Purpose: This research article aims to prioritize the risks associated with the implementation of the project-based learning (PBL) concept in engineering institutions and develop possible strategies for risk management. Design/methodology/approach: In this research article, various risks associated with the implementation of the PBL concept in engineering institutions are discovered by taking inputs from academicians and performing a literature survey of peer-reviewed journal articles. Then, identified risks are prioritized by using the Technique for Order Preference by Similarity to the Ideal Solution (TOPSIS) method. Finally, the risk mitigation strategies are developed. Findings: From the literature survey, 11 risks associated with the implementation of the PBL concept are identified. The TOPSIS method resulted in group dynamics risk and faculty training risk as the top two risks in the implementation of the PBL concept, whereas anxiety risk and poor prior learning experience risk are relatively low-ranked risks. Research limitations/implications: The outcome of the research is based on the responses received through questionnaires. There are other methods also available for risk analysis, which are beyond this study. Practical implications The outcome of this research work will help the implementer of the PBL concept to effectively deal with the risks involved in implementing the PBL concept in engineering institutions by adopting strategies. Originality/value: This research paper gives an idea about risks associated with the PBL implementation in engineering institutions. Also, this paper uses TOPSIS method for ranking of identified risks.