A sensor scheduling approach focusing on managing the operational risk in target tracking is proposed. The scheme selects sensor actions so that the operational risks are the minimum. First, given the definition, existence of risk in sensor scheduling is analyzed. Second, the target missing risk and the sensor radiation interception risk are summed to create the sensor scheduling objective functions, including myopic sensor scheduling and non-myopic sensor scheduling. Furthermore, to obtain sensor management schemes according to the objective functions, the improved bee colony algorithm based on double-roulette and in combination with the particle swarm optimization algorithm is proposed. Finally, simulations are carried out to illustrate the models and algorithms in the paper possess some advantages over existing ones, including being more practical, keeping nearly the same or even better tracking performance with lower risk values, and owing better sensor scheduling solutions.