Some challenges that one may encounter during work are:

• Ethical dilemmas.
• Conflicting incentives.
• Insufficient resources (time, money, expertise).
• Incomplete or inaccurate information.
• Low morale and interpersonal issues, or other emotional problems (with teammates or the team as a whole).
• Cultural or work style conflicts.
• Changing demands.
• Inability to accomplish a task or meet expectations.

Possible ways of solving such challenges are:

• Gathering data to decide what to do.
• Leveraging the support and expertise of people around you.
• Discussing and setting team priorities.
• Understanding the emotions of those around you.
• Thinking about what the “right” thing to do is (based on ethics, what’s best for the customer, etc).
• Breaking down the situation, focusing on what you know, and understanding more about what you know.
• Mitigating risk.
• Being honest and straightforward.
• Solving the problem creatively or thinking outside the box.
• Compromising.
• Balancing short-term and long-term tradeoffs.
• Managing the expectations of coworkers and customers.

Credit for above goes to: Gayle McDowell in ‘Cracking the PM Interview’