At the basic level, programs involve the coordination of several related projects and activities to deliver outcomes, while projects focus on the delivery of a singular or specified output (Weaver, 2010). Although there are similarities and differences between the two, risk is an inherent factor in both programs and projects (Meredith, & Mantel, 2012). Despite the use of customary project management tools and methodologies, many projects fail due to numerous reasons. The success of programs and projects can be contingent upon a program and project manager's ability to effectively manage and control risks, uncertainties, and constraints impacting its scope, schedule, and budget (Loch, DeMeyer, & Pich, 2011). Chapman and Ward (2011) emphasize the importance for managers to have a strong grasp of managing risks and uncertainties by effective decisions concerning the program and project for success. There are various tools to help program and project managers identify, assess, and manage risks for fundamental requirements, each having their pros and cons; but one tool alone is not a universal fix for these issues (Arndt, 2012). As tools and techniques have progressed, they have incorporated various levels of complexities from scheduling and managing resources to estimating and scope management tools (Hamilton, Byatt, & Hodgkinson, 2011). Debates continue over which approaches are better, and the inadequacies of the project management tools available today (Varner, 2014). The objective of this study is to explore, from a program and project manager's perspective, how managers effectively employ the use of various project management tools often scrutinized in the field to achieve program efficiency and success despite increased challenges and risks afflicting programs and projects today.