Reliability, resiliency, and vulnerability criteria are formulated as risk-based performance measures for the evaluation of a real-time reservoir operation model. The reservoir operation model includes a multi-objective compromise programming algorithm to select, in real time, an optimal operating horizon for the reservoir operation. The utility of the risk-based performance criteria for comparing operational strategies resulting from the selection of different parameters for the compromise programming algorithm is demonstrated. Although trade-offs exist between the performance evaluators, it is shown that appropriate compromises can be reached between the conflicting modeling goals.Key words: reservoir operation, real time, risk, optimization.