Risks have a significant impact on a construction project's performance in terms of cost, time and quality. As the size and complexity of the projects have increased, an ability to manage risks throughout the construction process has become a central element preventing unwanted consequences. Construction projects are always unique and risks raise from a number of the different sources. Construction projects are inherently complex and dynamic, and involving multiple feedback processes. A lot of participants individuals and organisations a reactively involved in the construction project, and they interests may be positively or negatively affected as a result of the project execution or project completion. This naturally creates problem and confusion for even the most experienced project managers and contractors. This research work brings out certain common elements of risks and issues involved for any project life cycle. Here the project life cycle is arranged in six phases and the risk factor in each phase is assessed. For a construction project it is very important to look out for the threshold and risks involved for it to be handled easily and comfortably.