A Review of the Barriers to Implementing Project Risk Management and a Study of Their Impact on Electrical Contractors’ Risk Maturity Levels

A recent study has shown a positive correlation between owner satisfaction during construction projects and the contractor’s level of project risk management (PRM) capability. This capability can be measured and is known as risk maturity. Risk maturity can be improved within individuals and project teams. Both training and tools are available for improving risk maturity, however, previous studies have found that there are consistent barriers to implementing PRM. This paper provides a review of the barriers and identified five common PRM barriers. Risk maturity scores were captured for 25 contractors, additionally, the contractors were asked to rank order the five common barriers. This study measured the association and correlation between the rankings of the barriers and the risk maturity levels. Data is captured through surveys of electrical construction companies through a research grant with ELECTRI International. The associations between the barriers and risk maturity levels are identified with a Pearson correlation test and the correlation is tested through a linear regression analysis. Eight correlations were found between the levels of risk maturity and the barriers to implementing PRM. The findings from this research will help professionals and organizations identify and plan for the barriers to implementing PRM dependent on their risk maturity level.