From the course: Construction Management: Managing Risk
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Establishing a documentation system
From the course: Construction Management: Managing Risk
Establishing a documentation system
- A critical step in establishing an effective risk management system is the establishment of an effective documentation system. If your project estimators are involved in the risk management process, as they should be, and they're identifying and accessing project-specific risks and decisions are being made as to how to handle that risk, what good does it do if none of that information makes it into the hands of project management team once the project starts? They'll be left to either repeat the process on their own, or to make assumptions that may or may not turn out to be true. This is poor risk management. You have to have a way to document the assessments and the decisions in order to follow through. Decisions on scope that were made during the bidding process have to be documented so that these make it into the contract later, otherwise, you're likely going to end up taking on the risk because you were not aware of the assessment and the plan for handling it. Documentation is…
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