The Risk Mitigation and Contingency Planning subfacet examines how individuals prepare for and minimize risks in projects. It includes identifying potential obstacles early, developing contingency plans, and making informed decisions to mitigate risk.
Abstract: Effective risk management involves the identification and prioritization of risks followed by the development of contingency plans. By anticipating potential threats, individuals can reduce the likelihood of failure and ensure projects continue on track despite unforeseen challenges.
Hillson, D. (2002). *Effective Risk Management: Some Key Principles*. International Journal of Project Management.
Hillson, D. (2002). Effective Risk Management: Some Key Principles. International Journal of Project Management.
Smith, J., & Carter, D. (2020). Managing Risk in Dynamic Environments. Journal of Risk Analysis.
5 Risk Management & Contingency Planning Questions
Question 1: Describe a project where unanticipated risks emerged. What actions did you take to mitigate them, and how did this experience refine your approach to risk management?
Question 2: What’s the most difficult decision you've faced in your career?
Question 3: What is one significant risk you took that provided valuable lessons?
Question 4: Describe a time when you faced an unexpected challenge under tight deadlines. How did you address the risks and maintain focus?
Question 5: Reflect on a decision where you underestimated risks or rewards. How could a different approach have changed the outcome?