Q1. What is a Decision Support System (DSS)? How many types of DSS are there?
Ans. DSS is a software system that helps in the decision-making process in project management. There are two types of DSS: structured and unstructured.
Q2. What is a Fishbone diagram and when to use it?
Ans. Fishbone Diagram or Ishikawa Diagram is a visualization tool to understand the potential causes of a problem to identify its root causes. It is used usually in brainstorming sessions so that the team’s conversation is focused on the actual problem.
Q3. What is RAID in project management and why is it necessary to create a RAID log?
Ans. RAID is an acronym for Risk, Assumptions, Issues, and Dependencies. A RAID log is important for a project manager to track anything that would impact a project now or in the future.
Q4. What is CMM?
Ans. It stands for Capability Maturity Model and has five levels, including –
- Initial – Start point of a new process.
- Repeatable– It suggests the repeated use of any process.
- Defined – It includes documentation of the standard guidelines and procedures.
- Managed – It involves the measurement and management of a process.
- Optimizing – It is the highest level of process maturity in CMM and includes optimization and improvement of a process.
Q5. How do you handle any changes to the project?
Ans. A PM needs to have a high level of adaptability. Nobody wants changes in a project but sometimes they are not under the control of PM and due to certain unavoidable circumstances and factors, changes do creep in the project and he should be able to manage it.
Q6. What values/qualities do you think a PM should have?
Ans. The role of a PM is to create an environment and atmosphere in the Programme/Project so that everybody who comes to work is motivated to deliver his or her best. Create empowerment and enablement. Some of the qualities of PM are People Management, time management, cost & conflict management and stakeholder expectations management.
Q7. What performance metrics do you use to determine if a project is going as expected?
Ans. The ability to understand if a project is going in the right direction is a core skill of a PM and performance metrics will help in that matter. Some of the useful performance metrics are Cost Variance, Resource Utilisation, Quality, Customer Satisfaction, and Gross Margin.
Q8. What strategy do you follow to mitigate the risks involved in a project?
Ans. There will always be risks involved in a project; sometimes even before one starts it. We need to understand the Requirement and the associated risks involved with it in details from the business & technology and then plan and proceed with it. Risks cannot be eliminated but can be mitigated only.
Q9. Did you ever face any challenges while managing projects? How did you handle those challenges?
Ans. I worked as Lead BA Cum PM in many projects with Citibank & CS. I faced several challenges while working there. Some of the challenges faced by me were time management, resource allocation and Delivery on time.
I started prioritizing Projects and concentrated on the highest rated projects first. I used to try and get the required number of resources with the right skill sets before starting the project and explaining the details to all the stakeholders and trying to manage the expectations throughout the lifecycle of the project.
Q10. Which of the methodologies have you used in your projects? Why do you prefer it over others?
Ans. I have used Waterfall & Agile methodologies, Earlier, Waterfall was used while later on Agile is being used while in some banks, both are being used.
Q11. What do you know about the critical path of a project? What steps will you take if you find that one of your tasks is going to take more time than expected?
Ans. Put simply; the critical path of a project is all the key tasks that are required to complete a project. There are ways to shorten task time. E.g. adding an extra person to the project on the contract or from a different team to complete the particular tasks.
Q12. Do you prefer working on a single project or multiple projects at the same time?
Ans. You must always show your enthusiasm to the interviewer, but also be honest. If you feel that you can handle more projects than one, then say that you prefer multiple projects.
Q13. Which one skill does a project manager need to succeed?
Ans. In order to succeed, a PM needs multiple skills and it is really difficult to pinpoint a single skill required for success. Probably, Team building skills are often the most essential skills for the PM as he can only lead the team in the right direction if they are cohesive and well organized. However, the PM must be equally versed in leadership and communication skills, decision making, time management, and resource allocation. All these skills are essential for his success as a project manager.
Q14. How will you handle the failure of a project?
Ans. Being a PM, one should be able to handle both successes and failures. While informing about the failure of a project, one should always ensure that it doesn’t impact the morale of the team and the work pace.
Q15. What was the most difficult decision you have made?
Ans. I had to remove one knowledgeable developer from the Project due to his stubborn attitude as he was not ready to contribute in any other area despite requesting him several times. He was a Java guy. We wanted a Talend guy desperately & he used to know Talend. But he kept on refusing to work on Talend for reasons best known to him only. The Management even offered to compensate him. He even started inciting other members of the Team. It started having an effect on all other team members and since the Project had a very tough deadline, it led to both time and cost overrun and ultimately led to delayed release. I was left with no option but to remove him from the Project. This happened in Citibank Project in 2010 in London.
Q16. How are you managing projects while working from home?
