Abstract
Project Risk Management is a critical construction management skillset for identifying risks, assessing risks,
strategizing, and executing risk mitigation plans. Proactive risk management has been found to reduce
negative impacts to project objectives and increase customer satisfaction. To improve project risk management
contractors have a method of measuring perceptions and practices of risk management, also known as risk
maturity. Previous research has identified a model for measuring five major attributes of risk maturity they are
(1) management’s perspective of risk management; (2) organizational risk culture; (3) risk identification; (4) risk
analysis; and, (5) standardized risk management process. This study presents the risk maturity of seventy-one
electrical contractors in the United States. The study finds that the contractors have high levels of trust within
their companies and emphasis on managing project risks. However, the group is found to lack standard project
risk management tools and communication methods. The study provides contractors a benchmark of the
industry’s risk maturity and identifies opportunities in which project risk management can be improved in the
industry.
Original language | American English |
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Journal | The Professional Constructor: Journal of the American Institute of Constructors |
Volume | 43 |
Issue number | 2 |
State | Published - 2018 |
Externally published | Yes |
Keywords
- project risk management
- risk maturity
EGS Disciplines
- Strategic Management Policy
- Electrical and Computer Engineering