In most of the construction projects, there are many events or risks may occur during the execution
of project. These risks (e.g. the excess of project cost or the expected time, increasing the prices of
material and labor, accidents, changes, engineering errors or omissions, bad quality, delay in
reaching the facilities to the site, etc.) may effect negatively on the project and the parties.
Therefore, these risks must be identified and assessed accurately to avoid or reduce the negative
effects for these risks. The concept of risk is used to assess and evaluate uncertainties associated
with an event or a process. A construction process includes many uncertainties, therefore, the
construction project’s parties are becoming aware of the construction process and thus the risks
within this process are seeking more and more clarification that all is being done to remove
foreseeable risk and minimize unforeseeable risk. It is also becoming clear that generic approaches
to the management of risk are maturing and becoming easier to apply.