Risks are an inevitable part of projects, whether they are related to construction or some other industry. The term risk management is gaining particular attention to ensure minimum project disruptions and delays. Risks can be different in nature and severity. Thus, one must be well-equipped with risk management and solutions.
It is the sole reason that businesses are opting for construction claims consultants for effective risk-management in the construction project. Thus this article also aims to address some of the common risk factors in the construction.
3 risk factors to deal before a construction project
It is always a prudent approach to deal with all the potential risks and have a backup plan for all the unforeseeable circumstances that might occur during the building process. Timely risk management has shown to enhance the construction rate of the project by up to 80 percent and one can only overcome it if he’s aware of all the risk factors.
Here are the top three most common risks that need to be dealt with effectively.
1. Safety hazards
No matter whatever project you’re dealing with, ensure the safety of your employees and workers. It should be the priority. Since accidents and emergencies are bound to happen capriciously, leaving anyone unprepared. Thus, it is vital that one is prepared for the unseen and ensures that such a situation doesn’t arise.
Such an emergency may not only cause harm to workers but can put a full stop to the construction process and lead to decreased productivity. Hence, make sure to invest in training sessions on safety to avoid any major setbacks. Don’t forget to hold a safety meeting with all the stakeholders involved to cover the risks and hazards involved in every stage of construction.
2. Loss of productivity
The second most important risk that may arise is the shortage of labor force or workers losing productivity. The situation can cause a significant setback for any project and needs to be dealt with beforehand.
Having a shortage of human resources or working with a team of unskilled labor can lead to negative results, and a lot of cases have occurred in the past because of the recession in the construction industry.
Thus, to cope up with this issue beforehand requires you to offer competitive salaries to workers and prioritizing their safety and security. Don’t forget to organize a meeting session with your workers to know about their apprehensions and promise to lend them full support if any issue arises.
3. Change in project scope
Last but not least, change in the law is also an undeniable factor in construction projects. Amendment in the project contract or additions or subtractions in construction project scope are common to happen in this process. This change of order can be initiated by any of the stakeholders: general contractor, sub-contractor, or the owner himself.
Thus, if not managed carefully can lead one into serious problems. The change can cause a delay in project workflow or disagreements over project deadlines and milestone achievement.
Hence, ensure to resolve all the discrepancies beforehand and only start if one is clear about the project idea and contract clauses. Make sure to keep all the stakeholders on the same page and carry out frequent project meetings to minimize disagreements.
Always remember to keep a construction claims consultant on board so that things never go out of hand.
Want to have adequate risk management in a project?
Construction projects are certainly large-scale buildings that may take months or years to complete. The time is quite long for construction risks to occur; hence it is necessary to cater to the potential risks to avoid any delays and accidents.
By acquiring the expert services of construction claims consultants Dubai, ensure the safe execution of your projects in the corporate world of the UAE. Since a minor risk can put a full stop to your whole process of construction, dragging you behind in the business market. Thus, make sure to go for expert claims consultants to move forward in your dreams.