Risk refers to the probability that an adverse event will occur during the life cycle of the project. Risk management is the practice of dealing with risk. It includes risk management planning, risk identification, risk analysis, risk response planning and risk monitoring and control. Risk analysis is the basis of risk management and is very important for understanding the most uncertain risks of a project. It is actually a systematic procedure for assessing the level of risk for identified and approved risks, and it includes the assessment of the probability of occurrence and the consequences of occurrence and converting the results into an appropriate level of risk. In addition to individual risk events, it is necessary to analyze the level of overall project risk. How the risk analysis will be performed depends on the values of the risk event, i.e. whether these values can be described descriptively or numerically. Accordingly, risk analysis can be divided into numerical and descriptive methods, that is, into quantitative and qualitative methods. Qualitative risk analysis defines risk priorities and the conditions for their occurrence by analyzing the probability of their occurrence and impact. Quantitative risk analysis is a numerical analysis of the impact of recognized risks on project objectives. The most common approach to project risk management is the management of individual risks that are recorded and assessed in the project risk register. In addition to this approach, there are also alternative approaches, namely a multi-phase top-down process, quantitative risk-based forecasting, and a risk register. Each of these approaches has certain advantages in different phases of the project, and therefore the best results can be achieved by combining them. Based on the analysis of the two described large construction projects, we came to the conclusion that, regardless of previous experience, it is necessary to analyze in detail and continuously monitor the risks on the project. We also conclude that the appropriate qualities of a project manager, the application of good project practices and open communication represent the basis for successful analysis and approach to project risk management.