The evaluation of risk is often performed assuming static conditions when in reality, conditions are continually evolving. In the following dissertation, the evaluation of risk with changing conditions over time is considered for a specific project - placing overburden into an active, open pit mine. The research focuses on the geotechnical components of risk with the goal of identifying whether and to what extent it is possible to place overburden on mined out portions of the open pit slopes. The relevant factors, which change with time or impact risk, are first identified and an evaluation is performed to estimate a probability of failure at various stages of the project life. Potential damages are then assessed by first evaluating the run out distance and post failure geometry of a slope failure and then estimating the percentage of material that would have to be removed to continue extraction of ore. To convert the uncertainty into economic terms, unit values for savings that result from placing overburden in the pit and costs associated with cleaning up failure debris are estimated. The probability of failure, potential for cleanup, and unit values are combined to produce estimates of the likely costs and benefits associated with dumping overburden in the open pit.The results of the analysis indicated that risk varies considerably with time. However, it is possible to place overburden in the central portion of the open pit up to a limit of approximately 80 million tons while maintaining a positive net value of expected costs and benefits.