Project risk management is currently used in several industries and mandated by government acquisition agencies around the world to manage uncertainty in an effort to improve a project's probability of success. Common practice involves developing a list of risk items scored with probability and consequence ordinal scales by committee usually focusing on cost and schedule issues. A scenario based process modeling construct is introduced using a hybrid Probabilistic Risk Assessment and Decision Analysis framework integrating project development risks with operational system risks. Project management's decisions are explicitly modeled and ranked based on risk importance to the project. Multiple consequence attributes are unified providing a basis for computing total project risk. This study shows that such an approach leads to an analysis system where scenarios tracing risk items to many possible consequences are explicitly understood; the interaction between cost, schedule, and performance models drive the analysis; probabilities for overruns, delays, increased system hazards are determined directly; and state-of-the-art quantification techniques are directly applicable. All these enhance project management's capability to respond with more effective decisions.