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To close out the section covering the risk response planning process, we'll go through exercises from the workbook that pertains to this process. As a reminder, you can find the workbook within your Work Files. There are 11 questions total for this process, so let's dive right into the exercises. Question one asks for the process' purpose, which is to develop options and actions as away of enhancing opportunities and reducing threats to the project objectives. Let's go through the process' inputs, tools and techniques and outputs, which will cover questions two, three and four. There were just two inputs: risk management plan and risk register; four tools and techniques: strategies for negative risk or threats, strategies for positive risks or opportunities, strategy for both threats and opportunities and contingent response strategy; and three outputs: updates to the risk register in the project management plan and risk-related contractual agreements. If you have a little extra time, pause this movie here and see if you can define each of these items. Question five: to carry out the purpose of the process, what does risk response planning take into account? And you're asked to name at least one. There were five items covered, although you're asked again to name just one, but we'll cover all of these five. They include significance of the risk, time and cost to reduce the risk; that consensus is reached by those involved, the risk owner assigned is responsible and that the response is realistic. Question six: the risk response planning process results in nine additional updates to the risk register. Name at least one: agreed upon response strategies, specific actions to implement the chosen response strategy, symptoms and warning signs of risk occurrence, budget and schedule activities needed to implement the chosen responses, contingency reserves of time and cost, contingency plans and triggers for executing them, fall-back plans, residual risk and secondary risk. Question seven included an exercise where you were asked to match the description in the list included to the correct strategy for dealing with negative risk or threats. The strategies include avoid, transfer and mitigate. Let's go through the responses. The first says transferring a risk to a third party by having them take on the responsibility liability for the risk and that is B, to transfer the risk. Next we have dealing with negative risk by avoiding them, which is A, avoid. Next we have changing the project management plan to avoid risk from occurring, which is another easy one; A, avoid. Next, we have taking early and proactive action to reduce the probability and or impact of a risk to an unacceptable threshold, which is C, mitigate risk. Next, we have relax a project objective affected by risk. That's A, avoid. Next remove a work package or a cause of risk. That's once again A, avoid. We have purchasing insurance, performance bonds, warrantees and guarantees. These are all examples of B, transfer risk. If caught early, clarify requirements, obtain additional information, improve communication or acquire expertise. This is A, avoid. And lastly, building a prototype, conducting more tests; these are examples of C, mitigating risk. Question eight is a similar exercise as the previous question, except that the strategies, exploit, share and enhance, are strategies for dealing with positive risk or opportunities. Let's go through the correct answers. The first says sharing the opportunity of that risk occurring with a third part. This is an example of B, share. Next we have strategizing for ways to ensure that the positive risk occurs. This is A, exploit. Next, to increase the probability and or impact of a positive risk, that's C, enhance. Next, we have joint venture, partnership and teams. These are examples of B, share. Removing uncertainty of risk and converting it to reality; that's A, exploit. And increase the likelihood that risk would occur by being proactive about targeting and reinforcing triggers. That's C, enhance. Moving on to question nine, name and describe the strategies used for both negative and positive risk. The strategies acceptance, although there are two forms of acceptance: passive acceptance, to do nothing about the risk and active acceptance, to set aside a contingency reserve. What is contingent response strategy? The answer is it's a strategy designed to take place if certain events occur. Triggers are clearly defined and tracked. And the final question relating to this process is what are risk-related contractual agreements? And these are agreements that emerge out of risk response planning activities such as insurance, services and other relevant contract or documents such as insurance, services and other relevant contract documents specifying responsibility for risk. That covers all the workbook exercises pertaining to the risk response planning process. We'll close out this movie on the workbook exercises relating to this process along with the process review as a whole.