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.
Putting together a winning bid package requires a lot of time and effort. It starts with reviewing and fully understanding the plans and specifications to accurately estimating costs for labor, materials, and equipment.
