How to manage construction project risks*
Construction projects are inherently risky. A poorly managed project can easy have overruns twice its original budget. Many projects are one-of-a-kind, involving participants who have never worked together before and have their own interests to satisfy. Construction projects are also notoriously fraud-ridden. These risks threaten both large and small construction projects and, if realized, can impact a company’s ability to conduct business as usual. Should a project go astray, it can become a huge management distraction and lead to litigation that can last for years—and result in massive unanticipated costs.
If this is your situation
- You need a plan for addressing potential construction project fraud and irregularities.
- You want to handle existing or anticipated dispute claims from vendors, contractors or owners effectively.
- You require expert witness services to assist with a schedule or quantum issue.
- You need to tighten procedures and controls to improve an underperforming project.
- You must increase accountability and develop better controls to address Sarbanes Oxley regulations.
How PricewaterhouseCoopers can help you
The PricewaterhouseCoopers construction advisory services practice includes experienced construction professionals—such as CPAs/chartered accountants, engineers, project managers and certified fraud examiners)—who investigate, advise and assist clients in managing construction risks.
Services we provide include the following:
- Monitoring and overseeing projects using management reporting tools to reduce project costs and timelines while improving performance and quality.
- Assisting owners, legal consultants and engineering and construction companies to maximize opportunities, improve performance and mitigate risk throughout a project’s lifecycle.
- Establishing causal links between technical issues and their impact on project timelines and costs in the event of a dispute or claim.
- Developing strategies to optimize the outcome of the dispute resolution process.
- Negotiating and acting as independent experts in mediation, arbitration and litigation.
