Abstract: - Risks are quite a common in construction sector. Time, Cost and Quality are the three main factors having significant impact on construction project performance. The overall aim of this research is to evaluate the risks at the project site based on its impact. This paper aims on the domain of risk management by studying the risk identification procedure, criticality of various risks and risk factors in construction project, evaluation of the current risk allocation practices & perception of project participants and development of modelling & assessment framework for the critical risks in the projects. Also, this study comprises of a questionnaire survey and interview with the various experts to highlight the limitations of existing circumstances of the construction project practices in terms of risk management. Keywords: - Risk management, Risk score. Cost, Quality, Time.