Project risk management involves the continuous identification, evaluation, and mitigation of risks or hazards that if occurred would have a negative impact on project objectives. The heavy civil deign industry has developed a formalized process for carrying imploring project risk management. This presentation will provide a summary of this process to manage project risks both qualitatively with risk registers and how to quantitatively characterize project risk exposure in terms of cost impacts and schedule delays. The presentation will also include brief examples and case histories.