Interview Question: Tell me about a time you failed and what you learned

My Answer:

"I really believe in networking with others, and I always ask people about their failures or the failures of other people.  You see, I can learn from failures without paying the cost as if I had done it myself – but back to your question.  I was the project manager for a software project to transfer payroll data from an expensive Unix computer to a PC desktop.  

 The client was the largest law firm in Tennessee (more than 300 lawyers).  I looked very hard for a data base expert who specialized in a Borland software product.  I finally found a subject matter expert to do the critical programming.  I received an up front payment and we began to work.  

 But on the day before the contract was to be finished – and we were on schedule at that time – the critical worker (call him the franchise player) got angry over a perceived insult – and quit – just walked off the job.  We defaulted on the contract because it was not completed the next day.  But the default was not financially destructive because I kept the client informed and happy the entire time.

As to what I learned …. If you are running a project, identify the franchise workers, if any, and get a personal assurance from them they will complete the contract.  I also learned to have an identified replacement for all workers, including me.”

From this example you can sense a strategy  - failure which was understood and never repeated.