A construction project has identified the following risks during the planning phase:

Risk A: Likelihood $=0\mathrm{.}3,$ Impact $=$$$50,000$

Risk B: Likelihood $=0\mathrm{.}5,$ Impact $=$$$40,000$

Risk C: Likelihood $=0\mathrm{.}2,$ Impact $=$$$60,000$

a$)$ Calculate the expected monetary value $($EMV$)$ for each risk and determine the overall expected monetary value for the project.

b$)$ Describe how you would apply the principles of the project management process groups to address these issues effectively.

c$)$ What could be some strategies for monitoring and controlling the project's progress, implementing corrective actions, and mitigating risks to ensure successful project outcomes.