1. A method for managing risk associated with one or more hydrocarbon reservoir exploitation strategies comprising: a. developing a reservoir model that incorporates a stochastic model of one or more uncertain model parameters; b. identifying one or more goals for optimization; c. identifying said one or more hydrocarbon reservoir exploitation strategies for achieving said one or more goals based on said reservoir model and associated uncertain parameters; d. identifying control variables and restraints associated with each of said one or more decision strategies; e. identifying a set of equally probable reservoir model scenarios; f. formulating an objective function based on said one or more goals to determine the gain in value attributable to said one or more hydrocarbon reservoir exploitation strategies; and g. optimizing said objective function using said set of scenarios and said control variables and restraints for each of said one or more hydrocarbon reservoir exploitation strategies to determine the optimum gain in value at one or more risk levels.