Deck 2: Organization Strategy and Project Selection

Question 1

The assessment of the external and internal environments is called _______ analysis.

A)SWOT analysis
B)Competitive
C)Industry
D)Market
E)Strategic

Answer 1

A
Explanation: The keys are to attempt to forecast fundamental industry changes and stay in a proactive mode rather than a reactive one.This assessment of the external and internal environments is known as the SWOT analysis (strengths, weaknesses, opportunities, and threats).

Question 2

Which of the following is the correct order for the strategic management process?

A)Strategies, mission, goals, projects
B)Goals, projects, mission, strategies
C)Mission, goals, strategies, projects
D)Goals, mission, strategies, projects
E)Projects, mission, strategies, goals

Answer 2

C

Question 3

Which of the following is a main reason why project managers need to understand their organization's mission and strategy?

A)They can better focus on the immediate customer
B)They can make appropriate decisions and adjustments
C)So they can be effective project advocates
D)Both B and C are correct
E)A, B, and C are all correct

Answer 3

D
Explanation: There are two main reasons why project managers need to understand their organization's mission and strategy.The first reason is so they can make appropriate decisions and adjustments.For example, how a project manager would respond to a suggestion to modify the design of a product to enhance performance will vary depending upon whether his company strives to be a product leader through innovation or to achieve operational excellence through low cost solutions.The second reason project managers need to understand their organization's strategy is so that they can be effective project advocates.Project managers have to be able to demonstrate to senior management how their project contributes to their firm's mission.

Question 4

Which of the following would not be classified as an organizational opportunity?

A)Increasing product demand
B)Excellent employees
C)Emerging markets
D)demographics
E)All of these are organizational opportunities

Question 5

Which of the follow is not one of the commonly heard comments of project managers?

A)Where did this project come from?
B)Why are we doing this project?
C)How can all these projects be first priority?
D)Why is this project so strongly linked to the strategic plan?
E)Where are we going to get the resources to do this project?

Question 6

The textbook indicated that ________ is the major dimension of strategic management.

A)Responding to changes in the external market
B)Allocating scarce resources of the organization
C)Beating competition to the market
D)Both a and b are correct
E)Both a and c are correct

Question 7

Which of the following is not one of the requirements for successful implementation of strategies through projects?

A)Allocation of resources
B)Prioritizing of projects
C)Motivation of project contributors
D)Adequate planning and control systems
E)All of these are requirements

Question 8

The intended outcome of strategy/projects integration is

A)Clear organization focus
B)Best use of scare organization resources
C)Improved communication across projects and departments
D)Both A and C are correct
E)A, B, and C are all correct

Question 9

Susie's department is implementing many projects.She finds herself starting and stopping work on one task to go and work on another task, and then return to the work on the original task.Susie is experiencing

A)Poor scheduling
B)Excess work burden
C)Flexible tasking
D)Multitasking
E)Burnout

Question 10

Which of the following is not one of the characteristics of effective objectives?

A)Realistic
B)Assignable
C)Flexible
D)Specific
E)Measurable

Question 11

Strategy formulation includes which of the following activities?

A)Determining alternatives
B)Creating profitability targets
C)Evaluating alternatives
D)Both a and c are correct
E)A, B, and C are all correct

Question 12

A critical factor to ensure the success of integrating the strategic plan with projects lies in a process that

A)Is open and published for all participants to review
B)Starts with top management's directives
C)With projects first and integrates them with the strategic plan
D)Both B and C are correct
E)A, B, and C are all correct

Question 13

Which of the following is not one of the traditional components found in mission statements?

A)Major products and services
B)Profitability
C)Target customers and markets
D)Geographic domain
E)Contribution to society

Question 14

Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating?

A)Sacred cow
B)Pet project
C)Political necessity
D)Special undertaking
E)Strategic ploy

Question 15

Strategy considered to be under purview of senior management is

A)Old school thinking
B)A new school of management thought
C)Necessary in a company structure
D)Beneficial to the Project Manager
E)Depended on company goals

Question 16

Which of the following is not true for strategic management?

