Three quarters of building owners and contractors have experienced a dispute or claim in the last three years, and nine in ten say increased collaboration can be used to mitigate future risk, according to a new SmartMarket report “Managing Risk in the Construction Industry” from Dodge Data and Analytics. SMACNA served as a research partner on the report.
The report provides a unique link between specific risk reduction practices—like conducting regular meetings with the full project team, formal brainstorming, and developing a plan to manage risk—and tangible project benefits, such as reduced construction cost, improved project schedule, and improved safety.
"This study contributes to the growing body of knowledge about the positive impacts of project collaboration," says Steve Jones, senior director of industry insights research at Dodge Data and Analytics, "and early collaboration by team members can lead directly to less project risk and crisis—a significant incentive to start working together better, more often."
The SmartMarket report “Managing Risk in the Construction Industry” is available for free download on the Dodge Data and Analytics website, www.construction.com.