In recent years, the rate of change in industry has been extremely fast. Competition in quality, design, and cost of products has increased with new competitors having established segments and, in some cases, with change in competitive weapons. The need to manage product development effectively becomes more urgent in a business climate. Thus most business have to deal with uncertain risks and uncertain expected performance in every aspect of their internal environment as well as external environment. The purpose of this paper is to discuss and develope a project evaluation method considering uncertain risks and uncertain expected performances in developing product.