Question 1

Scoring models are most useful when there are multiple projects and several criteria to be considered.

Accepted Answer

Scoring models can help prioritize multiple projects based on various criteria, making them particularly useful in such situations.

Question 2

Projects tend to be the primary method for implementing many objectives.

Accepted Answer

Projects are often used as a way to achieve specific goals or objectives within an organization. They provide a structured approach for planning, executing, and controlling work that is focused on delivering a specific outcome. Therefore, projects are considered a primary method for implementing many objectives.

Question 3

Strategic objectives describe both short- and long-term results that are desired,along with measures to determine their achievement.

Accepted Answer

Strategic objectives are designed to accomplish specific goals over a set period, and they should be measurable to determine their effectiveness. Therefore, they describe both short- and long-term results that are desired, along with measures to determine their achievement.

Question 4

The internal part of strategic analysis (elements within the project team's control)consists of asking what opportunities and threats are posed by competitors,suppliers,customers,regulatory agencies,technologies and so on.

Accepted Answer

The internal part of strategic analysis focuses on evaluating the organization's internal environment, including its resources, capabilities, and competencies, rather than external factors like competitors, suppliers, customers, regulatory agencies, and technologies, which are considered in the external part of strategic analysis.

Question 5

A project portfolio is a useful storage medium that enables the project manager to consolidate all project information in a single,convenient location.

Accepted Answer

The answer of A project portfolio is a useful storage...

Question 6

To accomplish portfolio management,executives need to identify,select,prioritize,resource and govern an appropriate portfolio of projects and other work.

Accepted Answer

This statement is true as portfolio management involves the identification, selection, prioritization, resourcing and governance of a portfolio of projects and other work.

Question 7

A portfolio is defined as "projects,programs,subportfolios,and operations managed as a group to achieve strategic business objectives"

Accepted Answer

This statement accurately defines what a portfolio is.

Question 8

None of the financial project selection models ensure alignment of the project with an organization's strategic goals.

Accepted Answer

Financial project selection models primarily assess the financial viability of a project and do not consider its alignment with an organization's strategic goals. Additional tools, such as strategic alignment models, are necessary to ensure alignment with an organization's vision and mission.

Question 9

Because the specific projects within them are of limited duration,programs themselves are temporary.

Accepted Answer

Programs are comprised of multiple projects and may continue for an extended period, adapting as specific projects within them are initiated, altered, or concluded; they are not inherently temporary like individual projects.

Question 10

The organization's leadership should establish the flow-down objectives to set the stage for establishing the guiding principles such as the vision and mission.

Accepted Answer

The organization's leadership should first establish the guiding principles such as the vision and mission, which then inform and guide the setting of flow-down objectives.

Question 11

The degree of formality used in selecting projects varies widely across organizations.

Accepted Answer

This statement is true. Some organizations may have formal processes and criteria for selecting projects, while others may have more informal and ad hoc methods. It depends on factors such as the size, culture, and goals of the organization.

Question 12

Strategic analysis is often called Strengths,Weaknesses,Opportunities and Threats (SWOT).

Accepted Answer

Strategic analysis is commonly known as SWOT analysis which stands for Strengths, Weaknesses, Opportunities, and Threats. Therefore, the statement is true.

Question 13

Strategic objectives are the means of achieving the mission and vision,and should provide focus on decisions regarding which projects to select and how to prioritize them.

Accepted Answer

Strategic objectives are essential for providing guidance on selecting and prioritizing projects that align with the organization's mission and vision. Therefore, the statement is true.

Question 14

Payback period models do not consider the amount of profit that may be generated after the costs are paid.

Accepted Answer

Payback period models only focus on the time it takes to recover initial investments and do not account for post-cost profit.

Question 15

Strategic analysis is often called SWOT - Start With Objectives Template (SWOT).

Accepted Answer

SWOT stands for Strengths, Weaknesses, Opportunities, and Threats, and is used for analyzing the internal and external factors affecting an organization's performance. While objectives may be considered in the process, they are not part of the acronym or definition of SWOT.

Question 16

The vision statement should present a positive,inspiring and vivid description of the organization as it currently exists.

Accepted Answer

The vision statement should present a positive, inspiring and vivid description of the organization as it aims to be in the future, not as it currently exists. The mission statement is the description of the organization as it currently exists.

Question 17

Once the SWOT analysis is complete,the organization's leadership should establish guiding principles such as the vision and mission before setting strategic objectives.

Accepted Answer

Guiding principles such as vision and mission should be established after completing the SWOT analysis and before setting strategic objectives.

Question 18

If an organization does not have the right capabilities,a project that may otherwise support organizational goals may be too difficult to successfully complete.

Accepted Answer

If an organization lacks the necessary capabilities, such as resources, skills, or technology, it may struggle to execute a project effectively, which could hinder its ability to achieve its goals. Therefore, it is essential for organizations to assess their capabilities and resources before deciding to undertake a project.

Question 19

Strategic analysis is an important first step in setting strategic direction.

Accepted Answer

Strategic analysis helps to identify opportunities and threats in the external environment, as well as strengths and weaknesses within an organization. This information is crucial in determining the direction and focus of strategic planning. Without a thorough analysis, it is difficult to make informed decisions about where to focus resources and efforts.

Question 20

A business case is a brief narrative description of products,services,or results to be supplied by the project.

Accepted Answer

A business case provides justification for undertaking a project or program, by evaluating the benefit, cost, and risk of alternative options and providing a rationale for the preferred solution. It is more comprehensive than just a brief narrative description of products or services.

Quiz 2: Project Selection and Prioritization