An initial literature scoping exercise encompassed a range of disciplines that contribute to the discussion of the validity of the subjective construct of risk in the context of project management [11]. As a first step, evidence on 'risk as a subjective construct' was documented. The intention is to expand previous studies [11] by extending the period observed as well as the source of literature. Similar to other systematic researchers [14] who also accept the premise that project management is under-represented in the leading management research journals, the current paper concentrates on the two flagship project management journals, Project Management Journal (PMJ) and International Journal of Project Management (IJPM), established in 1969 and 1983 respectively. The search which identified risk as subjective construct was broad, combining automated and manual searches. There were identified peer-reviewed articles published up to July 2012. Discovery service EBSCO search engines and indexing systems were used; in addition bibliographies of the initial papers were scanned for additional papers. The combined research strategies provided 90 articles for the RQ1 and 15 for RQ2.