Risk analysis and decision-making procedures are being applied to large engineering projects with increasing frequency. Risk analysis is a versatile tool in decision-making, whether the decisions are in the form of an engineering design, selecting particular construction procedures, or more general decisions made by private or public entities. An overview of the basic aspects of risk analysis and decision-making are followed by a detailed discussion of three typical rock engineering applications: (1) slope design, (2) flow through fractured media, and (3) tunnelling. The paper includes examples from current tunnel projects (e.g., the Gotthard base tunnel, the Adler tunnel and the Lötschberg base tunnel).