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Risk management is a topic heavily researched and i mportant for industry professionals. Both academic and industry perspectives are critical to advancing thi s field, especially in risk identification and taxo nomy. A unique comparison and convergence of these perspectives is developed in order to understand the most relevant risks for projects and to ensure they are addressed in the risk management process. This comparison is created via a content analysis of the relevant literature and a survey to industry profe ssionals. The differences and similarities among risks are an alyzed, revealing that both perspectives emphasize financial/economic risks. The literature tends to f ocus on political; acts of God classified risks, wh ereas the industry places emphasis on regulatory risks. An el aboration of variations is performed aiming to impr ove the literature-based taxonomy taking into account t he industry perspective to ensure its risk manageme nt process responds to these risks and provides a clea rer focus towards future research.

Project Risk Management (PRM) is gaining attention from researchers and practitioners in the form of sophisticated tools and techniques to help construc tion managers perform risk management. However, the large variety of techniques has made selecting an a ppropriate solution a complex and risky task in its elf. Accordingly, this study proposes a practical framew ork methodology to assist construction project managers and practitioners in choosing a suitable r isk analysis technique based on select project driv ers. Additionally, the methodology transforms the tradit ional triple constraints by broadening the focus fr om the project to a combination of the project and PM orga nization. Scale harmonization is achieved by dividi ng the selected project drivers and risk analysis cate gories into four levels. The applicability and effi ciency of the methodology is demonstrated in two actual const ruction projects by creating a radar chart and performing their ex-post risk analysis with the hel p of the developed technique. The study contributes to the existing body of knowledge on PRM as a practical to ol that helps project managers select suitable risk analysis techniques under given project characteris tics.