Which of the following processes is described in the statement below? "It is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project." 

Answer options:

A. Perform Quantitative Risk Analysis
B. Monitor and Control Risks
C. Identify Risks
D. Perform Qualitative Risk Analysis

B

Monitor and Control Risk is the process of implementing risk response plans, tracking identified risks, monitoring residual risk, identifying new risks, and evaluating risk process effectiveness throughout the project. It can involve choosing alternative strategies, executing a contingency or fallback plan, taking corrective action, and modifying the project management plan. Incorrect Answers: B: This is the process of numerically analyzing the effect of identified risks on overall project objectives. C: This is the process of determining which risks may affect the project and documenting their characteristics. D: This is the process of prioritizing risks for further analysis or action by accessing and combining their probability of occurrence and impact.