A system and method for identifying observations using images of a construction site. A method includes identifying observations in visual media content by identifying items shown in the visual media content, wherein each identified observation corresponds to at least one item of the identified items, wherein each observation corresponds to a type; determining a likelihood impact parameter for each of the observations by applying likelihood rules based on a classification of each of the corresponding at least one item and a ratio of historical incidents of the same type as the observation to a total number of projects in a time period; determining a severity impact parameter for each of the observations by applying severity rules based on an average cost of the historical incidents of the same type as the observation; and determining at least one risk factor for each observation based on its likelihood and severity impact parameters.