Risk management is always a key for a successful, smoothly running project. One of the best ways to mitigate risk is to proactively be aware of the routines that could be plaguing your project objectives and leading to high levels or risk. Here are six practical ways to mitigate risk on your next project.
#1 Strict Project Schedule
When it comes to streamlining documentation, project managers understand that one of the largest areas of risk is a lack of organization. Ensuring that all documents are filed in a central location will help to build out a well-defined project schedule. Project managers will be able to anticipate the needs of projects before they arise.
#2 Change Order Variations Made By Clients
Monitoring change orders in real time is a way for both the client and the project management team to stay on the same page! Cloud-based systems are the future of ensuring a smooth process between authorization and a clear chain of command.
#3 High performance and quality expectations
Clear expectations will be the surest way to quality control. However, one of the key components to planning is not only detailing what you expect, but how you expect it to be delivered. This will ensure that your goals will be executed with the most profitability and productivity. This will also alleviate unnecessary tension and stress.
#4 Proper Project Management Tools
Every job needs the right kind of tools! Technology tools are no different. Providing the right software resources for your project management team is essential for increasing collaboration between the office and the field. This will create a strong bond between your project stages.
#5 Lack of Labor Sources
With the industry’s veteran workers retiring, there is a dramatic shift in labor sources for your job sites! One of the best ways to mitigate this threat is to encourage work programs on your job sites that offer a mentorship component for your younger workforce. An apprentice program with local universities or trade schools will offer young industry professionals to learn on the job and benefit from the wisdom of the industry veterans.
#6 Jobsite Safety
While safety is talked about in the industry, it is still an area that can constantly use improvement. Check out our other blog post here about how you can always be proactive when it comes to safety. When you are looking ahead and anticipating the safety needs of your team, you can lower your risk by up to 50% according to ProCore. Lower incidents mean a higher rate of success, productive and revenue margins.