Report Shows Collaboration Practices Reduce Risk On Large Projects
Nine in 10 building owners and contractors believe that increasing collaboration among project teams can reduce risk of future claims, according to a new report by Dodge Data & Analytics sponsored by Procore. The report highlighted the value of collaboration approaches including regular team meetings, formal brainstorms, and groups of stakeholders coming together to develop risk management plans together.
The notion of such proactive collaboration practices has long been known throughout the construction industry, but with the rise of mega projects comprising huge numbers of subcontractors and partners, the stakes for mitigating risk have only gotten higher.
Among the findings from the survey conducted of building owners, general contractors, and trade contractors:
81% of all respondents believe labor scarcity will increase project risk
33% of general contractors consider labor procurement and subcontract management high risk areas
75% of building owners and contractors have experienced a dispute or claim in the last 3 years
Download the full report here.