Controlling Risk. Can someone help me answer this discussion? Please provide a detailed answer. Thank you. You can ignore "the readings", there is no certain book that needs to be followed.

The readings discussed probabilistic risk analysis and presented various statistical and probability concepts that illustrated that the consequences of engineering alternatives can never be known with certainty (such as Monte Carlo simulation techniques and decision tree analysis). Cash inflow and outflow factors, along with project life, were modeled as discrete and continuous random variable. In your opinion, how do you think risk can best be managed or controlled? Is there a method we have not discussed that you find more effective/beneficial? Please explain