Final answer:
Monitoring and Controlling is the project management phase wherein project performance, changes, and risks are closely tracked to ensure the project remains aligned with its objectives.
Step-by-step explanation:
The phase that includes processes to keep close track of project performance, changes, and risks is known as Monitoring and Controlling. This phase is critical as it ensures the project stays on track and within scope, quality, time, and cost constraints. Monitoring encompasses regular checks and balances of the project's progress, while controlling involves correcting any variances from the set plan and managing changes effectively. It is an ongoing process throughout the project's life cycle.