This paper suggests that applications of watershed management planning would benefit from a theoretical consideration of the policymaking process. A conceptual schema from the field of risk analysis proposes that policymaking be conceived of as a combination of two types of activities: analysis and deliberation. We argue that these concepts are relevant to watershed management planning and we illustrate how a process successfully might integrate both kinds of activities into an iterative, participatory process that is informed competently with relevant knowledge and that promotes learning.