Mitigation is the lessening or elimination of the causes, frequency, and severity of exposure of potential risks from an undesirable event. Mitigation is a significant element as it prevents unnecessary financial risk and losses. In many insurance contracts, there are various conditions and clauses are added and emphasized to ensure minimum loss and harm. The insurance companies employ different quantitative techniques to assess the risk and decide the appropriate measures to remove or compensate the risk.
Construction Mitigation is done to protect the workers from injury and loss which can occur during the construction of either a residential or commercial building. The construction of a building is no easy task and requires the use of heavy mechanical and electrical machines and also requires the workers to work from a height which could result in severe and fatal injuries. Construction is also a lengthy process where all the personnel involves such as contractors and workers need to be careful as even a minor mishap could disrupt and hinder the completion of the project. Mitigation or reducing the risk is a necessary element of all types of construction projects such as residential housing projects, office buildings, and warehouses. The construction process usually involves in first understanding how to plan and fund the project while implementing the right mitigating strategies to minimize the risk.
The factors which make construction mitigation essential are
- Budget shortages
All types of construction projects are high budget because of the amount of work required. Having small budget or financial losses is something that no one would want to happen. Losing the funds would not only result in an uncompleted project, but money would also be lost from the portion or part that is completed.
- Experience of the contractor
The selection of the contractor would significantly affect the success or failure of the project. An experienced contractor would know beforehand how to manage the work required and also manage the budget effectively. The qualified contractor would even know about the modern trends and bring new ideas which would be achievable. Hiring an inexperienced contract would be kind of a financial risk as he would take more time and would not be able to handle the pressures of disruption or not completing the construction on time.
- Inspector performance
The inspection agencies have set different training standards for their inspectors. It is tough to determine what type of quality service and inspection you will get.
- Defined schedule and timeline
Every construction project follows a strict and defined schedule. It is sometimes quite complicated to manage the project timelines as taking extra time for completion would increase the overall project cost, cost of overheads, and result in extended downtime.