Software development projects are inherently risky, with the potential for delays, cost overruns, and quality issues. Risk management is critical for ensuring project success, and risk prioritization is an essential component of risk management. The Simulation Analytical Hierarchy Process (SAHP) is a decision-making tool that enables project managers to prioritize risks based on their potential impact on project objectives. This paper evaluates the applicability of SAHP for prioritizing risks in software development projects by implementing the approach on a benchmark case study from NASA’s project library. The paper demonstrates the importance of incorporating the cascading effects of risks and their interactions as risk probabilities evaluated by SAHP may be significantly different from risk probabilities evaluated by other techniques since risks may be triggered by other risks in the project network. The paper concludes by highlighting the potential for SAHP to enhance risk management practices in software development projects.