Give an example of when you turned around a failing project

Question

Use the STAR method to answer. Be specific about the situation at Goldman Sachs, your actions, and measurable outcomes.

Codemia · Accepted Answer

The interviewer is assessing your ability to demonstrate leadership and influence in difficult situations, specifically your capacity to turn around a failing project. They want to see how you handle setbacks, your strategic thinking in navigating complex organizational dynamics, and how you leverage a growth mindset to drive positive outcomes. This question evaluates your project management skills, team development capabilities, and your approach to conflict resolution.

1. **Situation**: Describe the failing project, including its context within Goldman Sachs and why it was failing.  
2. **Task**: Clearly outline your role and responsibilities in this situation.  
3. **Action**: Detail the specific actions you took to turn the project around, including any leadership strategies, team engagement techniques, and conflict resolution methods you employed.  
4. **Result**: Share the measurable outcomes of your actions, including any metrics, project successes, and how the turnaround impacted the team and organization.

In my previous role at Goldman Sachs, I was assigned to lead a cross-functional team responsible for developing a new financial analytics tool. Midway through the project, we discovered that we were significantly behind schedule and over budget due to miscommunication between the IT and analytics departments. My task was to identify the root causes of these issues and implement a recovery plan.  
I initiated a series of strategy sessions with key stakeholders from both departments to facilitate open communication. During these sessions, I encouraged team members to express their concerns and proposed a new framework to align our objectives and timelines. I also reallocated resources and established a more agile project management approach, allowing us to adapt quickly to changes.  
As a result of these actions, we not only met our revised project deadline but also delivered a tool that increased efficiency by 30% for the analytics team. This project turnaround not only improved team morale but also positioned us to take on more ambitious projects in the future.

The interviewer is looking for clarity in the situation and your role, a thoughtful approach to addressing challenges, and clear, quantifiable results. A strong answer will demonstrate your ability to lead and influence without formal authority, showcase your strategic thinking, and illustrate how you fostered collaboration among team members. Signals of a successful response include evidence of conflict resolution, a focus on team development, and a clear connection between your actions and positive organizational impact.

Some common pitfalls include not providing enough context about the failing project, failing to articulate your specific role and contributions, or focusing too heavily on individual achievements rather than team dynamics. Additionally, vague or generic outcomes that lack measurable results can weaken your response. Ensure that you avoid overemphasizing the challenges at the expense of your strategic actions and their positive impact on the team and organization.

Give an example of when you turned around a failing project

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