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Related Experiment Videos

You can manage construction risks.

J D Macomber

    Harvard Business Review
    |February 8, 1989
    PubMed
    Summary

    Construction projects are inherently risky, but this risk is controllable. Effective management involves analyzing project complexity and aligning strategies with in-house capabilities through seven key stages.

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    Area of Science:

    • Construction Management
    • Risk Analysis
    • Project Management

    Background:

    • Construction projects represent significant business risks, often underestimated or deemed uncontrollable.
    • Despite inherent complexities, construction risks can be actively managed and mitigated.

    Purpose of the Study:

    • To provide a framework for analyzing and controlling construction project risks.
    • To guide company officers in managing the multifaceted nature of construction services.

    Main Methods:

    • Analyzing construction risk involves assessing project complexity, site, financing, schedule, and specific challenges.
    • Risk assessment informs the selection of appropriate contracts and contractors.
    • A seven-stage process is outlined for comprehensive risk management.

    Main Results:

    • Construction risk, while unavoidable, can be effectively controlled through systematic analysis and management.
    • The choice of contract and contractor is directly influenced by the project's risk profile.
    • Projects can range from low-cost, low-teamwork models to highly collaborative, consultative approaches.

    Conclusions:

    • Company officers must actively coordinate project stakeholders and make informed decisions.
    • A structured approach to analyzing and managing construction risks is crucial for project success.
    • Tailoring strategies, contracts, and contractor selection to specific project risks is essential.

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