This paper reviews research traditions of vulnerability in different scientific disciplines. Here, we also challenge present research to incorporate this concept in a domain of project risk management. The formulation of vulnerability has usually common though contested meaning. It is explained as a degree to which a system is susceptible to harm and incapable to cope with its adverse effects. But the concept seems not fully operational. The challenges confronted to make it operational are to develop a robust method for its assessment; afterwards to promote adequate strategies for vulnerability reduction. Depending on a purpose of assessment as well as on specific environments, methods for vulnerability assessment do not show commonness among themselves even among dame scientific disciplines. The main objectives of this paper are to, resting on present findings in vulnerability research, address specific issues to adopt, adapt or extend the concept of vulnerability to project environment.