The prediction and estimation software risks ahead have been key predictor for evaluating project performance. Discriminating risk is vital in software project management phase, where risk and performance has been closely inter-related to each other. This chapter aims at hybridization of fuzzy multi-criteria decision making approaches for building an assessment framework that can be used to evaluate risk in the context of software project performance in following dimensions: 1) user, 2) requirements, 3) project complexity, 4) planning and control, 5) team, and 6) organizational environment. For measuring the risk for effectiveness of project performance, we have integrated Fuzzy Multi-Criteria Decision Making (FMCDM) and Fuzzy Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) approaches. Moreover the fusion of FMCDM and TOPSIS has not been adequately investigated in the exiting studies.