A)It should be done once each year just before developing the operating plan
B)It supports consistency of action at every level of the organization
C)It develops an integrated and coordinated long-term plan of action
D)It positions the firm to meet the needs of its customers
E)All of these are true statements

Question 17

In today's business environment, project managers find it valuable to have a keen understanding of

A)Strategic management
B)Technical issues
C)Project selection process
D)Both A and C are correct
E)A, B, and C are all correct

Question 18

Which of the following questions does the organization's mission statement answer?

A)What are our long-term strategies?
B)What are our long-term goals and objectives?
C)How do we operate in the existing environment?
D)What do we want to become?
E)All of these are answered by the mission statement

Question 19

Which of the following would not be classified as an organizational threat?

A)Slowing of the economy
B)A maturing life cycle
C)Poor product quality
D)Government regulations
E)All of these are organizational threats

Question 20

Project managers who do not understand the role that their project plays in accomplishing the organization's strategy tend to make all the following mistakes except:

A)Focusing on low priority problems
B)Overemphasizing technology as an end in and of itself
C)Focusing on the immediate customer
D)Trying to solve every customer issue
E)All the above are likely mistakes

Question 21

Successful ________ requires strong links among mission statements, goals, objectives, and strategies.

Question 22

Which of the following is a common multicriteria selection model?

A)Checklist
B)Net Present Value
C)Weighted criteria model
D)Both A and C are correct
E)All of these are common multicriteria selection models

Question 23

Which of the following is the reason(s) why project managers need to understand their organization's mission and strategy?

A)To make appropriate decisions and adjustments
B)To be effective project advocates
C)To be able to get their job done
D)Both A and B are correct
E)A, B, and C are all correct

Question 24

Projects are usually classified into all but one of the following categories.Which one is not one of the typical classifications?

A)Compliance and emergency
B)Operational
C)Strategic
D)Political necessity
E)All of these are typical classifications

Question 25

________ change infrequently and may require revision only when the nature of the business changes or shifts.

Question 26

Which of the following is not one of the classifications for assessing a project portfolio?

A)Sacred cow
B)Bread-and-butter
C)Pearls
D)Oysters
E)White elephants

Question 27

In the Snapshot from Practice, Intel's CEO has concentrated Intel's strategy toward?

A)Creating chips to support the digital device market
B)Eliminating AMD as a competitor
C)Strengthening Intel's position in the PC market
D)Expanding Intel's international market
E)Expand efforts in the mainframe computer market

Question 28

Which of the following is not true of multi-weighted scoring models?

A)Will include quantitative criteria
B)Will include qualitative criteria
C)Each criterion is assigned a weight
D)Projects with higher scores are considered more desirable
E)All of the above are true

Question 29

In a SWOT analysis, strong competition, reduced product demand, and a maturing product life cycle are examples of ________.

Question 30

A major project proposal form will likely include all of the following except:

A)Project Classification
B)Schedule objective
C)Major deliverables of the project
D)How success will be measured
E)All of these are likely to be included

Question 31

________ answers the question of how strategies will be realized, given available resources.

Question 32

The __________ identifies what the organization wants to become and the scope of the firm in terms of its product or service.

Question 33

Project ________ are typically high-ranking managers who endorse and lend political support for the completion of a specific project.

Question 34

________ translate the organization's mission statement into specific, concrete, and measurable terms.

Question 35

In a SWOT analysis, good product quality, low debt, and an established dealer network are examples of positive ________.

Question 36

A weighted scoring model such as _________ typically uses several weighted selection criteria to evaluate project proposals.

Question 37

Project selection criteria are typically classified as:

A)Financial and non-financial
B)Short-term and long-term
C)Strategic and tactical
D)Required and optional
E)Cost and schedule

Question 38

A project screening matrix typically contains all of the following except:

A)The list of available projects
B)Specific criteria
C)Weights assigned to specific criteria
D)Costs to complete each project
E)All of the above are typically contained

Question 39

The assessment of the internal and external environments is known as a ________.

Question 40

Which of the following financial models are typically included in project selection?

