What is a well-defined Risk in construction projects ?

According to my personal experience, many of the risks identified are not the real risk, but causes. look for the root cause (underlying risk) to make sure you understand the risk. for example, a threat of "customer delay in review of a submittal" might really be a threat that "the project has a low priority for the customer."

A wise project manager be constantly thinking "what is the root cause" while risks are being identified.

likewise making a table  Cause | Risk | Effect

Remember to review all risks before proceeding, to person qualitative analysis. 

The risk that addresses  fully the identified hazard 

Risk is the possibility of loss or injury. 

Project risk is an uncertain event or condition that, if it occurs, has an effect on at least one project objective. 

Risk management focuses on identifying and assessing the risks to the project and managing those risks to minimize the impact on the project. There are no risk-free projects because there are an infinite number of events that can have a negative effect on the project. Risk management is not about eliminating risk but about identifying, assessing, and managing risk.

• You need to sort firstly risks by category: 
  • For example, risks for the each subject of the project:
    • Risks for the constructor:
      • You have choose a constructor who is not able to do full
    • Risks for the client:
      • Your client can be broke, if it is a long term project, in the middle of the project.
    • Risks for the financials:
      • Some pricings can vary a lot from the budget to the time you buy it (for the difference of change of the dollar) 
    • .... a lot of more risks (these are only examples)
• You need to quantify these risks in money and time
• You need to guess the possibility of occurrence
• You need to balance which of these risks you should assurance, depending of the money you have for this purpose.

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 firstly .the effective  topic is the supervision by site civil engineers 

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