This article is the result of reviewing risk analysis in projects within the scientific

field of project management. The specific aim was to analyse the perspectives of

modelling risk by describing the contemporary use and prevalence of analytical

risk models in project management research. For this reason I have applied the

theoretical concept of risk management and perception of risk in relation to the

two dominating schools of risk analysis in terms of subjective construction and

objective fact. The research has been conducted in the scientific setting of project

management journals using a qualitative approach of research review and

thematic content analysis. The chosen area of empirics has been limited to five

project management journals. The result showed that the objective concept of risk

management and quantitative analysis is very well established within the field of

project management research. Even if the methodological choice is mainly

quantitative there is a growing tendency of methodological combinations, which

tends to extend the subjective domain of research in a context so far substantially

constrained by an organizational perspective of expertise. This shows that

perception of risk can appear within both dimensions of risk analysis, when

researchers of the objective field tries to address existing communication gaps

between project management and stakeholders, especially from an international

perspective of large construction projects. Project management in our

contemporary time of globalisation, fast urbanization and sustainability is indeed

a challenge of complexity. The right choice of analytical risk model becomes

decidedly important, especially in terms of time, cost and quality.