Using a case study聽analysis聽of聽Construction聽Industry Institute (CII) and聽ProjectManagement Institute (PMI) member companies, this CII-funded research sought to understand the current use of聽risk聽management tools in the industry, including deterministic and聽probabilistic聽project-control techniques. The results indicate that formal聽risk聽analysis聽is not adopted universally. Given the benefits realized from the use of these tools, this research sought to understand why organizations are not using more formal聽probabilistic聽approaches to聽risk聽management. The research uncovered several聽barriers聽organizations face when trying to implement these聽probabilistic聽approaches, including a lack of organizational support, a lack of procedures, a lack of technical expertise to implement and interpret outputs, and a lack of transparency amongst stakeholders. By focusing on overcoming these聽barriers聽through training employees, adopting processes and procedures for聽risk聽management, and regularly communicating with聽project聽stakeholders; organizations can implement more formal聽project聽risk聽management approaches when warranted.
Senesi, C.,聽Javernick-Will A., and Molenaar, K. (2012). "." Construction AV名湿 Congress.聽West Lafayette, IN. doi:聽10.1061/9780784412329.246