Organizations are increasingly interested in improving IT project management in a multi-project or portfolio environment. This research presents a project assessment methodology based on defining a common risk-return vocabulary between IT and business stakeholders. The proposed methodology could help project managers highlight any differences in perceptions between business and IT that might impact the project negatively, if not managed properly. The use of the assessment methodology in a multi-project environment is illustrated using data from a diversified company. A number of managerial implications are then drawn highlighting how the methodology could be useful in practice.