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In 1996, USC switched its core two-semester software engineering course from a hypothetical-project, homework-and-exam course based on the Bloom taxonomy of educational objectives (knowledge, comprehension, application, analysis, synthesis, evaluation). The revised course is a real-client team-project course based on the CRESST model of learning objectives (content understanding, problem solving, collaboration, communication, and self-regulation). We used the CRESST cognitive demands analysis to determine the necessary student skills required for software risk management and the other major project activities, and have been refining the approach over the last four years of experience, including revised versions for one-semester undergraduate and graduate project course at Columbia.This paper summarizes our experiences in evolving the risk management aspects of the project course. These have helped us mature more general techniques such as risk-driven specifications, domain specific simplifier and complicator lists, and the schedule as an independent variable (SSIV) process model. The largely positive results in terms of review pass/fail rates, client evaluations, product adoption rates, and hiring manager feedback are summarized as well.