Tell me about a time you took a risk.

Question Analysis

This question is designed to assess your ability to take calculated risks and how you handle uncertain situations. The interviewer wants to understand your decision-making process, your ability to evaluate potential outcomes, and how you learn from experiences. It's important to demonstrate that you are capable of taking risks when necessary and that you approach such situations thoughtfully. Using the STAR method (Situation, Task, Action, Result) will help you structure your answer effectively.

Answer

Situation: In my previous role as a project manager at XYZ Company, we were tasked with launching a new product within a tight deadline. The project was crucial for our company's market expansion.

Task: My task was to manage the project timeline and ensure that all teams met their deliverables. However, during the initial phase, we encountered a significant delay due to a supplier issue, which threatened the entire project timeline.

Action: After consulting with my team and assessing the situation, I proposed a risky yet potential solution: sourcing materials from a new supplier who promised faster delivery. This was a risk because we had no prior experience with this supplier, and their reliability was uncertain. I conducted a thorough background check, negotiated favorable terms, and set up a contingency plan in case the new supplier failed to deliver.

Result: The new supplier delivered the materials ahead of schedule, allowing us to make up for lost time. The product launch was successful and well-received in the market, contributing to a 15% increase in quarterly sales. The decision to take this calculated risk paid off and taught me the importance of careful risk assessment and having contingency plans in place.