In this paper, we discuss a method of measurement of project risk, based on the expected value method (EVM). Project risk management primarily comprises cost and schedule uncertainties and risks associated with each activity of the project network. We have identified the major risk sources and quantified the risks in terms of likelihood, impact and severity in a complex infrastructure project for the construction of an underground corridor for metro railways. A case study of the underground metro corridor in the capital city of an emerging economic nation of South Asia has been considered for this research work. The methodology for this work was the response from the experts associated and involved in this and other similar projects in metro rail. The risk analysis for the determination of risk cost, risk time, expected cost and expected time of the project has been carried out by the expected value method. Based on this study we find that the project cost overrun and time overrun can be about 22.5 % and 23.4 % respectively, if we use the expected value method.