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Like everything else in life, construction projects are not free from risks, so managers of projects have to be aware of them so that the timeline of the project is not affected. They need to be proactive in assessing these risks and carefully observe these threats to avoid them at all costs.
Kanat Sultanbekov – Understanding the possible risks that can damage your project
Kanat Sultanbekov is a skilled construction manager with a proven track record of leading teams effectively and proactively completing projects. He believes in balancing strategic planning, risk management, and operational processes to ensure the highest safety standards and ensure that the work is done correctly for the first time. He has studied from the Harvard Business School, The Economics of Blockchain as well as Digital Assets Certificate Program from The Wharton School Aresty Institute of Executive Education of the University of Pennsylvania.
Safety risks
Construction managers have to ensure there are no safety risks to the project; if they do not manage them carefully, the risks involved can be hazardous. Construction sites have several safety risks; for instance, workers can fall from a height, become electrocuted by live wires, get crushed, or get stuck in large equipment. Workers’ fatalities occur if the correct safety and compliance standards are not followed on the construction site effectively.
Financial risks
Financial risks have adverse effects on the profitability of the project, and when it comes to them, no company wishes to step back on the timeline of the project with monetary problems. Repairs and replacements often take up a lot of project funds along with other factors like economic factors, for instance, high rates of interest, costs of raw materials, theft of equipment, competition from other rival companies, and other external factors. The above elements are threats to the finances of the projects, and construction managers need to pay attention to them so that the success of the project is not affected.
Management risks
All of the above factors pose a big risk to construction projects. Unprofessional and poor communication between the client and team leads to problems on the construction site, and conflicts arise if the expectations on the deliverables are not met in time. They lead to project delays, and other risks to the project are unrealistic timelines for the project.
According to Kanat Sultanbekov¸ there are external elements like weather conditions of the location that pose a big risk to construction projects. Likewise, natural calamities like typhoons, storms, and heavy rainfall are safety risks for the whole project and for the workers on the site. For instance, an earthquake or a heavy flood can cause havoc on the construction site, damaging the work that has already been done, causing financial losses and extensive setbacks to the construction company supervising the project.
Construction managers have to be very careful when managing the above risks, so emphasis should be made on them during the planning phase to keep these risks at bay!
