Chapter 2- EBTM 443 – Flashcards
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A, B, and C are all true
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Which of the following is true for organizations that have a coherent link of projects to strategy? A. There is more cooperation across the organization B. Performance is better on projects C. They have fewer projects D. Both A and B are true E. A, B, and C are all true
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Is open and published for all participants to review
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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
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A, B, and C are all correct
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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
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Both B and C are correct
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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
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All the above are likely mistakes
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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
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Both A and C are correct
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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
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Both a and b are correct
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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
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It should be done once each year just before developing the operating plan
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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
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Mission, goals, strategies, projects
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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
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What do we want to become?
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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
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Flexible
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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
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Both a and c are correct
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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
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SWOT analysis
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The assessment of the external and internal environments is called _______ analysis. A. SWOT analysis B. Competitive C. Industry D. Market E. Strategic
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Poor product quality
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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
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Excellent employees
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Which of the following would not be classified as an organizational opportunity? A. Increasing product demand B. Excellent employees C. Emerging markets D. Favorable international exchange rates E. All of these are organizational opportunities
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All of these are requirements
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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
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Sacred Cow
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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
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Multitasking
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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
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Financial and non-financial
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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
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Both A and B are correct
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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
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Political necessity
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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
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Sacred Cow
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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
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Costs to complete each project
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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
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Both A and B are correct
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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
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Creating chips to support the digital device market
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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
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All of the above are true
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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
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Schedule objective
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A major project proposal will likely include all of the following except: A. Problem definition B. Schedule objective C. Goal definition D. Objective definition E. All of these are likely to be included
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net present value
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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
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The lack of consensus between the goals set by top management and those independently set by lower levels of management. This lack of consensus leads to confusion and poor allocation of organization resources.
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Implementation gap
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A minimum desired rate of return discount (e.g., 15 percent) is used to compute present value of all future cash inflows and outflows.
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Net present value
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Actions by individuals or groups of individuals to acquire, develop, and use power and other resources to obtain preferred outcomes when there is uncertainty or disagreement over choices.
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Organization politics
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The time it takes to pay back the project investment (investment/net annual savings). The method does not consider the time value of money or the life of the investment.
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Payback
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The process used to select projects. The system uses selected criteria for evaluating and selecting projects that are strongly linked to higher-level strategies and objectives
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Priority system
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The group (sometimes the project office) responsible for selecting, overseeing, and updating project priority selection criteria
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Priority team
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Group of projects that have been selected for implementation balanced by project type, risk, and ranking by selected criteria
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Project portfolio
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A matrix used to assess and compare the relative value of projects being considered for implementation
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Project screening matrix
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A project that is a favorite of a powerful management figure who is usually the champion for the project.
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Sacred cow
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A structured process of thinking about future possible environments that would have potential high impact to disrupt the way you do business, and then developing potential strategies to compete in these altered environments.
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Scenario planning
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Strategic management is the process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there."
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Strategic management process
