In this book, one of recently developed risk analysis and management method, which is entitled modified advance programmatic risk analysis and management (MAPRAM), is illustrated. This method is capable to address project failure risks simultaneously including cost, time and quality risks over the whole life cycle of a project. The APRAM model is employed to optimize the allocation of budget reserves through trade-offs between technical and managerial failure risks based on the preferences of the decision maker(s). It allows for checking whether technical and managerial risks meet the thresholds of acceptability. A case study has been presented in order to demonstrate the method accordingly. Light steel frame (LSF) system and conventional construction system (CCS) as the two main possible alternatives for construction of an actual two-story building are compared considering all technical and managerial issues.