The correct answer to this open question is the following.
Although you did not attach the options for this question, we can answer the following.
Mitchell's plan is to get a master's degree and then a Ph.D. in systems engineering, if he finds the academic work too difficult, he may stop after the Master's degree and look for work in the consulting field. This description is Mitchel's plan and contingency plan.
It is very important to have a plan for what is going to happen next with your life. A good plan sets to direction you want to take and the things you want to do. It includes goals, strategies, and tactics to accomplish the goal. However, a good plan also includes alternatives in case some obstacles are present. This also can be called a contingency plan, in which you include the alternatives and the way you are going to proceed in the case you find difficulties in the first place.