a robust theoretical framework for risk$-$based decision$-$making is essential. This framework begins with rigorous risk identification, encompassing hazards, vulnerabilities, and potential consequences across diverse sources like natural disasters, construction defects, and human error. Subsequently, risk analysis, employing quantitative methods such as probabilistic modeling and qualitative assessments, evaluates risks' likelihood and impact. Following this, risk assessment and management strategies are devised, considering predefined criteria like safety standards and stakeholder preferences. These strategies may include risk avoidance, mitigation, transfer, or acceptance, with decision$-$makers weighing the costs and benefits. This comprehensive approach optimizes project outcomes, enhances safety, and maximizes stakeholder value.