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SmartMarket Report
Managing Risk in
the Construction
Industry
Premier Partner
Supporting Partners
Research Partners
LARGE
OWNERS
GROUP
1116SMR_Risk_FrontCover.indd 1 2/14/17 9:48 PM
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Dodge Data & Analytics Managing Risk in the
Chief Executive Officer Construction Industry
Michael Petrullo SmartMarket Report
Executive Editor About Dodge Data &
Dodge Data & Analytics Stephen A. Jones Analytics
Research & Analytics/ Managing Editor Dodge Data & Analytics is a
Industry Insights Donna Laquidara-Carr, Ph.D., LEED AP
Senior Director, Research & Analytics technology-driven construction
Burleigh Morton Vice President, Marketing project data, analytics and insights
Sharon Lubrano provider. Dodge provides trusted
Senior Director, Industry Contributing Art Director market intelligence that helps
Insights Research construction professionals grow
Stephen A. Jones Alison Lorenz
Contributing Art Director their business, and is redefining
Director, Industry Insights Research and recreating the business tools
Donna Laquidara-Carr, Ph.D., LEED AP AD-BOUTIQUE, INC.
Terumasa Yamada and processes on which the
Reproduction or dissemination Contributors industry relies. Dodge is creating an
of any information contained Bruce Buckley integrated platform that unifies and
herein is granted only by contract Katharine Logan simplifies the design, bid and build
or prior written permission from process, bringing data on people,
Research Project Manager projects and products into a single
Dodge Data & Analytics. Susan Barnett, MRA, PRC hub for the entire industry, from
Copyright © 2017, building product manufacturers to
Dodge Data & Analytics, For further information on this contractors and specialty trades to
SmartMarket Report or for any architects and engineers.
ALL RIGHTS RESERVED in the series, please contact: The company’s products include
Dodge Data & Analytics Dodge Global Network, Dodge
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Dodge.Analytics@construction.com
To learn more,
visit www.construction.com.
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SmartMarket Report
Introduction
Y onstruction has always been respondents report experiencing from
R an industry with a high level each. Not surprisingly, given the very
T
US of risk. Increasing project different experiences of risk they report,
D Ccomplexity, large project owners and contractors also experience
N
I
N teams and the inherent physical very different benefits from their use of
O
I dangers of the work itself all contribute risk management strategies.
T
C That said, though, a clear pattern
U to this reality. However, too often the
R
T industry accepts high risk as a standard emerges in regard to the impact Stephen A. Jones
S
N operating condition. As construction of collaboration on reducing risk. Senior Director
O Industry Insights Research
E C activity accelerates after the recession, The two top strategies for all Dodge Data & Analytics
H improving risk management is as respondents—formal brainstorming
N T important as increasing productivity, with the team and regular project Stephen A. Jones leads
K I safety and profitability, so we believe meetings with the full team focused DD&A’s Industry Insights
S
I Research division. He
G R this study is both critical and very timely on risk—enhance collaboration across is active in numerous
N for the industry. teams and yield critical benefits like
I industry organizations
G While built upon the foundation of increasing reliability in overall project and frequently speaks at
A
N the seminal risk management study performance, reducing the cost of industry events around
A the world. Before DD&A,
M Dodge Data & Analytics (then McGraw construction, improving project Jones was vice president
Hill Construction) conducted in schedule and improving safety. with Primavera Systems
2011, this study takes a broader This is reinforced by the high (now part of Oracle), a
approach with over 500 respondents value all players place on project global leader in project
management software.
representing a wide range of building delivery methods that encourage Prior to that, he was
sectors, including general building, greater team integration as a means principal and a Board of
institutional, industrial and non-building to drive expanded future use of risk Directors member with
(horizontal infrastructure). management practices. Likewise, Burt Hill, a major A/E firm
(now merged with Stantec).
The study reveals that risk continues contractors in particular find the
to have an enormous impact on the lack of cooperation among project
construction industry, with three team members to be a critical
quarters (75%) of respondents reporting obstacle to their increased future
that they have experienced a dispute or use of these practices.
claim in the last five years. The most telling finding, though,
The findings also demonstrate comes from directly asking the
that the experiences of risks differ respondents whether increased
between owners and contractors. collaboration reduces risk. There is
Owners feel the greatest impact from resounding agreement that this is the
planning/scope changes, schedule case, with 91% affirming this statement. Donna Laquidara-Carr,
changes and cost escalation, while However, the concern about Ph.D., LEED AP
GCs and trade contractors are more contracts also demonstrates that Industry Insights
concerned about labor procurement effective risk mitigation begins Research Director
Dodge Data & Analytics
and contractual risks (from how risk is from the start, with how the project
apportioned directly by the contracts, team is contracted and the delivery Donna Laquidara-Carr
to issues like warranties, guarantees, method selected. currently provides
etc.). These varying perspectives on We would like to thank our premier editorial direction,
analysis and content
risk lead to differing priorities when partner Alliant for helping us to bring to DD&A’s SmartMarket
selecting the best risk evaluation and these important findings to the industry. Reports. Prior to this
mitigation strategies. In addition, we thank Procore and position, she worked for
nearly 20 years with DD&A’s
One of the most important findings e-Builder for their support, and we also Dodge division, where she
of the study examines which of the 10 thank all of our research partners for gained detailed insight into
risk evaluation and mitigation strategies their efforts to engage the industry in the construction industry.
are most effective and what key benefits the study.
Dodge Data & Analytics 1 www.construction.com SmartMarket Report
SMR1116_Letter_1.indd 1 2/14/17 9:55 PM
SmartMarket Report
MANAGING RISK IN THE CONSTRUCTION INDUSTRY
TABLE OF
CONTENTS
4 Executive Summary
4 Executive Summary
7 Data
7 Introduction
8 Exposure to Risk on Past Projects
8 Frequency of Experiencing a Claim or Dispute
9 Disputes and Claims With Greatest Impact
10 Types of Projects Prone to Construction Defects
11 sidebar Risk Management in Transition
12 sidebar Managing Subcontractor Default Risk
14 High Risk Factors
14 Strategic Risks
15 Operational Risks
17 Financial Risks
18 Risks Due to Hazards
20 Top Risks by Player
21 sidebar Active Shooter Risk: More Manageable Than You Might Think
22 Evaluation and Mitigation Strategies for Risk
22 Use of Risk Evaluation Strategies
24 Most Effective Risk Evaluation Strategies
25 Top Benefits of Formal Brainstorming
27 Top Benefits of Using Checklists, Forms and Risk Registers
28 Top Benefits of Inputs From Experts
32 Use of Risk Mitigation Strategies
36 Most Effective Risk Mitigation Strategies
y
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t 37 Top Benefits of Regular Meetings With Full Project Team Focused on Risk
a
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u 39 Top Benefits of Developing a Plan to Manage Risk
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: B 40 Top Benefits of Contingency Plans
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a 42 Top Benefits of Other Mitigation Strategies
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p 43 Top Evaluation and Mitigation Strategies to Achieve Benefits
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l 45 Triggers and Obstacles for Increased Use of Risk Management Practices
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a P 45 Top Triggers Encouraging Greater Future Use of Risk Management Practices
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o 47 Top Obstacles to Greater Use of Risk Management Practices
y J
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i 48 data sidebar Surety Expert Perspectives
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SmartMarket Report Dodge Data & Analytics 2 www.construction.com
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