Climate variability is perhaps the most common and unpredictable probl
em that farmers in dryland regions have to face year by year. This fac
t has established the need for developing methodologies for roping wit
h water scarcity. One of the most widely used strategies (among croppi
ng patterns, soil management, new and improved varieties, etc.) has be
en the implementation of water harvesting systems. The efficiency of t
he system is strongly associated with its expensiveness ann therefore,
risk assessment should be an integral part of any project involving w
ater harvesting systems. This paper focuses on a review of methodologi
es that have been used for assessing risk in small scale water harvest
ing systems. A simulation-modeling stochastic approach is discussed hi
ghlighting the concept of risk behavior.