Level up construction risk management with a collaborative approach linked to the project schedule

Project teams have a responsibility to deliver quality construction projects safely, on time, and within budget. To ensure projects are delivered in line with expectations, understanding risk and managing risk is key. But it’s not up to one individual to make sure risk is managed properly. Given the stakes, risk management is everyone’s business. That’s why it’s important to engage multiple contributors across the project; more people contributing means more spotters, and combined with a centralized approach, that means more visibility, better analysis, and more effective responses to potential and actual risks.

But how can project teams get started with the right approach? Many have adopted the six-step risk management framework from the Project Management Institute as a guiding discipline.

What is the six-step risk management framework?

The six-step risk management framework from the Project Management Institute lists the key steps project teams should follow to develop a risk management strategy. The framework is as follows:

Step 1: Risk management planning

Step 2: Risk identification

Step 3: Qualitative risk analysis

Step 4: Quantitative risk analysis

Step 5: Risk response planning

Step 6: Risk monitoring and control

To elevate risk management, project teams not only need to implement the six-step framework, they also need to use the right tools to make it work for their teams.

In our new ebook available for download titled, “The Project Team’s Guide to Risk Management,” we discuss risk management, best practice methodologies for managing construction risk, and how project teams can more efficiently and effectively manage risk with an integrated scheduling and risk management solution.

The benefits of integrating risk analysis with scheduling

Assessing a project’s risk information in connection with scheduling data is key to determining whether the project will finish on time. During quantitative risk analysis, the project team can start to make connections with risks in the risk register and the activities in the project schedule when risk analysis and scheduling capabilities are integrated via technology that connected data and workflows.

With Oracle Primavera Cloud, project teams have a single solution to complete all other steps and can mature into completing quantitative risk analysis when they’re ready to perform that function. To that end, project teams can effectively manage risk even if they aren’t risk experts. With a centralized risk register established, it’s easy to progress through the entire framework, connect risks to the schedule, quantify their impacts, and mitigate and monitor through one solution. With Oracle Primavera Cloud, project team members can elevate their risk management strategy through collaboration across organizations and work from a single source of truth.

Ready to learn more about risk management? Download our ebook today.