This article presents a new approach to the management of evolutionary prototyping projects. The prototyping approach to systems development emphasizes learning and facilitates meaningful communication between systems developers and users. These benefits are important for rapid creation of flexible, usable information resources that are well-tuned to present and future business needs. The main unsolved problem in prototyping is the difficulty in controlling such projects. This problem severely limits the range of practical projects in which prototyping can be used. The new approach suggested in this article uses an explicit risk mitigation model and management process that energizes and enhances the value of prototyping in technology delivery. An action research effort validates this risk analysis approach as one that focuses management attention on consequences and priorities inherent in a prototyping situation. This approach enables appropriate risk resolution strategies to be placed in effect before the prototyping process breaks down. It facilitates consensus building through collaborative decision making and is consistent with a high degree of user involvement.