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Strategies for Reducing Project Risk and Maximizing Profitability

The complexity of modern construction projects creates greater risks for disputes and inefficiencies than those faced by other industries. The risk inherent in construction falls on owners, contractors, subcontractors, design professionals and construction managers.

Good project management today demands good risk management. Navigant and Pepper Hamilton sponsored a major national study performed by McGraw Hill Construction.

Hope is not an effective risk management strategy, but taking proactive steps can help deliver projects more effectively and with far fewer disputes. The research report shows that risk mitigation can yield significant cost benefits, yet risk assessment procedures are more widely adopted than risk mitigation. This study revealed common patterns on effective risk management techniques which have changed dramatically in recent times. However, forty three percent of the owners, A/E firms, and contractors reported that one quarter or fewer of firms in the construction industry actually employ risk mitigation procedures.

In this session, Jim Zack, Executive Director of Navigant Construction Forum™, one of the study’s participants, will present some details of this groundbreaking national study, and expand upon the “how’s” of implementing Risk Mitigation.