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Project Risk Management

Identifying, assessing, prioritizing, documenting, and managing risk and its impact.
Level 1 Demonstrates introductory understanding, directing people to the appropriate source for further information.

BEHAVIORS

  • Follows mitigation or contingency plans to address or exploit risk.
  • Monitors progress against plans, identifying and tracking barriers.
  • Notifies project manager when risk is impending.
  • Classifies the types of risks such as regulatory, financial, environmental, commercial, and safety.
  • Documents results of risk analysis and risk response plan.

QUESTIONS

  • Describe a time when you were tasked with tracking change requests.

Probing Questions

* What type of changes were you tracking?

* What was the change control process?

* How did you track change requests?

* How did you validate them against the project plan?

* How did you validate the changes were implemented?

  • Provide an example of when you were responsible for documenting and identifying risks.

Probing Questions

* Describe the project.

* What types of risks were you looking for?

* What things do you look for when identifying if a risk is impending?

* What is your experience with following mitigation or contingency plans to address or exploit risks?

* How successful were the mitigation or contingency plans?

Level 2 Applies the competency in common situations that present limited difficulties, working with a moderate level of guidance.

BEHAVIORS

  • Identifies risks within own project.
  • Completes risk tracking tools such as risk register and risk breakdown structure.
  • Evaluates risk consequences, probability, and impact.
  • Develops solutions to address barriers in project and monitors results.
  • Recommends corrective action regarding the risk for a small project or component of a large project.
  • Communicates the risks associated with budget, schedules, and scope to stakeholders and project team members.
  • Updates risk response plan when risk is realized, avoided, transferred or mitigated.

QUESTIONS

  • Tell me about a time you were responsible for the change control processes and procedures on a complex project.

Probing Questions

* What was the scope of the project?

* How did you establish a change control process?

* How did you assess and monitor the impact of changes to project baselines?

* How did you address any variations to the project plan?

  • Describe a time when you were responsible for developing a risk register for a project.

Probing Questions

* What were the circumstances surrounding the project?

* What were the risks were involved?

* How do you estimate risks in terms of consequences, probability and impact?

* How did you estimate risk contingency costs?

* How accurate were your forecasts?

Level 3 Applies the competency in the full range of typical situations, requiring guidance in only the most complex or new situations.

BEHAVIORS

  • Qualifies and quantifies known risks.
  • Develops risk response plan, including strategies for each defined risk.
  • Uses advanced risk tools to analyze risk on highly complex initiatives.
  • Identifies project barriers that can impact other projects.
  • Identifies risk trends.
  • Recognizes when a new or unknown risk occurs and establishes workarounds and mitigation plans.

QUESTIONS

  • Provide an example of a risk response plan you developed for a project.

Probing Questions

* How did you qualify and quantify the known risks?

* What was required for developing the risk response plan?

* How did you track risks?

* What was your process for dealing with new or unknown risks?

* How successful was the risk management strategy?

  • Describe a project where there was a high volume of changes, or where priorities changed quickly.

Probing Questions

* What were the types of changes and priority shifts?

* How did you perform the root cause analysis?

* What adjustments were required to address the changes and shifting priorities?

* Did the changes impact the project baselines?

* What was done to ensure the volume of changes did not occur in subsequent projects?

Level 4 Applies the competency in new or complex situations and advises others.

BEHAVIORS

  • Identifies risks that cross-project boundaries, requiring resolution at the program level.
  • Analyzes risk on initiatives across multiple projects and develop high-level response strategies.
  • Mitigates risk on projects that have an organization-wide impact.
  • Develops key risk indicators to continuously monitor project programs.
  • Develops a plan to mitigate recurring risks.
  • Reviews individual risk response strategies to develop new organizational standards or procedures.

QUESTIONS

  • Describe a risk response strategy you implemented to address an organizational risk.

Probing Questions

* How did you track risk trends?

* What were the dimensions and nature of the risks?

* What plans did you develop to address these risks?

* What was the result?

Level 5 Develops new approaches and methods in the area. Is recognized as an expert within the organization.

BEHAVIORS

  • Evaluates each portfolio component for risks at the organizational level that may impact the achievement of strategic objectives.
  • Implement a comprehensive risk management information system within the organization.
  • Classifies the types of risks that are embedded in a portfolio of projects, including regulatory, financial, environmental, commercial, safety, etc.
  • Directs the decision-making process for addressing major barriers with a portfolio.
  • Communicates organizational-wide trends and actions to improve risk-mitigating processes.

QUESTIONS

  • Describe a situation where you were asked to address a major roadblock affecting multiple projects.

Probing Questions

* What were the circumstances surrounding this situation?

* What was the scope and impact of the roadblock?

* What steps did you take to investigate potential solutions?

* What was the solution you implemented?

* What was the outcome?

  • Describe your strategy for evaluating risks across a portfolio.

Probing Questions

* How do you collect and analyze these risks?

* How did you classify the risks?

* How did you document organizational risks?

* What was your broad strategy for the portfolio? Were you able to minimize risk across the portfolio?