How Construction Consultants Assist in Project Risk Assessment and Management

Experienced construction consultants can deliver valuable risk assessment and management solutions that help you deliver successful projects. Find out more below then contact CNJ Construction Consultants today.

Types of risk

A construction consultant can help you to identify any of the three types of risk in construction: external, internal, and project risks. 

Risk assessment

Each possible risk should be assessed for its likelihood and potential impact on the project. A rise in the cost of raw materials, for instance, might cut into your profits.

The project team and construction consultants can use a qualitative or quantitative technique to estimate the probability and effect of the identified risks, depending on the scale of the project, the kind of risk, the particular needs and the criteria.

Managing risk

Your team needs a plan of action to lessen the blow of an unexpected occurrence once it has discovered, evaluated, and prioritised possible risks. Avoidance/prevention, sharing/transfer, reduction/mitigation, and retention are the four basic management tactics.

Supervision is the final phase of risk management. Regardless of where you are in the development process, circumstances will change over time, necessitating revisions to your risk management strategy.

In order to maintain an overview of expected hazards and uncover new possible risks, construction project owners, lenders, and other stakeholders must keep a close eye on the work in progress. It is highly recommended that you hire a professional risk assessment consultant to help you stay on top of risk management. That’s there CNJ Construction Consultants come in, with our comprehensive risk assessment and management service.

Contact CNJ Construction Consultants for a complete risk management solution.