The thesis produces a risk management process that effectively determines risk and its effects on commercial airport owner activities. To achieve this goal, the thesis reviewed these objectives: 1) Determination of major risks in the US commercial aviation industry; 2) Assessment and analysis of these risks in US commercial facilities; and 3) Producing risk dynamic in a project cycle associated with airport owner activities. The owner of airport facilities faces multiple risks in planning, design & construction of commercial airports. Literature on airport risk and damages was reviewed and used to produce a survey sent to select facilities in the USA. Survey feedback was analyzed utilizing the probability impact matrix, risk ranking equations and normal descriptive statistics. Results of this analysis produced a top 10 risk list for project objectives affected by noted risks and a general top 20 risk list assigned to a project cycle risk dynamic.