Sample interview questions: How do you assess and manage project risks throughout the project lifecycle?
Sample answer:
Assessing and Managing Project Risks Throughout the Project Lifecycle
1. Risk Identification:
- Conduct risk workshops with stakeholders to brainstorm potential risks.
- Analyze historical data and industry best practices to identify common risks.
- Use risk matrices or other tools to assess the likelihood and impact of identified risks.
2. Risk Quantification and Prioritization:
- Quantify risks using probability and impact scales or other methods.
- Prioritize risks based on their relative significance and potential impact on project objectives.
3. Risk Response Planning:
- Develop mitigation strategies to reduce the likelihood or impact of identified risks.
- Assign responsibilities for implementing and monitoring risk responses.
- Consider transfer, avoidance, or acceptance of certain risks.
4. Risk Monitoring and Control:
- Establish regular risk reviews to assess the effectiveness of risk responses and identify any changes in risk exposure.
- Track and document risk status, actions taken, and lessons learned.
- Update risk assessments and response plans as needed.
5. Contingency Planning:
- Develop contingency plans for high-impact or high-probability risks.
- Outline alternative approaches or resources to mitigate or recov… Read full answer