Program Management: Identifying and Managing Risk
Explore how to identify and manage risks in technical program management by using a structured framework. Learn to create risk inventories, evaluate severity and likelihood, and develop mitigation or elimination plans. Understand how transparent communication with stakeholders supports successful project outcomes and prevents delays.
We'll cover the following...
Question
How do you manage risk for your projects? Please provide an example where you successfully identified and managed a risk.
Background
Risk management is very important for TPMs. Staying on top of risks and making sure they are actively managed is a critical part of the job, and it is also where TPMs can add significant value.
Senior-level positions will require demonstration of successful risk management, so be ready with a strong framework and excellent examples. This question aims to prepare you for that.
Solution approach
We want to demonstrate that we are thorough and solution-oriented when it comes to risk management. We will use the following approach to answer this question.
-
Start by providing a framework for identifying and managing risk. This will include both strategic and tactical elements.
-
Show how we used this framework in a large-scale project to manage risk.
Sample answer
I’ll start by discussing how I identify risks in a project and give some examples of project risks. Then I’ll talk about how I prioritize, manage, and communicate these risks. Finally, I’ll discuss how I effectively managed risk for a large project.
Risk identification
Risks can be found at any stage in the project. Ideally, we’d like to find them early on. When I start projects, I begin by building out a project plan and identifying the scope, resources, timelines, and stakeholders. A major part ...