The proper practice of managing risks is every construction contractor’s road to a successful business. Risks related to the construction industry are vast and varied given the industry’s inherent nature. As such, project success very much rests on how well construction contractors stay on top of the risk-managing game, particularly when it comes to crafting superb risk response strategies.
Putting together a winning bid proposal is a lot more complicated than putting some numbers together and hoping for the best. Good bid preparation requires a lot of time and effort that involves everything from reading and fully understanding the plans and specifications to accurately estimating costs for labor, materials, and equipment. Making even the smallest mistake can mean the difference between having a winning bid proposal and missing out on a coveted project.
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The commercial construction industry relies on a number of mutually beneficial relationships. This is most evident is the relationship between general contractors and trade contractors. General contractors typically subcontract out work to a variety of subcontractors in order to successfully complete construction projects. In turn, trade contractors rely on general contractors to provide them with work on projects they have been awarded.
Change orders are an inevitable part of working in the construction industry. You’ve probably had to deal with them at some point on a project and will continue to have to deal with them on future projects.
More and more builders are starting to think beyond traditional construction methods as we reimagine how projects are conceptualized, designed, and executed. You only need to skim the headlines to discover scientists researching how cigarette butts can conduct energy in bricks and pavement and paint developers rethinking chemicals and colors for more energy-efficient homes.
“To bid, or not to bid, that is the question.” It ain’t exactly Shakespeare, but the decision to bid on a project shouldn’t be taken lightly. You invest a great deal of time and resources into putting together a bid, so it’s important to make sure you are carefully identifying the right projects to go after. One way to do this is by conducting a thorough bid/no-bid analysis that meets your company’s goals and is in line with your long-term strategy.
In construction, the successful completion of a job is accomplished through effective project management. Delivering a quality project to your client on time and within budget, while also turning a profit for you and your subcontractors is no easy feat. It requires careful planning, detailed monitoring of the progress, and communication and collaboration among all the major stakeholders and team members.
Construction is a tricky business. Especially, when it comes to the initial stages of the project lifecycle such as estimating and bidding process, contractors are often found struggling with inefficiencies. Though it is very natural with construction projects that involve a large number of tasks, it is significantly important to manage all the resources and funds wisely to ensure maximum profits and cash flow.
Long viewed as a male-dominated field, the construction industry has slowly been adding more and more women to their offices and jobsites as they fill roles as varied as construction technologists to painters.
Effective risk management is key to every successful construction project. It can be the difference between making a nice profit and breaking even or worse, suffering a loss. So when should you begin your risk assessment? Are you doing it during contract negotiations or are you waiting until after you’ve received a notice to proceed? The truth is, risk management should begin during the bid preparation.