INEN 416 CH2

Which of the following is true of multiweighted 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 these are true

All of these are true

In order to formulate strategies that align with the mission the organization will need to A. Assess internal strengths and weaknesses. B. Analyze competitors. C. Examine the external environment. D. Know their core competencies. E. All of these should be considered when formulating strategies.

All of these should be considered when formulating strategies.

Project managers who understand the role that their project plays in accomplishing the organization's strategy are able to do all of the following EXCEPT A. Demonstrate to senior management how their project contributes to the firm's mission. B. Explain to team members why certain project objectives and priorities are critical. C. Explain to stakeholders why certain project objectives and priorities are critical. D. Be able to respond appropriately to delays and/or questions about product design. E. Be able to focus on problems or solutions, even if the project is a low priority strategically.

Be able to focus on problems or solutions, even if the project is a low priority strategically.

A project selection process that is strongly linked to strategy results in A. The most profit. B. Better utilization of the organization's resources. C. More projects. D. A larger and more diverse organization. E. Stronger core competencies.

Better utilization of the organization's resources.

Examples of nonfinancial criteria include all of the following EXCEPT A. Capturing a larger market share. B. Reducing dependency on unreliable suppliers. C. Preventing government intervention and regulation. D. Making it difficult for competitors to enter the market. E. Calculating the time it will take to recover the project investment.

Calculating the time it will take to recover the project investment.

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 these are typically contained

Costs to complete each project

The following are responsibilities of the governance team when managing a portfolio system EXCEPT A. Deciding how they wish to balance the available organizational resources among the different types of projects. B. Publishing the priority of every project and ensuring the process is open and free of power politics. C. Evaluating the progress of the projects in the portfolio. D. Constant scanning of the external environment to determine if organizational selection criteria need to be changed. E. Communicating which projects are approved.

Deciding how they wish to balance the available organizational resources among the different types of projects.

Generally, people working on several projects at the same time are more efficient than people working full-time on one project. True False

F

Intermittent scanning of the external environment is required when managing organization strategy. True False

F

Many organizations have three different kinds of projects in their portfolio: compliance, operational, and sacred cows. True False

F

Mission statements typically change frequently, responding to changes in the external environment

F

Multiweighted scoring models include only quantitative criteria, not qualitative. True False

F

Objectives should be specific, marketable, assignable, realistic, and time related. True False

F

Project managers should not engage in organizational politics. True False

F

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

F

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

F

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

F

Project selection criteria are typically classified as A. Financial and nonfinancial. B. Short-term and long-term. C. Strategic and tactical. D. Required and optional. E. Cost and schedule.

Financial and nonfinancial.

Which of the following is NOT one of the characteristics of effective objectives? A. Realistic B. Assignable C. Flexible D. Specific E. Measurable

Flexible

Which of the following problems refers to lack of understanding and consensus of organization strategy among top and middle-level managers? This also can result when top management formulates strategy and leaves implementation to functional managers. A. Multitasking B. Organization politics C. Implementation gap D. Resource conflicts E. Employee turnover

Implementation gap

Which of the following would be classified as an organizational opportunity? A. Low debt B. Excellent employees C. Increasing product demand D. Talented management E. Government regulation

Increasing product demand

Which of the following is NOT true when managing a portfolio system? A. The qualities of a particular project are assessed within the context of existing projects B. It does not require a constant effort C. Within a small organization it can be managed by a small group of key employees D. It requires input from senior management E. It involves monitoring and adjusting criteria to reflect the strategic focus of the organization

It does not require a constant effort

Which of the following is NOT true for strategic management? A. It should be done once every few years 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. It involves responding to changes in the external market and allocating scarce resources to improve a competitive position

It should be done once every few years just before developing the operating plan

Which of the following is NOT a problem associated with the absence of a project portfolio system? A. Organizational politics B. Lack of funding C. Resource conflicts D. Multitasking E. Implementation gap

Lack of funding

__________ the portfolio system involves monitoring and adjusting selection criteria to reflect the strategic focus of the organization.

