Utilization of risk management practices by construction project managers in the United States

Risks are inevitable part of any construction project and, while there is a plethora of risk analysis tools, construction projects managers have a poor record of dealing with the construction risks and uncertainties. As a result the stakeholders have been suffering the distressing results such as schedule delays, budget increases, and delivering projects below the specified quality standards. The purpose of this study was to survey what types of risk management practices have been implemented by construction project managers in the United States and based on the findings explore characteristics that contribute to the increased utilization of construction risk management techniques. The population selected for the study consisted of construction industry professionals who participate in construction project in a decision making role and who reside in the United States. An exploratory survey design has been selected for this study that included collecting quantitative data, analysis of the data, and providing explanation of the results. The exploratory survey design allowed the discovery of relationships among a large number of variables within the study and the direction of the observed relationship. Despite the existence of numerous risk management analytical tools, the study revealed that due to the either absence of knowledge or deficient information as well as skepticism on the appropriateness of the available models, construction project managers do not seek help in developing effective risk mitigation plans. The study showed that the project managers' education level was positively correlated to the utilization of the risk management techniques whereas the years of the professional experience were not significantly correlated. Abstract Risks are inevitable part of any construction project and, while there is a plethora of risk analysis tools, construction projects managers have a poor record of dealing with the construction risks and uncertainties. As a result the stakeholders have been suffering the distressing results such as schedule delays, budget increases, and delivering projects below the specified quality standards. The purpose of this study was to survey what types of risk management practices have been implemented by construction project managers in the United States and based on the findings explore characteristics that contribute to the increased utilization of construction risk management techniques. The population selected for the study consisted of construction industry professionals who participate in construction project in a decision making role and who reside in the United States. An exploratory survey design has been selected for this study that included collecting quantitative data, analysis of the data, and providing explanation of the results. The exploratory survey design allowed the discovery of relationships among a large number of variables within the study and the direction of the observed relationship. Despite the existence of numerous risk management analytical tools, the study revealed that due to the either absence of knowledge or deficient information as well as skepticism on the appropriateness of the available models, construction project managers do not seek help in developing effective risk mitigation plans. The study showed that the project managers' education level was positively correlated to the utilization of the risk management techniques whereas the years of the professional experience were not significantly correlated.