk Management

Risk affects every aspect of a construction project. No project can be completely free of risk. There is always the potential for design error, mismanagement, inaccurate progress reporting, disputes and conflicts. These issues cannot be entirely avoided, but they can be carefully managed to limit the impact on project outcomes. While risk management shares key similarities across many fields, there are risks inherent to construction projects. As an example financial cost overrun caused rework, the Cost of Poor Quality (COPQ) as an example. On the average projects exceed baseline estimates by 5-20% as reported by the Construction Industry Institute CII. Given these complications, it is essential that experienced CM professionals are assigned to high value projects. Certified Risk Management Management Professionals PMI-RMP®