MockQuestions

Project Manager Mock Interview

Question 19 of 50 for our Project Manager Mock Interview

Project Manager was updated by on May 9th, 2023. Learn more here.

Question 19 of 50

What kind of experience do you have managing budgets?

It's imperative that project managers know how to manage money so they don't end up overspending. Your interviewer wants to know that you have experience managing budgets in alignment with the types and scale of the budgets you will manage if offered the position.

Next Question

How to Answer: What kind of experience do you have managing budgets?

Advice and answer examples written specifically for a Project Manager job interview.

  • 19. What kind of experience do you have managing budgets?

      Why the Interviewer Asks This Question

      It's imperative that project managers know how to manage money so they don't end up overspending. Your interviewer wants to know that you have experience managing budgets in alignment with the types and scale of the budgets you will manage if offered the position.

      Written by Karrie Day on April 23rd, 2023

      How to Answer

      Describe the types of budgets you have managed in the past. This may include budgets for labor, equipment, travel, property, etcetera. It may also include budgets for work performed by third parties.

      Written by Karrie Day on April 23rd, 2023

      1st Answer Example

      "Within my last role, I managed multiple projects with an average labor budget of $300k. One, in particular, required strict budget oversight because it involved many moving parts and, therefore, costs. The company was launching a new product and the marketing team had devised a multi-pronged campaign to announce the product to both existing customers and prospects.

      From the start of the project, I used Clarizen, a project management program that includes a budget module, to forecast project costs. When we overspent in one area I was quickly aware and able to adjust in another area so the overall budget wasn't impacted. In the end, we successfully completed the project and stayed 100% within budget, and I know I can do this successfully for your projects too."

      Written by Karrie Day on April 23rd, 2023

      2nd Answer Example

      "I have over 3 years of experience managing a budget for different projects. I usually like to establish budget during the beginning of a project to make sure that we can meet the budget with what the client is asking for. I also make a habit of checking budget throughout different points of the project to make sure we are on track and communicate any potential budget issues before they arise."

      Written by Jessica H. on May 9th, 2023

      Anonymous Interview Answers with Professional Feedback

      Anonymous Answer

      "On my last project, we had a very strict budget coupled with some uncertain requirements. This made budget management and forecasting critical to project success. To ensure an adequate budget the project used burn rates for each iteration to ensure that we had sufficient funds available to complete the project."

      Amanda's Feedback

      Using an example is often a good way to give your response more impact. However, with this question, you can make your answer stronger by giving a wider view. Talk more about your years of experience managing budgets, the sheer number of project budgets you've managed (i.e. 16 high-value projects over the last 7 years), and the size of those budgets (i.e. $50K - $2M) to give the interviewer a better idea of the depth and breadth of your budget management experience.
  • About the Author

    I began my professional career as an IT Business Systems Analyst. I enjoyed the role, but I knew early on that I wanted to explore project management after moving through the analyst ranks. Fortunately, I had the opportunity to partner with several talented project managers while I was working to grow my own skill set. I learned a lot from them about how to approach strategic planning, communication, conflict resolution, and how to motivate various personality types to perform their best under pressure. I learned even more from their failures.

    It was clear that project management was as much an art as a science, and I eventually got my shot at taking everything I had observed over the years and blending it into my own style for steering projects and programs successfully. While project management was not my ultimate career goal, I greatly value my time managing projects. I have utilized the skills I worked to refine in project management in every position I have held since. For example, I use the communication, strategic thinking, and tactical planning skills I regularly leaned on as a project manager each time I work with one of my coaching clients.

    Whether working as a project manager is a career goal of yours, or you fell into it through circumstance, you’re in good company. Over 16 million professionals claim the title of project manager, and project management isn’t going anywhere. In fact, the number of project managers is expected to grow by 7% over the next 8 years according to the US Bureau of Labor and Statistics. According to the Project Management Institute, the global outlook is even more impressive boasting up to 33% growth through 2027. Regardless of the specific location, there will likely b a strong demand for project management skill sets in the years to come.

    As a coach and writer for MockQuestions, I want to help you successfully navigate your upcoming interview for a project manager position. While some project manager skills are specific to the industry, location, and types of projects involved, many skills and behavioral traits are universally applicable to project management roles. This article will help any project manager prepare for a successful interview, and I encourage you to check out all of our sets dedicated to project management listed below.

    Learn more about Karrie Day