Subtitles of the Movie

In this movie we'll go through the workbook exercises pertaining to this section, which you'll find within the course Work Files. This also serves as an assessment of your current knowledge because it touches on question relating to the tools and techniques which were covered only lightly in this section. The first questions says what is the purpose of the plan risk responses process? And the answer is to develop options and actions that will reduce the threats of negative risk and increase the opportunities of positive risk. And remember that it's not important for you to get these exactly verbatim as long as you capture the concept. Moving on to question 2, this says note down three questions to ask yourself when determining whether a risk response is on the right track. Again, we're just looking here to make sure that you understood the concept. Let's go through the questions that we covered during our review. Is the response appropriate to the significance of the risk? Is it cost effective in meeting the challenge posed by the risk? Is it realistic within the context of the project? Have all parties agreed to the response? Has an owner responsible for the risk been assigned? Is the response plan for execution at the right time and the final question that we had reviewed, has the best risk response been selected? Let's move on to question 3 from your workbook. The plan risk responses process occurs after which process? And there are actually two possibilities here or two answers. This is somewhat of a tricky question, of course. I can occur after perform qualitative risk analysis or quantitative risk analysis. So it actually depends on the scenario. It also depends of course on the needs of the project and whether quantitative risk analysis is required. Moving on to question 4, name the inputs and tools and techniques of the plan risk responses process. There were only two inputs, the risk register and the risk management plan and as far as tools and techniques, you were introduced to them quickly so if you didn't get them right away, don't worry. It'll be locked into memory by the time we finish a thorough review of each item in the sections to come. So the tools and techniques include strategies for positive risk or opportunities, strategies for negative risk or threats, contingent response strategies and expert judgment. And if you took it a step further, you may have noted down the actual response strategies used under the first two categories. Positive risk strategies include exploit, share, enhance and accept and negative risk strategies include avoid, transfer, mitigate and accept as well. Once again, notice that accept is a response strategy for both positive and negative risk. Moving on question 5, we have a fill-in-the-blank question. Strategies included within the PMBOK Guide are blank response strategies. The answer is commonly-used and this refers to commonly-used strategies within the field. Question six is also a fill-in-the-blank. It says information that specifies how the plan risk responses process is to be carried out and by who can be found in the blank. The answer is the risk management plan, which is an input to the process. This specifically refers to methodology used and the roles and responsibilities. Other key items used by the process from within the risk management plan includes budgeting, timing and risk thresholds. And the final question for review, 7 says match the response strategy to the type of risk it's used for and you have A, opportunities and B is threats. Those are your two possibilities. Number 1, share, is A, opportunities. Number 2 has two answers; A and B. Remember, accept is for opportunities and threats. Three, to mitigate is B for threats; 4, exploit is A, opportunities. Number 5, enhance is A, opportunities. And the last two, transfer and avoid are both B, threats. That was the final question in the workbook exercises to review within this section so that brings this movie and section to a close.