Question 1

Why is it important that organizations develop a process to align selected projects with strategic goals?

Accepted Answer

The answer of Why is it important that organizations develop...

Question 2

A list of potential projects, several criteria, weights for those criteria, and criteria scores for those projects are all typically included on a(n) ___________ matrix.
A) Multiple criteria
B) Project screening
C) Project selection
D) Project elimination
E) Project assessment

Accepted Answer

A Project Screening Matrix is a tool used to evaluate multiple projects based on various criteria, weights assigned to those criteria, and scores for each project against those criteria. It helps in the decision-making process to select the most viable projects.

Question 3

Why is profitability alone not an adequate measure of a project's value to an organization?

Accepted Answer

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Question 4

What is a SWOT analysis and how does it relate to the Strategic Management Process?

Accepted Answer

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Question 5

In classifying the kinds of projects an organization has in its portfolio, projects that are typically those needed to meet regulatory conditions required to operate in a region are ___________ projects.
A) Strategic
B) Conformance
C) Compliance (must do)
D) Operational
E) Sacred cow

Accepted Answer

Compliance (must do) projects are those required to meet regulatory conditions necessary for an organization to operate in a specific region. These projects are non-negotiable and must be completed to ensure the organization complies with legal and regulatory requirements.

Question 6

The lack of understanding and consensus of organization strategy among top and middle-level managers is known as the __________.
A) priority confusion
B) implementation gap
C) lack of consensus
D) lack of comprehension
E) lack of comprehension and consensus

Accepted Answer

The term "implementation gap" refers to the disconnect or lack of alignment between the strategic goals set by top management and the understanding or execution of these goals by middle management.

Question 7

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

Accepted Answer

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Question 8

Identify and briefly describe the five characteristics of effective objectives.

Accepted Answer

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Question 9

The advantages of successful project portfolio management systems are becoming well recognized. Briefly describe three.

Accepted Answer

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Question 10

In some cases, organizations will use a(n) __________ to solicit ideas for projects when the knowledge requirements for the project are not available in the organization.
A) RFQ (Request for Quote)
B) RFP (Request for Project)
C) RFP (Request for People)
D) RFP (Request for Product)

Accepted Answer

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Question 11

Why do project managers need to understand strategy?

Accepted Answer

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Question 12

When considering criteria used to select projects, capturing a larger market share or reducing the dependency on unreliable suppliers would both be examples of __________ criteria.
A) Financial
B) Nonfinancial
C) Operational
D) Supplier
E) Multiple

Accepted Answer

Capturing a larger market share and reducing dependency on unreliable suppliers are strategic goals that do not directly relate to financial metrics, thus they are considered nonfinancial criteria.

Question 13

Identify and briefly discuss the three classes of projects usually found in an organization's project portfolio.

Accepted Answer

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Question 14

A financial model that measures the current value of all cash inflows and outflows using management's minimum desired rate of return is known as the _________ model.
A) Internal rate of return (IRR)
B) Net present value (NPV)
C) Return on investment (ROI)
D) Return on assets (ROA)
E) Inflow / outflow

Accepted Answer

The Net Present Value (NPV) model measures the current value of all cash inflows and outflows using management's minimum desired rate of return, assessing the profitability of an investment or project.

Question 15

What is the implementation gap and how does it impact project management? How can it be prevented?

Accepted Answer

The answer of What is the implementation gap and how...

Question 16

In classifying the kinds of projects an organization has in its portfolio, projects that directly support the organization's long-term mission are ________ projects.
A) Strategic
B) Conformance
C) Compliance (must do)
D) Operational
E) Sacred cow

Accepted Answer

Strategic projects are those that directly support the organization's long-term mission by focusing on long-term goals and objectives. These projects are essential for the growth and development of the organization, aligning with its strategic direction.

Question 17

The financial model that measures the time it will take to recover the project investment is the __________ model.
A) break through
B) recovery
C) threshold
D) investment
E) payback

Accepted Answer

The payback model is used to calculate the time it will take to recover the initial investment in a project, making it the correct choice.

Question 18

Starting and stopping work on one task to go and work on another project, and then returning to work on the original task is known as ___________.
A) multitasking
B) concurrency
C) parallelism
D) start-and-stop
E) confusion

Accepted Answer

Multitasking involves switching focus from one task to another, often leading to a decrease in productivity due to the time and mental capacity required to refocus on each task.

Question 19

In classifying the kinds of projects an organization has in its portfolio, projects that are typically needed to support current operations are _________ projects.
A) Strategic
B) Conformance
C) Compliance (must do)
D) Operational
E) Sacred cow

Accepted Answer

Operational projects are those that support current operations within an organization, ensuring that the business continues to run smoothly and efficiently. These projects are essential for the day-to-day functioning of the company.

Question 20

Management of a portfolio system requires two major inputs from senior management. What are they?

Accepted Answer

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Quiz 2: Organization Strategy and Project Selection

Why is it important that organizations develop a process to align selected projects with strategic goals?

A list of potential projects, several criteria, weights for those criteria, and criteria scores for those projects are all typically included on a(n) ___________ matrix.

Why is profitability alone not an adequate measure of a project's value to an organization?

What is a SWOT analysis and how does it relate to the Strategic Management Process?

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

The lack of understanding and consensus of organization strategy among top and middle-level managers is known as the __________.

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

Identify and briefly describe the five characteristics of effective objectives.

The advantages of successful project portfolio management systems are becoming well recognized. Briefly describe three.

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

Why do project managers need to understand strategy?

When considering criteria used to select projects, capturing a larger market share or reducing the dependency on unreliable suppliers would both be examples of __________ criteria.

Identify and briefly discuss the three classes of projects usually found in an organization's project portfolio.

A financial model that measures the current value of all cash inflows and outflows using management's minimum desired rate of return is known as the _________ model.

What is the implementation gap and how does it impact project management? How can it be prevented?

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

The financial model that measures the time it will take to recover the project investment is the __________ model.

Starting and stopping work on one task to go and work on another project, and then returning to work on the original task is known as ___________.

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

Management of a portfolio system requires two major inputs from senior management. What are they?