project managament - a question abt risks?

Question

i am doing a post graduate project , a construction project. risks should be identified before commecning the project. would u plz brainstorm with me for possible risks.

Answer 1

Assuming residential construction:
Macro economic conditions such as the housing market slumps should be the first concern. legislation on the mortgage industry will also accept the industry.

Now more local would be injury of workers, cost of goods sold, insurance, labor prices, etc...

The more important factor is what are you going to do with the results of this list. We (business consultants and instructor) do a simple FEMA analysis. Taken from the insurance industry. Rank the risk and severity then take only the top 20% and deal with those risks.

Answer 2

The steel won't come in when it's needed. The site will get muddy and the concrete trucks can't come in. There will be a union strike. All the walls will be up and then the client will remind you that he wanted it wired for a local area network. Changes will overwhelm you with complexity. The client will run out of money. The cost of cement will go up before you commit. The client will go out of business. The electrical inspector will be on vacation for 3 weeks when you need him, and then he'll want a bribe. The city will tell you that sprinklers are required two weeks after you finish and the client has moved in. You paint it the wrong color. The concrete cracks because of a freeze. Kids come in at night, steal all the power tools, cut off a finger, and sue you.

Answer 3

Need more information, what Kind of construction project? Are you building a bridge? House? More information would be helpful in identifying risks. Also are you using a PM tool like Microsoft project? This kind of software can help you find the risks associated with projects.

Some basic risks are things like contract negotiations with contractors, dispute resolutions, material shortages and overages, cost of goods, personal injury etc. But more information would help pinpoint more risks that are pertinate to your individual project.