Managing

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

Mission statements

Which of the following is the correct order for the strategic management process? A. Strategies, mission, objectives, projects B. Objectives, projects, mission, strategies C. Mission, strategies, objectives, projects D. Objectives, mission, strategies, projects E. Projects, mission, strategies, objectives

Mission, strategies, objectives, projects

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.

Multitasking.

The __________ financial model measures the current value of all cash inflows using management's minimum desired rate of return. A. FUBAR B. ARR C. IRS D. IRB E. None of these

None of these

All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT A. Frequent conflicts between managers. B. Inadequate resources. C. Confused employees regarding which projects are more important. D. Not enough projects within the portfolio to make a profit. E. People are working on multiple projects and feel inefficient.

Not enough projects within the portfolio to make a profit.

________ translate the organization's strategy into specific, concrete, and measurable terms

Objectives

Which of the following is NOT true about an organization's strategy? A. Strategy determines how an organization will compete B. Strategy is implemented through projects C. Only top management must understand strategy D. Project selection should be clearly aligned with strategy E. Project management plays a key role in supporting strategy

Only top management must understand strategy

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

Political necessity

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

Profitability

Which of the following is NOT true about organizational politics? A. Project managers should not engage in organizational politics B. Politics can have a significant influence on which projects receive funding C. Politics exist in every organization D. Politics can influence project selection E. Politics can play a role in the aspirations behind projects

Project managers should not engage in organizational politics

One who endorses and lends political support for the completion of a specific project is known as the A. Project manager. B. CEO. C. Project sponsor. D. Project lead. E. Sacred cow.

Project sponsor.

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. Quality management

Quality management

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.

RFP (Request for Proposal)

The assessment of the external and internal environments is called _______ analysis. A. SWOT B. Competitive C. Industry D. Market E. Strategic

SWOT

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

SWOT analysis

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

Sacred cow

Which of the following would be classified as an organizational threat? A. Slowing of the economy B. Excellent employees C. Poor product quality D. Declining facilities E. High labor costs

Slowing of the economy

Why do project managers need to understand their organization's mission and strategy? A. To reduce project duration and increase the number of projects implemented B. So they can make appropriate decisions and adjustments and be effective project advocates C. It is only important for senior management to understand the organization's mission and strategy D. To get their job done and increase opportunities for promotion E. So that they can make sure the customer is satisfied

So they can make appropriate decisions and adjustments and be effective project advocates

A proposed project that ranks high on most criteria may not be selected because the organization's portfolio already includes too many projects with the same characteristics. True False

T

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

T

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

T

One benefit of project portfolio management is that it can justify killing a project that doesn't support organization strategy. True False

T

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

T

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

T

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

T

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

T

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

T

Strategy is implemented through projects. True False

T

Studies have shown that companies using predominantly financial criteria to prioritize projects yield unbalanced portfolios and projects that aren't strategically aligned. True False

T

The assessment of the external and internal environments is called the SWOT analysis. True False

T

Regardless of the criteria differences among different types of projects, the most important criterion for project selection is A. How the project will balance risk within the project portfolio B. The project's fit to the organization strategy C. Compliance D. Nonfinancial E. Profit

The project's fit to the organization strategy

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

What do we want to become?

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.

compliance (must do)

How strategies will be realized, given available resources, is answered through __________.

implementation

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

implementation gap

What the organization wants to become and the scope of the firm in terms of its product or service would be identified in the organization's ____________.

mission statement

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 ___________.

multitasking

The 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.

net present value (NPV)

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.

nonfinancial

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

operational

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

payback

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.

project screening

A weighted scoring model typically uses several weighted selection criteria to evaluate project proposals. An example of this would be a(n) ____________.

project screening matrix

Strategy is implemented through ________.

projects

A project that a powerful, high-ranking official is advocating is often termed a(n) ___________.

sacred cow

High-ranking managers who endorse and lend political support for the completion of a specific project are known as project _________.

sponsors

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

strategic

The process of assessing "what we are" and deciding and implementing "what we intend to be and how we are going to get there" is ______________.

strategic management

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

strengths

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

threats