Sample interview questions: How do you assess risks associated with project market competition and industry trends?
Sample answer:
1. Market Analysis:
– Study customer behavior, preferences, and changing demands.
– Analyze industry reports and trends to identify potential risks.
– Evaluate competitor strategies and market positioning.
– Conduct SWOT analysis to assess strengths, weaknesses, opportunities, and threats.
2. PESTLE Analysis:
– Examine political, economic, social, technological, legal, and environmental factors.
– Consider how these factors may impact project outcomes.
– Identify potential regulatory changes or legal challenges.
– Analyze how technological advancements may affect project feasibility.
3. Scenario Planning:
– Develop multiple scenarios based on different market conditions.
– Assess the likelihood and impact of each scenario on project objectives.
– Develop contingency plans for various scenarios.
4. Competitor Analysis:
– Study the strengths and weaknesses of key competitors.
– Monitor their strategies, new product launches, and marketing campaigns.
– Analyze their financial performance and market share trends.
5. Risk Identification and Prioritization:
– Identify specific risks associated with market competition and industry trends.
– Evaluate the probability and impact of each risk using expert judgment, data analysis, and historical trends.
– Prioritize risks based on their potential impact on project goals.
Source: https://hireabo.com/job/1_3_23/Project%20Risk%20Manager