Subtitles of the Movie

In this movie we'll go through the final part of the workbook exercises found within your Work Files that are relevant to this section. They include five exam practice questions. Let's jump right in. Number 1 is already on your screen. It says during project execution, a risk response plan is implemented after predefined conditions that have been documented occur, signaling the need for a response. A contingency plan proves ineffective. What should the risk management team do next? A, implement a contingency strategy; B, develop a new response; C, implement a fallback plan or D, accept the results. The correct answer here is C. Remember that a fallback plan is like a Plan B. What's often confused here is option A, thinking that a contingency strategy should come next but the question directly tells you that a contingency plan has already been implemented and was ineffective. The next step here would be a fallback plan; of course one has been generated and for the exam you can assume that this would be the case. Getting questions that ask what comes next is a common type of question on the exam. When you get these, don't panic. Just think through the logic of the question. Moving on to number 2, after implementing the risk response strategies, five risks were accepted and six additional risks still remained after the response was implemented. Three new risks emerged as a direct result of executing the risk response plan. How many residual risks are there? A, three; B, six; C, eleven or D, nine. Remember that residual risks are those risks remaining after the risk response plan has been implemented. This doesn't include new risks; therefore we'd add five and six, getting a total of eleven risks, C. Number 3, it says after implementing the risk response strategies, five risks were accepted and six additional risks still remain after the response was implemented. Three new risks emerged as a direct result of executing the risk response plan. How many secondary risks are there? A, three; B, six; C, eleven or D, nine. Notice that this is the same scenario as the previous question but it's asking you something else. You may see something like this on the exam. In order to have answered this question correctly, you'd need to know the difference between a residual risk and a secondary risk. And just as a refresher, secondary risks are those risks that are a direct result of implementing risk response plans. Therefore there are three risks based on the scenario, making A the correct choice. Next, we have number 4. It says a project manager had just received news that the initial plan response for a particular risk had proved ineffective. The stakeholders had given the project manager authority to make decisions regarding risk responses. What should the project manager do next? A, implement the planned response; B, accept the outcome; C, implement a contingency plan or D, implement a fallback plan. This question is very similar to number 1 and the correct answer is again a fallback plan. The clue here is that the initial plan response is ineffective. Most people have a tendency to select C, the contingency plan but again, the initial response would have been the contingency plan, which the question is telling you was ineffective. And the final question for review in this section, which of the following is triggered when predefined risk warning signs occur? A, active acceptance; B, passive acceptance; C, contingency response or D, a fallback plan. The correct answer here is contingency response, referring to the contingency plan. As a refresher, contingency plans go into effect when predetermined symptoms or warning signs occur. And that was our final question for review, which brings this movie to a close.