This study aims to adopt an approach for assessing the mutual influences of risk factors on information system development project transferring from initialization to the control phases. Given that risks evolve dynamically, the variations of the degrees of risk influences throughout the development process of information system project must be analyzed so that effective risk management strategies can be devised in a cost-effective way at the right stage. Therefore, our study applies Decision Making Trial and Evaluation Laboratory to quantitatively assess the interdependencies among the risk factors for each project development phase. An application conducted in a private, medium-scale university in Taiwan is demonstrated. The results suggest the directions for possible improvements of risk management during university information system development process.