What does it mean to mitigate risk in construction?

Mitigating risk in construction involves implementing strategies and actions to minimize potential losses or damages that could arise during a project. This is achieved through careful planning and management, which may include conducting thorough risk assessments, identifying potential hazards, and developing contingency plans. Effective risk mitigation ensures that the project can proceed smoothly while minimizing negative impacts on safety, time, and finances.

In the context of construction, this proactive approach helps to safeguard the well-being of workers, protect property, and ensure that the project stays within budget and on schedule. By addressing risks upfront, contractors can create a more secure environment and increase the likelihood of project success.