The building construction industry in New Zealand (NZ) grapples with unforeseen disruptions that lead to schedule delays, especially in complex projects. This study, with its innovative approach, aimed to identify the most critical risk and investigate the causality of factors influencing Dynamic Scheduling (DS) in NZ’s building construction industry. The findings of this research, which utilised a mix of research methods, including a systematic literature review (SLR) and semi-structured interviews (SSI) with industry professionals (IP), are significant. The SLR identified 156 unique global causes of delays and 56 interrelationships among all the factors. The SSI, on the other hand, highlighted 26 NZ-specific factors and 38 interrelationships influencing DS. This paper focused on the IP’s narratives of the 38 causalities of each factor within the NZ context to identify the highest Degree of Centrality (DC) to measure the most critical risks. The most critical risk in the NZ context was poor planning, scheduling, and control, underscoring the need to apply DS techniques in Building Construction. Conversely, variations in the project/additional work was the most influenced factor. The Causal Loop Diagram (CLD) model provided a holistic view of the complexities and inherent risks from the perspectives of the key stakeholders. This original pilot study offers valuable insights for improving DS practices in NZ’s building construction industry, thereby enlightening the industry professionals, researchers, and academics in the field.