According to the PMBOK® Guide, the process of Monitor Risks (referred to as Control Risks in earlier editions) involves tracking identified risks, monitoring residual risks, identifying new risks, and evaluating risk process effectiveness throughout the project.

Variance and Trend Analysis: This is a key Tool and Technique used to monitor the health of the project ' s risk status.

Variance Analysis: Compares the actual project results (in terms of cost, schedule, or technical performance) to the planned baselines. A significant deviation may indicate that an identified risk has occurred or that an unidentified risk is impacting the project.

Trend Analysis: Examines project performance over time to determine if performance is improving or deteriorating. In risk management, trends in performance can predict the likelihood of future risks or the effectiveness of current risk responses.

Purpose: By using these analyses, the project manager can determine if the project ' s risk profile is changing and if the contingency reserves for schedule or cost are still adequate.

Comparison with other options:

A. Perform Qualitative Risk Analysis: This process uses tools like the Probability and Impact Matrix and Risk Data Quality Assessment to prioritize risks.

B. Perform Quantitative Risk Analysis: This process uses computational tools like Monte Carlo Simulation, Decision Tree Analysis, and Sensitivity Analysis to numerically analyze the effect of identified risks.

D. Plan Risk Responses: This process focuses on developing options and actions to enhance opportunities and reduce threats, using techniques like Strategies for Threats (Escalate, Avoid, Transfer, Mitigate, Accept).