Final answer:
Continuous monitoring of risks during project execution allows for the identification and mitigation of new, emerging risks, aligning with the precautionary principle and ensuring project success. Option C correctly explains this importance.
Step-by-step explanation:
Monitoring risk during project execution is essential because it helps in the identification and mitigation of potential issues that could impact the project negatively. The correct option explaining why this is important is C: new risks may emerge as project activities complete. Unforeseen challenges can arise at any point during the project's lifespan, necessitating diligent oversight and flexibility to manage them effectively. The concept of asymmetrical risk, as depicted in Figure 20.1, illustrates that underestimating the potential impact of a threat can lead to disastrous outcomes, while over-preparation only results in minimal downsides.
Moreover, as strategies and environments evolve, the risk landscape changes, so continuous monitoring is the only way to stay ahead of potential issues. This vigilant approach aligns with the precautionary principle that suggests even when effects of an activity are not fully understood, there may still be a level of harm present, thus requiring careful proceeding. Additionally, acknowledging challenges is the first step in mitigating them effectively, as ignoring credible threats poses a colossal risk to the project's success.