In enterprises decisions whether to undertake investments into IT projects or not have to be made regularly. Regarding the fact that two out of three IT projects fail or do not reach their expected value the need for an integrated valuation which addresses returns and connected risks is evident. The impact of development aspects (e.g. the process model used) and project size on the risk-return position of IT projects is demonstrated and it is shown how this can be taken into account when valuing, optimizing and selecting IT investments.