Subtitles of the Movie

In the previous movie we covered how to go through the process of elimination. You will notice that we had also picked up on some key words. Although I didn't highlight the fact, in this movie we'll move on to talk about key words. In answering exam questions, it helps to identify what certain key words are within the questions. This helps you pick up on the right answer and keep you focused on what the question is looking for. Let's look at our first question in this movie. Which of the following is a primary characteristic of the probability and impact matrix? Is it A, it deals with probability and impact; B, it assigns a risk rating; C, it combines probability and impact or D, it categorizes risk by source. In looking at this question, what would you say is the primary word? Well, we know that the subject of the question is the probability and impact matrix. The question is focused on the characteristics of the probability and impact matrix. But not just any characteristic; a primary characteristic. Let's highlight this word and see if it helps us in going through the potential responses. Option A says it deals with probability and impact. Well, that's definitely true and you could argue that this is a characteristic of the probability and impact matrix. The words are in the title. So we won't cross this one out. Let's just move on. Option B says it assigns a risk rating. Well, this is definitely accurate as well. This is certainly feeling like one of those questions that looks easy at first glance but becomes challenging as several answers begin to look correct. Let's leave this one as well and continue to move on. Option C says it combines probability and impact. This is also accurate. The probability and impact matrix assigns a combined rating. And option D says it categorizes risk by source. Finally one that we can eliminate. This refers to risk categorization, something else that also occurs during qualitative risk analysis. Of course, we still have the first three options to consider so how can we answer this question? Remember our key word here, which is primary. Even though the question may not say select the best answer, we're always on the lookout for what would be considered the best answer. Normally this also involves something that is a little more specific. For example, options A and B can also refer to risk assessment, which occurs prior to the use of the probability and impact matrix through the risk probability and impact assessment technique. Notice that they're much more vague in option C. Options A and B are definitely characteristics of the probability and impact matrix but would you really say that they are primary characteristics? Option C, on the other hand, is much more specific to the probability and impact matrix. Option C deals with both options A and B as well since it involves probability and impact by combining them into an overall risk rating. Based on this, we can conclude that option C is the best choice. Again, we're not saying that options A and B are not accurate statements. They do relate to the probability and impact matrix but they aren't necessarily primary characteristics. This key word changes a lot. Let's look at another example. The question on your screen says the risk management team is in the process of performing risk analysis. Their next order of business is to assess the quality of the data used for risk management purposes. While assessing the data, the risk manager discovers a few discrepancies. What should the risk manager do next? A, assess the quality of the data; B, gather additional data; C, inform stakeholders of the discrepancies or D, categorize risk by discrepancy. In looking at the question, what is the focus of the question? The focus of the question is on what happens next. Notice that option A describes what is happening now. The risk management team is assessing the quality of the data. This does not describe the next step so let's cross that one out. Option B seems like a probable choice; gathering additional data may resolve the discrepancies so we'll put that one aside. Option C may also be a good choice since the stakeholders may need to be informed. Let's also set this one aside. Option D seems incorrect almost immediately. Categorizing risk by discrepancy wouldn't help us, especially the discrepancies referring to inaccurate data or information so let's go ahead and cross this one out. In looking at options B and C, let's consider them in terms of what happens next. When informing stakeholders of the discrepancies, be proactive and I'm referring here to proactive as a next step. Unless it's a direct protocol, it doesn't necessarily offer us an immediate solution. The most likely feedback of your stakeholders would be to gather additional data to resolve the discrepancies, which points to option B. If you know your tools and techniques well, you'll also know that the response to performing risk data quality assessment that results in discovering information or data that is unreliable, poor quality, insufficient, et cetera is to gather high-quality data. If you knew this already, you most likely recognized option B as the correct choice immediately. But as always, don't skim through the options quickly and make a choice because you recognized the wording or because an option immediately looks correct. Always read through the other choices. And that wraps up this movie of your workbook exercises focusing on finding and use key words within exam questions.