Although probabilistic risk analysis methods have been available to engineering and construction practitioners for decades, their use is not pervasive in industry today. To determine why their use is not more prevalent, the research team conducted in-depth interviews and administered survey questionnaires. The analysis of these data identified the benefits and barriers of employing probabilistic risk analysis. Engineering managers can implement more formal project risk management approaches by exploiting the benefits and training employees, adopting processes and procedures for risk management, and regularly communicating the results of probabilistic analysis with project stakeholders.