Analysis of Risk Assessment Techniques Used by Top Construction Firms in United States

Risk continues to be an issue of concern in the construction industry. Regardless of size, all construction firms are faced with risks in the implementation of their projects. While risks cannot be totally eliminated in the course of doing business, attempts should be made to minimize them. Although various studies have been conducted in the area of construction risk management, the majority of these studies were limited in scope and often focused on international firms. This study was conducted to assess the risk management techniques often used by major contractor firms in United States. Using a structured survey questionnaire for data collection, a random sample of 200 study participants was selected from the list of top 400 contractors published by the Engi neering News Record. The findings revealed that the majority of contracting firms use some forms of risk management techniques to mitigate project risks. However, the traditional methods of using intuition, judgment or experience were still the most...