Risk management within the electrical distribution supply industry in South East Queensland
Journal of Financial Management of Property and Construction
This is the author version of article published as: Francis, Adam J. and Skitmore, Martin (2005) Risk management within the electrical distribution supply industry in South East Queensland . Journal of Financial Management of Property and Construction 10(1):pp. 45-53. ABSTRACT The electrical distribution industry in South-East Queensland is currently experiencing a period of rapid change as growth in the region far exceeds what could have been reasonably forecasted 10 years ago. It is due to
... go. It is due to this growth and the capacity requirements of customers that all distribution entities are significantly building up their program of works to meet this demand. Whilst this increased work is providing supply to the public, there is some uncertainty over the effects of this on the quality of the associated management involved due to the correspondingly increased amount of time and attention needed. Of especial concern is the extent to which effective project risk management is currently conducted or even possible under these circumstances. The research reported in this paper aimed to shed some light in this situation by capturing the 'real world' experiences, with respect to the risk management skills and application of those managers involved, and identify any deficiencies in current practice. This involved a questionnaire survey in 2004 of a sample of forty-six project managers, representing a thirty-one percent response rate, within the electrical distribution industry in South-East Queensland. Surprisingly, in view of the supposed unusual local circumstances involved, the results agree substantially with previous studies of actual risk management practices generally in that there is an underutilisation of risk management due to managers' concerns about the time and resources needed, together with a desire for a more thorough assessment of risks by means of a formal risk management process.