Risk management is examined in this study for its importance in ensuring that construction projects accomplish their primary goals, such as finishing on schedule, staying within budget, and conforming to established quality benchmarks. Finding, assessing (using the TOPSIS technique), and reacting to hazards are all stressed throughout the research. It is stated that risk management is an effective tool for reducing the financial impact of recognized hazards and preventing their occurrence. Improved target attainment, increased efficiency in project management processes, and lower costs are just a few of the many advantages the paper cites as a result of successful risk management. On the flip side, it highlights the dangers of not implementing risk management or doing it improperly, including project delays, lower quality work, and higher costs. The research gathered information through a questionnaire survey directed at industry specialists in the construction and real estate industry to acquire useful insights. As the study comes to a close, it stresses the importance of a well-executed risk management plan in guaranteeing the timely and profitable completion of building projects.