If you failed an exam and you are given a second chance what strategies should you use to prepare so as to pass with a good grade?
The answer to this is going to depend somewhat on you and what sorts of things do and don't work for you in particular. If you studied in a particular way for the first test and didn't pass, then obviously you shouldn't study in that way again.
The most important thing for you to do is to review all the material you have that is relevant to the test. When you review the material, you should do as much as you can to interact with it. For example, you should not simply read over the notes. That does not really force you to think about the material. Instead, make yourself flash cards about important facts and study the cards. Then, particularly if you have written answers (as opposed to multiple choice or one-word answers), you should try to do things like writing little essays about the connections between the facts on those cards.
For the parts of the test that cover things that you read in a textbook, you might try to write little summaries of the various sections of the text. Go back and read each section and try to sum it up in a sentence or two. Then summarize the whole chapter.
All of these things will force you to really interact with the material and to think about it rather than simply looking at it passively. Hopefully, that will help you do well on the next test and on future tests. Good luck!
I think it's also important to meet with your instructor, if possible, to go over the original exam (after you've redone it, if you have the actual exam) and talk to them about the ones you got wrong to figure out any miconceptions you might have. You might also want to ask them what they think the best way to study is for their course. As the previous poster said, being actively engaged in using material is the best way to learn it. The instructor can give you specific examples of ways to study (i.e. practice problems, writing outlines, etc) that are suitable for that course.