Excerpted from Construction Executive | October 14, 2013
Proving who and what caused the delay and/or disruption is a critical aspect of resolving claims and disputes. But waiting until after the losses were incurred before addressing recovery by submitting a claim is a reactive strategy and often leads to higher potential for loss among project stakeholders.
Risk assessment and identification is not effective unless specific action plans are developed for critical risks to the project schedule. Action plans are most effective when tied directly to project controls that are already being monitored by the project team. Once a project control measure that relates to a specific risk is identified, it can be monitored for risk triggers that indicate when a risk is about to materialize and impact the project. Active monitoring and communication of these risk triggers through dashboard reporting allows the entire project team to be aware of the risk status before it materializes. This allows proactive mitigation, as opposed to damage control.
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