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The risk assessment of project is the important content for project management. This paper combines rough sets theory and neural network. Using the calculation method for reduction of rough sets theory method, we can obtain the compendious attributes and rules from sample data, then according to the attribute which had been reduced develop the neural network. The model overcomes the shortcoming that when neural network inputs too much dimensions, the structure of the network is too big. This method makes the neural network structure simple. The results of Matlab simulation show the superiority of the model. The model based on rough sets and neural network can effectively help project managers for management of project risk.