Review article

Construction project risk management is a comprehensive process of identifying, classifying, evaluating and continuously monitoring project risks at all its stages. The article analyzes the very concept of risk, identifies the difference between risks, uncertainties and constraints, and examines the various risk classifications that may be associated with construction projects. A methodology is proposed for correlating risks with the project as a whole, with work packages, individual activities, resources or resource’s assignments of the construction project. The impact of risks on the main parameters of a construction project is analyzed. The functions of risk probability distribution are considered depending on the project implementation time.