This brochure contains an activity for grades 9-12 that involves students in an examination of real versus perceived risks. Students perform a risk factor analysis, and evaluate benefits and risks of energy sources. The activity can be conducted by individuals or small groups. Students rank a series of life-threatening risks and compare them to other classmates or groups and average the results. The class rankings are compared to rankings created by several professional groups and the actual number of deaths per risk factor in 1982. Students quantify the perceived risk factor associated with each risk and plot the results on a "Risk Factor Analysis Plot Grid." Finally, students apply the method to an analysis of energy decisions related to energy sources and their risks. Teacher instructions provide 10 reference materials and 8 resources, background information, procedure for the activity, discussion questions, and extensions. Worksheets are included. (LZ)