How do you learn from and share lessons on construction risk and uncertainty management?

Identifying Risks is the most critical stage in risk management process during early in the project lifecycle. The project team should hold brainstorming sessions to recognize any known or potential risks by asking what risks are presented by the project.

Identify and assess risks of the project as first step to be in risk management and we should have risk register and checklists. in all Method statments we should attach risk assessment analysis as an annex. we should perform brainstorming, meeting, discussion, workshops with all key people in the project to define all risks as much as possible.

Plan and implement responses for the risks which have been identified through document that explains the strategies that would be taken to mitigate negative project risks, it's already part of risk management plan of the project. Good risk response starts with good risk identification.

The key to effective risk management is an experienced, knowledgeable risk management facilitator who can efficiently manage all stakeholders and strong support by the Project Control team. The nominated facilitator should be construction professional with experience in different types of projects. Additionally, the project team should receive comprehensive risk management training and workshops from experienced risk management professionals.

This approach would allow the Project Control department to track progress regarding mitigation efforts and to provide the necessary resources. An additional measure that could be introduced to enhance risk mitigation is a mitigation control ratio, which would supplement the probability and likelihood equation as a tangible measure. This ratio would take into account the issue/risk value, the pre- and post-mitigation timelines, and to be updated in the weekly executive team report by the Project Manager. The ratio value would determine whether the executive team/Project Control department would receive red, amber, or green indicators on the report, which would enable them to respond accordingly.

Monitor and control risk, having a risk response plan and implementing risk response strategies are methods to better manage our project and deliver success.

The central question then becomes how to effectively manage and mitigate risks. A practical solution would be to designate a risk management facilitator to report and work alongside the Project Manager in monitoring risk management. The first step in this process is to distinguish between current issues and long-term risks. Subsequently, the most pressing issues and critical risks should be identified, and during weekly progress meetings, stakeholders should reach an agreement on a mitigation plan. In addition, regular progress meetings should also incorporate discussions on risks, with a list of agreed-upon actions. To ensure that the project team is held accountable, top risks and issues must be regularly reported to the executive team.

To learn from & share lessons on construction risk & uncertainty management, organizations should conduct post-project reviews to capture insights, analyze data for trends, and document best practices in a centralized repository. Regular training & workshops can enhance team skills, while knowledge-sharing platforms promote collaboration & ongoing communication. By fostering a culture of continuous feedback & learning, teams can collectively improve their risk management strategies & enhance project outcomes.

Lessons learned are game-changers in construction risk management. Analyzing past hiccups, like your scope ambiguity, helps identify weaknesses and develop proactive strategies. They improve communication by highlighting areas for better stakeholder (client, sales, design) interaction. Capturing these lessons builds a valuable knowledge base for your team, fostering continuous improvement and a risk-aware culture. Formalize the process, review regularly, and learn from industry insights to maximize the power of lessons learned.

The conventional approach to managing risks involves consolidating all risks identified during risk workshops into a risk register and assigning owners to these risks. Typically, it is the Project Manager who supervises this process. However, a significant proportion of these risks remain unaddressed after being included in the risk register. Some risks materialize as costs, some are deemed invalid, while others are naturally mitigated over time.

Understand if/how weather/climate modeling can be incorporated into your risk modeling. Depending on the job location, using a high-quality sub-seasonal forecast in the planning stage can be worth the cost to implement many times over. Weather affects jobs in non-obvious ways: sustained heat can lead to lower attendance, suppliers can be impacted by adverse weather, and site risks are amplified by unforeseen and unaccounted-for inclemency.