How do you manage risks on a project?
What the interviewer wants to hear
- Identify risks early with the team and stakeholders
- Assess probability and impact
- Plan responses: avoid, mitigate, transfer, accept
- Assign owners and review regularly
Model answer
I start identifying risks at the beginning of the project with the team and key stakeholders, using past lessons learned and brainstorming. I record them in a risk register. For each risk I estimate the probability and impact so we can focus on the most serious ones. Then I plan a response. We can avoid the risk by changing the plan, mitigate it to reduce its chance or impact, transfer it, for example through a contract, or accept it with a contingency reserve. Every important risk gets an owner who watches it and acts if it happens. I review the register regularly, usually weekly with the team and monthly with the sponsor, because risks change during the project. When a risk actually happens, it moves to the issue log.
Can you answer it under time pressure?
Take a timed easy round and get scored on every answer.
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