The project managers and project teams must know that managing risks on project involves identifying, risk assessment, risk mitigation strategy and evaluation of the impact of the risks event. Risk Identification involves using checklists of the potential risks and evaluate the likelihood event based on the experience of the large contractions companies executing major construction project. The past experienced in the project by the project team, experts in the industries or company can be valuable source for identifying potential risk on a project. Risk Evaluation: After the potential risk has been identified, the risk evaluation team, project managers then evaluates the risks based on the probability that the risk event will occurred or not. The likelihood and impact are both rated low ,medium and high in order to come with risk mitigation plan to addresses the high items rated high or low on both likelihood and impact. Identifying the sources of risks by category is another method for exploring potential risks on a project. Some example for category for the potential risks are: Technical Cost schedule Client contractual Weather Financial Political Environmental People is the risks of finding people without skills needed for executing the project schedule or the sudden unavailability of people at the project including unskillful labors. Risk Mitigation has been identified and evaluated, the project management and project team develops the risk mitigation plan to reduce the impact of unexpected event. The project team mitigate risks in the following ways using mitigation technique tools in reducing individual risk and profile of the project: Risk Avoidance is by the use of new technology for better performance to lower the cost by constructing vendors with proven track record over a new vendors and the project teams then carry the testing of the new technology for the project. Risk Sharing involves partnering with others like the international organizations to sharing responsibility for the risks to reduce the risks of legal, political,labors and others risks associated with the project through insurance. Risk Reduction is an investment of funds to reduce the risk on a project whereby an international organization purchase the guarantee of the currency rate to reduce the risk associated with fluctuation in the currency exchange rate . Project manager may hire experts or highly skilled personnel to manage a high risk activity to reduce cost estimate on a project. Risk Transfer is a risk reduction method that shifts the risk from the project to another party. The purchase of the insurance company on a certain risk items is the risk transfer method from a project to the insurance company for example the contractions sites is being damaged by the hurricane storm, labor strike,legal, political unrest of the country and weather condition that tends to affect the project and impact on a project. The risk management is a creative process that involves identifying, evaluating and mitigating the impact of the risk events. risk management can be very formal with defined work processes or informal or with no define formal processes or method. Formal risk evaluation involves the use of checklists, brainstorming and expert input. A risk breakdown structure (RBS) can follow the Work breakdown structure(WBS) to identify risk by activity. Risk evaluation priority, identified risk by the likelihood and the potential impact if the event happens. Risk mitigation is the development and deployment of a plan to avoid, transfer, share , reduce the risk to occurred on the project. Contingency planing is the development of alternative plan to respond to the occurrence of a risk the event. Contingency funds are the fund set aside by the project teams to address unforeseen event that causes the cost to increase budget. The project risk plan balance the investment of the mitigation against the benefit for the project.