Companies are increasingly focusing on identifying risks and managing them even before they affect project executing. Risk management can play a key part in identifying problems and taking preventive measures in this regard. This research focused on risk management in the implementation of a combined cycle power plant project. This paper aims at exploring the role of risks and risk management practices in construction of this type of projects by considering how they can impact the project’s time, quality, and cost. First, the project risk types were identified. The extent to which the project’s objectives were achieved was then considered on the basis of three criteria: time, cost, and quality. Next, the risks were categorized and prioritized through a risk breakdown structure. The obtained results revealed the most influential risks in the project. Finally, the proposed risk management model was used in the project which led to strengthening the performance impact of risk management practices in the risky project environment.