Molenaar (2005) emphasized the importance and the effectiveness of using risk management and other cost control processes in lowering the expected costs of projects. Akintoye and MacLeod (1997) studied the perceived risks and found that contractors and project managers in the UK use perceived risk as the likelihood of unforeseen factors occurring, which could adversely affect the successful completion of a project in terms of cost, time, and quality, and concluded that analyzing and controlling risks are the key to improving profit.