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Abstract
The purpose of this study was twofold: (1) Identifying the risks that are critical for risk management of road construction projects in Sri Lanka on a life cycle basis and (2) defining the shares of the parties involved in projects in terms of handling the identified risks. A Delphi study was conducted among 33 Sri Lankan experts (consultants, project managers, contractors) in three rounds. The findings showed that the construction and design phases are prone to many major risks. Moreover, ‘delays in payment by the client’ was the most critical risk factor in the construction stage. Furthermore, it was established that some major risks could occur in more than one phase of the project life cycle, stressing the necessity of handling these risk factors as a prerequisite for project success. The discussions presented in this study would enhance the effectiveness of implementing risk management practices in Sri Lankan road construction projects. From a broader vantage point, it will also serve the risk management body of knowledge in the construction industry.