This study investigates how individuals assess risks in IT development projects under different conditions. We focus on three conditions: the perceived control over the IT project, the use of an attention-shaping tool, and the expertise of the individual conducting the assessment. A role-playing experiment was conducted including 102 practitioners with high expertise in IT projects and 105 university students with low expertise. Our study suggests first, that perceived control is a powerful factor influencing risk perception but not continuation behavior. Second, while the attention shaping tool proved more useful for individuals with low expertise, such tools should be used with caution because they create blind spots in risk awareness for those with less expertise. Third, individuals with more expertise perceived higher levels of risks in IT projects, as compared to those with less expertise. Implications of these findings are discussed, with potential avenues for future research and suggestions for IT project managers.