The construction industry and its clients are associated with a high degree of risk due to the complex nature of the construction process. The research reported in this paper is part of a comprehensive research study to analyze and evaluate the different risk drivers in highway construction projects in the US. Thirty one significant risk drivers, identified from previous studies, were chosen, analyzed, and evaluated for this study. This paper presents the study findings regarding the process of using of risk assessment techniques and tools for determining its impact on construction cost and schedule performance ratings of highway projects. The analyses included project information and characteristics as well as project risks’ cost and schedule impact ratings. The analyses were carried out based on the responses from highway construction related professionals from both the public and the private sectors to a survey. The responses provided both quantitative and qualitative data from several highway construction projects completed in the past. The statistical dependency correlation analyses showed that the use of risk assessment in the reported projects has improved project and construction management practices.