Ans. I have been working from home for the last 3 years. For better project management, I used to follow several things while working from home.
Set and prioritize things as per the requirements. Focus on clear and timely communications. Set remote working guidelines so that we meet the desired expectations and maintain productivity. Extensively use project collaboration tools to increase the productivity and conduct daily & weekly meetings for discussing project updates and problems.
Q17. What do you do when you/your team does not meet the project’s deadline or budget?
Ans. Sometimes despite the best efforts or intentions, the project is unable to meet the deadline or exceed the budget due to several reasons. The delay can be due to unclear requirements and deadlines, poor monitoring and tracking, performance issues, inefficient process and unavailability of required resources or technical issues. I would like to find and understand the root cause for the delay or escalation and then go to the stakeholders, explain everything and take their approval for the new deadline or the ne budget as the case may be.
Q18. How do you handle an unhappy client?
Ans. As a PM, it is my job to keep the stakeholders satisfied. However, there are times when the business is not happy with the project deliverables. In such cases, some of these practices help:
Communicating with stakeholders at regular intervals, listening to their problems before reacting, looking for a work around between the needs, Evaluating and discussing their expectations and Asking questions and giving the desired solutions.
Q19. What is your approach towards gold plating?
Ans. Gold plating in project management is about delivering more than what was desired. From the client’s point, this is a good thing and can make them happy. However, this can severely affect the project’s predefined timelines and can also add to the costs. Thus as a PM, it is our job to control gold plating which can be done in several ways:
Define and assign clear KPIs to project team members
Connect with leaders to monitor if any team member is doing gold plating
Give a clear message to the members involved in the same by first making them understand what is gold plating and how s/he is doing it along with pros and cons. The objective should not be to demotivate the person involved but to make his/her understand the desired scope of work.
Make a note of possible ideas of optimization possible in the project and give the same to the sales team who can convince clients for further optimizations resulting in up-selling.
Q20. End Users rejects the final deliverables. What will you do?
Ans. First of all, I would like to understand the reasons for rejection. I would then start having a conversation with the end users, and initially, I will bring up the scope of the project and ask on what ground they are rejecting the project when my team has met all their initial requirements. Before starting this in the actual conversation, I will ensure that I have not missed anything from my end.
Also, in such situations, I will ask the end users about any additional expectations, discuss and plan with the internal team, share the additional costs with them and post-approval, deliver the final product.
Q21. Your team has some internal issues and the project is suffering due to these internal conflicts. What will be your course of action?
Ans. Internal conflicts are quite common in project management as we are dealing with multiple people across different time zones and different locations. As a PM, I would like to identify:
The root cause of the conflict and its impact on the project and what can be done to motivate people in order to bring back the project on line.
If the issues are still persistent, then I would like to search for alternative solutions. Certain issues which need to be taken care of are: Individual targeting, displaying empathy, resolving problems analytically and giving reasonable solutions.
Q22. What is your leadership style?
Ans. I believe in Team building and working with empathy. I do not believe in any fixed leadership style. Rather given a chance, I would prefer Leading by Example, Leading through communication, Delegation and Accountability. I will explain what needs to be done and give clear understanding to the team. I will facilitate easy and quick communication within the team. I will also delegate the jobs based on an individual’s strengths and areas of interest. Avoid micromanagement and keep everyone on the same page and ensure that my team clearly understands my expectations. I would like to set milestones and celebrate even small success & achievements. I also like “Give and take feedbacks” style.
Q23. Do you believe in delegating responsibilities/work?
Ans. Every project has a pre-defined goal that needs to be delivered by a given time. Thus, most often project managers need to delegate the job to their team members with complete responsibility.
That makes this question among the most important ones as through this question, the hiring manager is trying to understand your ability to lead, flexibility, and team management skills.
Share your experience of how you used delegation as a strategy to get the work done and deliver the project on time.
Q24. How do you manage to drive the team towards achieving the desired goals and project expectations?
Ans. As the leader of the team, it is the responsibility of a project manager to deliver the project on time. For this, it is very important to stay self-motivated and at the same time, ensure that the team members are also motivated. One can follow the following steps:
- Set realistic goals/deadlines and clearly state them to the team
- Plan and execute based on project timelines
- Anticipate the possible disasters and plan a way out beforehand
- Offer a room to team members to share their ideas, feedback, and views
- Conduct frequent project review meetings to discuss the progress and talk about the challenges faced by the team to give timely resolution
- Set milestones and celebrate small success/achievements
- Give and take feedbacks
- Incentivize if possible
- Provide access to the right project management tools and technologies
Q25. Why do you think you are goal-driven?
