Construction Management Managing Risk In Multifamily Construction

Multifamily construction can be complicated without proper organization. There are several factors that help address or eliminate risk that most owners don’t utilize, however they are pertinent to an effective and efficient project. A major factor to manage risk is to keep the overall project’s best interest in mind, ensuring that all parties understand their expectations and resposabilities.

Integrated teams are beneficial in construction projects to reduce the margin of error. Having representation of all different fields allows for multiple perspective to be considered, which speeds up the process during the design phases. Subsequently, engaging all significant players during the design phases results in a more effective design.

Managing 80 million dollar projects requires focused communication. Creating a larger integrated team would ensure better communication among team partners. It is important, however, to ensure that trade partners are on the same page as everyone else on the project. One must influence trade partners to buy into the whole project's success, rather than the single compartment for which they are responsible. This drives better end-result scenarios and builds a foundation of trust, which helps create a collaborative culture. 

Formalizing an integrated team approach promotes a shared liability among trade partners, even those trades that are not present on a day-to-day basis.

It reduces the risk of construction delays, budget overruns, and minimizes potential disputes. In turn, all trade partners are willing to go the extra mile and effectively negotiate better deals that otherwise could become costly.

During construction, managing with effective coordination is complex and multifaceted. Creating a live master schedule document is fundamental to learning your team velocity. Slow means fast. Once you work out the first group of buildings in a large job, it leads you to build on a steady flow. This can allow you to find ways to accelerate overall.

Managing risk expectations properly is necessary to obtain a successful project. Failing to do so may result in time overruns and can have serious consequences. Time delays are depremental to the project. Ensuring all parties understand their roles and responsibilities and the job expectations is critical to lessen risk. While multifamily construction can be complicated, communication within the team and proper relationships with trade partners allow the project to become the best it can be.