Raleigh, North Carolina – June 15, 2016. FMI Corporation, the leading provider of management consulting and investment banking services to the engineering and construction industry, is pleased to announce the release of its second FMI Quarterly issue for 2016. The publication (co-sponsored by Zurich) comprises a collection of industry insights and strategies focused on how engineering and construction firms can mitigate and manage risk in today’s dynamic business environment.
Chris Daum, FMI’s CEO, states, “The main theme running through all of the articles of this edition deals with the issue of risk. A generation ago, the issue of risk revolved around owner and project selection, project execution, and effectively dealing with change orders. The ballgame has totally changed today. We’re dealing with issues of risk that, by themselves, in spite of world-class execution, can derail even the best of contractors.”
The FMI Quarterly presents a variety of approaches and strategies for addressing specific risks like selling a company or subcontractor defaults as well as more widely applicable approaches for assessing project risk profiles, to name a few.
The FMI Quarterly also updates one of FMI’s classic studies “Why Contractors Fail,” which presents root causes of contractor failure, and discusses research findings in the context of today’s changing risk environment.
Hugh Rice, senior chairman at FMI and one of the authors of the original study, states, “Construction is an ego-driven business. To be a successful contractor you have to be an optimist. Self-confidence is key to success, but over-confidence and feeling invincible can lead to over-committing the organization and often results in spectacular failures.”
Founded in 1953 by Dr. Emol A. Fails, FMI is the leading management consulting and investment banking firm dedicated exclusively to the engineering and construction industry. FMI professionals serve all sectors of the industry and combine more than 60 years of industry context and leading insights to achieve transformational outcomes for clients. Industry Focus. Powerful Results.