A)Payback
B)Net present value
C)Internal rate of return
D)Both A and B are correct
E)A, B, and C are all correct

Question 41

Organizational objectives set targets for all levels of the organization not just for top management.

Question 42

In classifying the kinds of projects an organization has in its portfolio, ________ projects are typically those that directly support the organization's long run mission.

Question 43

Formulating strategy answers the questions who and when the tasks will be performed to reach objectives.

Question 44

A written mission statement provides focus for decision making when shared by organizational managers and employees.

Question 45

Capacity overload which inevitably leads to confusion and inefficient use of scarce resources is an __________.

Question 46

The ________ financial model measures the current value of all cash inflows and outflows using management's minimum desired rate of return.

Question 47

The problem in many organizations is not with formulating strategies but with implementing the strategies.

Question 48

Project Management historically has been preoccupied solely with the planning and execution of projects while strategy was under the purview of senior management.

Question 49

Xerox's ALTO computer and the Ford Mustang are examples of the significance that ________ can play in project management.

Question 50

Strategy formulation ends with cascading objectives or projects assigned to lower divisions, departments, or individuals.

Question 51

Effective objectives can be created to apply only at the department level and not relating to organizational objectives.

Question 52

Apple Computers has been successful in developing a turnaround strategy that has developed new markets and increased market share.This began with strict adherence to the ________.

Question 53

A ___________ will typically include a list of potential projects, several criteria, weights for those criteria, and criteria scores for those projects.

Question 54

In classifying the kinds of projects an organization has in its portfolio, ________ projects are typically those needed to meet regulatory conditions required to operate in a region.

Question 55

The term ________ is often used to denote a project that a powerful, high-ranking official is advocating.

Question 56

Using the Project Portfolio Matrix, software upgrades and manufacturing cost reduction projects are examples of ________ projects that involve evolutionary improvements to existing products.

Question 57

The most common approach to selecting project has been to use the __________ model.

Question 58

In classifying the kinds of projects an organization has in its portfolio, ________ projects are typically those needed to support current operations.

Question 59

In some cases organizations will use a __________ to solicit ideas for projects when the knowledge requirements for the project are not available in the organization.

Question 60

The _______ financial model measures the time it will take to recover the project investment.

Question 61

One way to offset the influence of politics on project management within an organization is to have a well-defined project selection model.

Question 62

The first step in the Strategic Management Process is to set long-range goals and objectives.

Question 63

Reviewing and revising the organization's mission is best achieve through the use of a SWOT analysis.

Question 64

Lee Iacocca's career was built on successfully leading the design and development of the highly successful Ford Mustang.

Question 65

Many organizations find they have three different kinds of projects in their portfolio, compliance, operational, and sacred cows.

Question 66

Opportunities and threats are the flip sides of each other; that is, a threat can be viewed as an opportunity, and vice versa.

Question 67

What is strategic management?

Question 68

It is necessary to have exactly the same strategic and operations criteria for different projects

Question 69

Generally, people working on several projects at the same time are more efficient than having several people working part-time on the same projects.

Question 70

The typical Strategic Management Process includes four activities.Identify and briefly describe each of those four activities.

Question 71

Identify and briefly discuss the three intended outcomes of integrating and linking projects with the strategic plan.

Question 72

"Politics and project management should not mix." Agree or Disagree and support your position.

Question 73

Identify and briefly describe the four components of strategic management and why they must be strongly linked.

Question 74

Intel's CEO, Craig R.Barrett, is envisioning Intel's future as being beyond computers and to include all digital products as Intel's potential customers.

Question 75

Multi-weighted scoring models include only quantitative criteria, not qualitative.

Question 76

The information gap refers to the lack of understanding and consensus of organization strategy among top and middle-level managers.

Question 77

The NPV financial model measures the time it will take to recover the project investment.

Question 78

If a proposed project does not meet one of the designated "must" objectives it is immediately removed from consideration.

Question 79

Using the Project Portfolio Matrix, revolutionary commercial advances using proven technical advances are classified as Oyster projects.

Question 80

The two axes of the Project Portfolio Matrix are technical feasibility and commercial potential.