Ans. Being goal-driven makes one impactful at work and that’s why you need to prove that you are a goal-driven person who has the ability to drive the project as per the planned strategy.
When the recruiter shoots this question during your project management interview round, you need to answer them aptly by describing past incidents that prove that how you:
- Break long projects into sprints
- Plan your time effectively
- Write everything down
- Organize your work
- Motivate your team
- Delegate the job
- Offer/ask for constructive feedback
Also state how you have delivered the projects in the past, what strategies you have used, etc. as this will convenience the interviewees that you are goal-driven.
Q26. How do you inspire the team member who is not very motivated and ensure that he/she delivers the desired results?
Ans. Every team has a set of employees who are somewhat demotivated, underperforming, sensitive, or/and restraining. However, as a project leader/manager it is the job to handle all such employees and direct them in a path where they start performing. I would like to do the following steps:
- Observe if this is a one-time thing or happens frequently and try to have a conversation with the person and let them open up so that you offer help
- Set a KPI dashboard to track project performance
- Keep everyone on the same page and ensure that your team clearly understands your expectations
- Value the team’s feedback and suggestions
- Avoid micromanaging
- Help the team to learn and grow
Q27. How do you manage your team’s workload?
Ans. Managing workload is another important aspect of a PM’s job. This needs to be well planned to keep moving forward the project in the right direction. The below steps help:
Review the team’s current workload by following the matrix organizational structure.
Use resource management reports to find ways for answering project related queries
Connect with team members who are overloaded and find ways to optimize their tasks.
Delegate responsibilities to staff who have less on their plate.
Plan upskilling and training sessions for employees.
Q28. Describe the steps of a project from initiation to completion.
The various stages of a project are initiation, planning, execution, monitoring and control and closing. As a PM, it is my responsibility to see that my team handles each of these stages efficiently while staying within budget and completing it on time.
Q29. Do you prefer working on a single project or multiple projects at the same time?
I believe I can be more efficient if I work on a single project. But if required, I am willing to take up multiple projects occasionally.
Q30. Have you ever worked on a project that did not meet the deadline?
Missing the deadline or overshooting the budget are two common issues that PM generally encounters.
I was working on the Citibank project in London when the Business wanted to add several extra features which were not there in the BRD. It was simply not possible to accommodate all those features otherwise they would have led to missing the deadline as well as overshooting the budget.
After discussing with my team members, I provided the Business with options and work around. They could miss the initial deadline and delay the project’s launch with the added features, or launch it as per plan and add the extra feature in the next release.
Business agreed to stick to the original deadline and was happy that I walked them through the options instead of just delaying the project.
Q31. How would you handle the failure of a project?
As a PM, one should have the ability to handle both successes and failures rationally. I would work with the team to dissect the cause of the failure and use it as a learning moment. I would also ensure that the failure does not impact the morale of the team and the workplace.
Q32. Can you explain how you would manage projects remotely while working from home?
I focus on timely communications with all team members. I set remote working guidelines and weekly goals so that my team members know what is expected and continue to work productively, even when they are not physically present in the office. I would conduct weekly meetings to discuss the week’s goals, updates and problems.
Q33. When would you escalate an issue?
If I have the resources, then my first course of action is to solve it with my immediate team. If the issue at hand is sensitive and requires high-level approval, then I will escalate it and bring it to the notice of the management. Ultimately, I believe that my team and I would be required to use every resource available to solve the issue before escalating it.
Q34. What are the main reasons for project failures?
There are several reasons for project failures. Some of the reasons for the failure of a project could be:
Poorly defined requirements, Unrealistic expectations, Poor leadership, Improper implementation, Miscommunication between team members, Half-baked efforts of the team and Technical Issues.
Q35. Tell me about yourself.
I would describe myself as resilient, agile & positive minded person and driven by a desire to succeed. I would describe myself as highly curious, focused and motivated person, learning from all parts of life, personal and professional. In my professional life, I look for the challenging problems to solve and where I can learn and develop and contribute the most. I’ve worked on many different types of projects, totally new across the globe and have been able to deliver the goods. No matter what I’m working on, I’m very invested. I am a team leader and believe in people management. I identify anyone I can learn from, as well as problems that I care about and try to optimize every step of the process. I am a fast learner and that’s why I was able to work in different Banks across the globe with diverse culture and working conditions. In my personal life, I spend a lot of time reading and usually have a focused area of interest for a longer period of time. I also love to travel, listen to music, cook with friends, and spend a lot of time running and being physically active outdoors.
Q36. Can you tell me about a time where you encountered a business challenge? How did you overcome it? Tell me about a time you made a mistake or experienced a failure and how you dealt with it.
