Would you be willing to share an experience where you took a risk?

Question Analysis

This question is designed to assess your ability to evaluate situations, make decisions, and take calculated risks. Interviewers are interested in your thought process, your ability to handle uncertainty, and the outcomes of your decisions. The STAR method (Situation, Task, Action, Result) is an effective way to structure your response, ensuring you provide a comprehensive answer that highlights your decision-making and risk-taking abilities.

Answer

Situation: In my previous role as a project manager at XYZ Company, we were tasked with launching a new product line within an aggressive timeline. The market was highly competitive, and any delay could have resulted in a significant loss of market share.

Task: I was responsible for ensuring the product launch was successful and on time. However, a key supplier informed us they were experiencing delays, which threatened our timeline.

Action: After evaluating the situation, I decided to take the risk of sourcing an alternative supplier who could meet our deadlines. This decision involved potential risks, including quality assurance and increased costs. I conducted a thorough vetting process of the new supplier, negotiated terms to mitigate financial risks, and implemented rigorous quality checks to ensure the product met our standards.

Result: As a result of taking this calculated risk, we were able to launch the product on time, maintaining our competitive edge in the market. The new supplier not only met our quality standards but also became a reliable partner for future projects. This decision ultimately contributed to a 15% increase in quarterly sales and reinforced our position as a market leader.