Risk Mitigation in Construction

Introductionchecklist

Good risk management is imperative in construction to avoid delays, budget overruns and claims. Those involved in building construction would benefit from clients, designers and governmental agencies working together from feasibility forward to address potential risks effectively before they occur.

Contractors and sub-contractors should be included early in the process so that they can make sound preparations for executing safely, efficiently and in a high quality manner to deliver a project that meets the client’s expectations.

Five categories of risk

  1. Time - A tight time schedule is extremely significant in all types of construction. Due to the fact that insulating concrete forms are a low risk building material that can be built faster than conventional exterior wall assemblies, they play a positive role in the mitigation of tight project schedule risk.
  2. Cost - Although it is perceived that ICF/concrete exterior wall construction can be more expensive than other construction types, the reduction in build time using ICFs drives cost offsets like faster completions, which can provide earlier revenue or reduced construction loan interest costs.
  3. Quality - The risk of poor performance in a finished building can be mitigated by ICF/concrete construction due to its simple assembly and superior performance in energy efficiency, comfort, health and safety after the structure has been completed.
  4. Safety - Jobsite safety is improved with the use of ICFs due to their light weight. Since EPS is 98 percent air, moving ICFs around on a job site is easy work, especially for more mature laborers. Construction with insulating concrete forms may help reduce workers’ compensation claims and general insurance expense, most importantly, they may prevent injury to people working on the project site.
  5. Environmental sustainability – With many people thinking about being green, ICFs have a major appeal with the potential for reducing energy to heat and cool the building. The reduced operating energy, reduction of CO2, long service life and the use of local and recycled materials make ICF construction environmentally beneficial.