Many projects surpass deadline and budget goals because the project team failed to identify and develop contingencies for managing the problems causing the overruns. This article discusses how project managers can more effectively mitigate risk when working on fixed-end projects. In doing so, it outlines a six-step model for mitigating risk on fixed-end projects, a model that provides project managers with a template for assessing and managing risk. It also identifies why project stakeholders fail to appropriately prepare for risk and explains the benefits organizations can realize when they develop appropriate risk and contingency plans. It concludes by describing an approach to managing risk.