Monitoring and controlling project risk is a critical component of the overall process for project risk management. Monitoring and controlling project risk is not a one-time activity but must be performed continuously throughout the project life cycle. One of the primary goals of monitoring and controlling project risk is to optimize risk responses. It also includes tracking any resulting secondary or residual risks. In addition, it is through this process that previously identified risks may be retired as no longer relevant and entirely new risks may be identified. One of theresponsibilities Mary and Frank have been given is to report to stakeholders exactly how project risks will be monitored and controlled.

1. Evaluate and recommend three tools that Mary and Frank can use to monitor and control risk. Provide a rationale for the tools you chose.

(3-4 paragraphs)

1. Explain how secondary and residual risks are derived from the risk monitoring and controlling process.(2-3 paragraphs)