The case discusses the detailed microplanning of the risk sources for the PMRC underground corridor metro project. The client, Progressive Metro Rail Corporation was a public sector company floated jointly by the State and Central Government. The principal contractor was a Joint Venture (JV) of five contractors — three foreign and two domestic. The type of contract was Design Build Turnkey (DBT) where the principal contractor was required to design the underground corridor and execute it. The contract period was about five years (exclusively for execution). The feasibility phase of the project would require an additional five years. The project cost for execution was about INR 18 billion. The case discuss how the team developed qualitative and quantitative project risk management system i.e., an activity wise risk management to mitigate/analyse the severity of the project. It demonstrates how activity wise risk management can be developed by two important parameters Composite Impact Factor (CLF) and Composite Likelihood factor (CIF). CLF and CIF are developed from the risk sources for each activity to indicate the severity of the activity.