Barriers to real options adoption and use in construction project management practice

The limited adoption and use of real options by practicing construction managers remains an important challenge. Wider use requires identifying, describing, and addressing barriers to adoption. The barriers proposed to date do not include the complex and risk-rich practice of construction project management. This paper first describes how real options can add value, but are not fully exploited in construction management. New specific barriers to widespread real options adoption and use by construction project managers are then identified and described. These barriers are used to suggest tools, methods, and approaches that may increase adoption. Research and development needs to increase the adoption and use practicing construction project managers are discussed.

Barriers to real options adoption and use in construction project management practice Conference Paper