2B — August 11 - 24, 2017 — New Jersey — M id A tlAntic

Real Estate Journal


N ew J ersey

uccessfully managing construction risk re- quires objectivity and By Charles F. Boland, GREYHAWK Objectivity&perspective–Tools for managing construction risk S

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sionals who address risks and problems every day develop a knowledge base. This unique perspective positions them to most effectively identify and mitigate the myriad issues that arise in design, procure- ment, scope management, approvals, construction, and timely completion of a project. The risks in bringing a proj- ect from planning to comple- tion are many and varied. They can be grouped into four primary categories: environ- mental, technical, logistical, and managerial. Environ- mental risks include natu-

ral disasters, weather, and seasonal implications. These risks can be overlooked when people are unfamiliar with lo- cal conditions. Technical risks vary with the complexity of the project and can include re- source uncertainty, materials availability, inadequate site investigation, or incomplete design. Technical risks com- monly occur when there are changes in project scope and requirements, or if there are errors or omissions in the de- sign. Logistical risks must be addressed before beginning a project. These risks include the availability of transportation, equipment, and skilled labor, and materials laydown and storage capacity on site. Fail- ure to address logistical issues in advance risks huge project delays and losses during con- struction. Managerial risks relate to the process and pro- cedures necessary to control the myriad activities involved in project. The most common management-related risk is the failure to properly plan and schedule the project. Often, the only certainty on a project is change. Greater visibility into the timing and relationship among all of a project’s moving parts facilitates the develop- ment of options to react when changes occur. In order to actively man- age risk, stakeholders must have a clear picture of all stages in project development and execution. This visibility starts with implementation of a comprehensive planning and scheduling process. The detail clarified through this process provides stakeholders with the ability to effectively plan a project’s design, procurement, scope management, approv- als, construction, and timely completion. The objectivity and perspec- tive of the professionals ana- lyzing risk factors on a project is critical to the success of the risk management process. The construction management professionals at GREYHAWK assist stakeholders in achiev- ing the necessary visibility to actively identify and manage risks. GREYHAWK is a nation- ally recognized construction consulting firm, and its profes- sionals bring hundreds of years of experience in claims resolu- tion and risk management on a range of project types and continued on page 16B

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perspective. E f f e c t i v e r i s k ma n - agement de- mands a com- mitment by each stake- h o l d e r t o ensure that risks are dis-

http: www.SEBCOLaundry.com e-mail stevebreitman@sebcolaundry.com

Charles Boland

cretely identified, objectively assessed, and actively man- aged throughout the plan- ning, design, and construction process. Construction profes-

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