(a) Risk has always been an intrinsic part of project management. With increasing market competition, technology, and globalisation, risk management is continuously gaining wider acceptance and importance and as become a must for project success. Discuss the main components that are likely to be included in the risk management system.

(b) An effective project control is always recommended by experienced practitioners through a well disciplined system due to its beneficial effects such as managing expectations, reporting and monitoring performance. As a project manager, how would you apply project control, support your answer with examples.