Question: How would you approach trying to get the most value for money on a project given the limited budget assigned to you?

Alternative Question Phrasing:

Explain how you delivered value for money on a project or task following new input into it.

Follow-up questions:

Question Details:

Question Type:

Behavioral

Skills:

Basic – Critical Thinking,Basic – Science and Logic,Complex Problem Solving,Management of Financial Resources,Systems – Judgment and Decision Making,Systems Analysis,Systems Evaluation

Abilities:

Cognitive – Flexibility of Closure (Pattern Detection),Cognitive – Originality,Cognitive – Problem Sensitivity (Problem Recognition)

Other Factors:

Candidate Preparedness,Personality-Job Fit,Personality-Organization Fit

Work Activity (Task):

Information Input – Monitor Processes, Materials, or Surroundings,Interacting with Others – Monitoring and Controlling Resources,Mental Processes – Developing Objectives and Strategies,Mental Processes – Judging the Value of Things, Services, or People,Mental Processes – Organizing, Planning, and Prioritizing Work,Work Output – Process Management

Work Context (Person-Job/Team/Org Fit):

Job Structure – Level of Responsibility (Impact of Decisions on Co-workers or Organization Results)

Work Style (Person-Job Fit):

Achievement/Effort (Action/Result Orientation),Adaptability/Flexibility,Analytical Thinking,Attention to Detail,Handling Ambiguity,Innovation,Stress Tolerance

Question Frequency

Question Difficulty

What to look for in an answer:

You are looking for the candidate’s ability to allocate the funds effectively.
If the candidate has done good research about the estimates on each area of spend.
If the candidate’s approach and work style matches with that of your company.

Red Flags to Watch For:

If the candidate does not have a specific example to share or a plan how they would do this in future.
If the candidate’s response doesn’t seem genuine.

Sample Answer:

N/A

Question Source: https://www.totaljobs.com/advice/most-common-competency-based-interview-questions