The major objective of this paper is to analyze the most widely used techniques for risk assessment and to discuss their applicability as decision support tools for military operations. These are the qualitative and the quantitative risk analyses, which are commonly used for handling uncertainty in project management. Initially, the main processes for the implementation of each method are presented highlighting the most critical issues that should be taken into account by project analysts. Further, it is discussed how these processes can be used by military operations analysts as decision support tools during the planning phase of a military operation. In particular, the main steps that should be followed by operations analysts are analyzed and the limitations as well as the benefits of the specific techniques are also discussed. Finally, in order to demonstrate that these methods can be effectively applied as decision support tools to military operations, the paper presents two illustrative examples with the application of the qualitative and quantitative risk analysis.