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Project Management (a quick tutorial) - Mitagating Risk

Mitigating Risk

Evaluating the project risk:

Risk Assessment

Identify all the known risks.  Identify the probability of the risk happening (high, medium, low) and the impact of the risk if it actually occurs (high, medium, low).  For all high probability and high impact risks identify a mitigation plan. 

 

Risk Example: bad weather will delay home construction: 

  • Probability:    High
  • Impact:        High
  • Mitigation Plan:
    1. Frame in the dry season and enclose the home before the rainy season
    2. Include weather impact days in the schedule
    3. Identify tasks that can be completed during inclement weather
    4. Watch the weather predictions and plan accordingly

Uncertainties embedded in the projects are the major cause of … mismanagement.

Goldratt, Critical Chain


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  • Kansas City, MO
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Construction Management Southeast Kansas

What is Project Management?

Project management is the process of planning, organizing, securing, and managing resources to achieve project goals.

What is a Project?

A project is a temporary work effort with a defined beginning and end, undertaken to meet specific goals and objectives. Projects are designed to bring about beneficial change or added value.

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What is Construction Project Management?

Construction Project Management is project management that applies to the construction sector.  Construction Project Management includes the overall planning, coordination and control of a project from inception to completion aimed at meeting a client’s requirements in order to produce a functionally and financially viable project.

What is Construction Management?

Construction managers plan, coordinate, budget, and supervise ...

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