Well, I encountered several challenges during the entire duration of my career and it is simply not possible to capture them in such a short span. Starting with Bank of India Mutual Fund, the Portfolio was very lopsided and too much diversification had been done (invested in 50 Industries and more than 300 stocks) which was counter-productive. The NAV was 150 in 1995 at the time of my joining the company and while the guaranteed redemption value at maturity was 400 in Aug 2000. The Sponsor of Mutual Fund, Bank of India was facing bankruptcy because of guaranteed liability of Rs 10Billion in 1995.We were able to meet the target much before the deadline after massive portfolio restructuring, disinvestment and reinvestment. We reduced the investment to 15 Industries and 40-50 Stocks only. I was successful in introducing Quantitative Analysis, Technical Analysis, Plant & Management Meeting, Z Score & Modified Duration in the Mutual Fund after initial resistance from the staff.
While working at Citibank Singapore in 2006, I faced time management & delivery issues. My Chinese Boss believed in Kai Zen, Just In Time & Zero Defect concepts. She was Asia Pacific Command Centre Head and responsible for launching CitiDirect all over the world. These are fantastic concepts but very difficult to achieve in real life. I used to have issues initially but later on learned to prioritize the work & used to concentrate on the most important ones first. Working with her, I learnt how to manage projects effectively and efficiently.
While working at London, I faced resource crunch, System Outage & non-availability of UAT Environments despite informing everyone else well in advance. Going forward, I started copying everyone and their Superiors also and got the confirmation over mail well in advance.
In Credit Suisse and Lloyds Bank London, I was facing acute difficulties in getting the functional and technical documents. After lot of deliberations with Treasury, Product, Risk & Valuation and Senior stakeholders, Developers, Traders, Vendors, I prepared the Functional and Data Dictionary Documents through data analysis, interviews, discussions , screenshots, code review and reverse engineering.
Q37. What are the most important things you are looking for in your next role?
I am looking for a challenging & conducive work culture, a competitive salary, future growth potential, sustainable self and organisational growth with topline and bottomline improvement.
Q 38. Can you explain the concept of risk management and its importance in the banking industry?
Ans: Risk management in banking is the process of identifying, assessing, prioritizing and mitigating potential risks that could impact the success of a project. Banks operate in a dynamic environment where they are impacted by various risks, such as credit, market, legal, liquidity, operational & Reputational risks. It’s crucial in the banking industry to ensure compliance, protect assets, and achieve project objectives. Effective risk management allows banks to navigate uncertainties and make informed decisions while adhering to regulatory standards.
Q 39. What strategies do you employ to mitigate different types of risks in a banking project?
Ans: I adopt a comprehensive approach, including risk avoidance, risk transfer, and risk reduction strategies. For instance, if there’s a compliance risk, I work closely with legal experts to ensure adherence. For example, if there’s an operational risk, I might implement additional process controls or redundancies. Regular communication with stakeholders is key to keeping everyone informed about potential risks and the strategies in place to mitigate them.
Q 40. How do you communicate risks and mitigation strategies to stakeholders, including non-technical team members or executives?
Ans: There is no fixed method. Communication has to be tailor made, based on the audience. For non-technical team members and executives, I provide concise summaries focusing on business impact and implications. Clear and transparent communication ensures that everyone understands the risks and the steps we’re taking to manage them and everyone is informed and aligned on risk management efforts.
Q 41. How do you integrate risk management into the overall project planning process?
Ans: Risk management is an integral part of project planning from the beginning. I try to identify potential risks during the planning phase, allocate resources for mitigation strategies, and establish a framework for continuous monitoring. This proactive approach helps anticipate and address risks throughout the project lifecycle.
Q 42. How do you monitor and report on risks throughout the project lifecycle?
Ans: I will try to establish a robust monitoring system that includes regular risk assessments, status reports, and key performance indicators. This allows for real-time tracking of risks and enables prompt adjustments to mitigation strategies. I provide regular updates to stakeholders, ensuring transparency and alignment with project objectives.
Q 43. How do you foster a risk-aware culture within a project team?
Ans: I like open communication and prefer to create an environment where team members feel comfortable reporting risks without fear of blame. Regular training sessions on risk management principles and involving team members in the risk identification process help instill a risk-aware culture. Team collaboration is essential in addressing and mitigating risks effectively.
Q 44. Can you walk me through your process for conducting a risk assessment in a banking project?
Ans: I start by identifying potential risks across categories like credit, market, and operational risks. We then assess the likelihood and impact of each risk, prioritizing them based on their significance to the project. This process involves thorough analysis, expert input, and scenario planning to ensure a comprehensive understanding of potential risks.