Project Management and Organizational Strategy
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Questions and Answers

Which of the following is NOT true about an organization's strategy? (Select all that apply)

  • Only top management must understand strategy (correct)
  • Strategy is implemented through projects
  • Strategy determines how an organization will compete
  • Project selection should be clearly aligned with strategy
  • Project management plays a key role in supporting strategy

    • A project selection process that is strongly linked to strategy results in:

  • The most profit
  • Stronger core competencies
  • A larger and more diverse organization
  • More projects
  • Better utilization of the organization's resources (correct)

    • Which of the following is NOT true about organizational politics? (Select all that apply)

  • Politics can play a role in the aspirations behind projects
  • Politics can influence project selection
  • Project managers should not engage in organizational politics (correct)
  • Politics can have a significant influence on which projects receive funding
  • Politics exist in every organization

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

    <p>Sacred cow</p> Signup and view all the answers

    Why do project managers need to understand their organization's mission and strategy?

    <p>So they can make appropriate decisions and adjustments and be effective project advocates</p> Signup and view all the answers

    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:

    <p>Be able to focus on problems or solutions, even if the project is a low priority strategically</p> Signup and view all the answers

    All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT:

    <p>Not enough projects within the portfolio to make a profit</p> Signup and view all the answers

    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.

    <p>Implementation gap</p> Signup and view all the answers

    Which of the following is NOT true for strategic management?

    <p>It should be done once every few years just before developing the operating plan</p> Signup and view all the answers

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

    <p>Mission, strategies, objectives, projects</p> Signup and view all the answers

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

    <p>What do we want to become?</p> Signup and view all the answers

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

    <p>Profitability</p> Signup and view all the answers

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

    <p>Flexible</p> Signup and view all the answers

    In order to formulate strategies that align with the mission the organization will need to:

    <p>All of these should be considered when formulating strategies.</p> Signup and view all the answers

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

    <p>SWOT</p> Signup and view all the answers

    Which of the following would be classified as an organizational threat?

    <p>Slowing of the economy</p> Signup and view all the answers

    Which of the following would be classified as an organizational opportunity?

    <p>Increasing product demand</p> Signup and view all the answers

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

    <p>Quality management</p> Signup and view all the answers

    Which of the following is NOT a problem associated with the absence of a project portfolio system?

    <p>Lack of funding</p> Signup and view all the answers

    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 work on the original task. Susie is experiencing:

    <p>Multitasking</p> Signup and view all the answers

    Project selection criteria are typically classified as:

    <p>Financial and nonfinancial</p> Signup and view all the answers

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

    <p>None of these</p> Signup and view all the answers

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

    <p>Political necessity</p> Signup and view all the answers

    One who endorses and lends political support for the completion of a specific project is known as the:

    <p>Project sponsor</p> Signup and view all the answers

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

    <p>Costs to complete each project</p> Signup and view all the answers

    Regardless of the criteria differences among different types of projects, the most important criterion for project selection is:

    <p>The project's fit to the organization's strategy</p> Signup and view all the answers

    Examples of nonfinancial criteria include all of the following EXCEPT:

    <p>Calculating the time it will take to recover the project investment</p> Signup and view all the answers

    Which of the following is true of multiweighted scoring models?

    <p>All of these are true</p> Signup and view all the answers

    Which of the following is NOT true when managing a portfolio system?

    <p>It does not require a constant effort</p> Signup and view all the answers

    The following are responsibilities of the governance team when managing a portfolio system EXCEPT:

    <p>Deciding how they wish to balance the available organizational resources among the different types of projects</p> Signup and view all the answers

    Study Notes

    Strategy and Project Management

    • Organizational strategy outlines how a business competes and guides project selection.
    • Strategy must be understood by all levels of the organization, not just top management.
    • Aligning project selection with strategy leads to better resource utilization.

    Organizational Politics

    • Politics influences project funding and selection; it exists in every organization.
    • Project managers should recognize and engage in organizational politics to advocate for their projects.
    • A "sacred cow" project is one strongly supported by a high-ranking official.

    Importance of Understanding Mission and Strategy

    • Project managers need to comprehend the organization's mission and strategy to make effective decisions and advocate for projects.
    • Recognizing how a project contributes to the organization's goals enhances communication with stakeholders.

    Symptoms of Strategy Disconnect

    • Organizations showing strategy disconnect may experience frequent manager conflicts, confusion about project priorities, and inefficiencies due to multitasking.

    Implementation Gaps

    • The implementation gap arises when there’s a lack of understanding among top and middle-level managers about the organization's strategy.

    Strategic Management Process

    • Effective strategic management should be an ongoing process rather than periodic.
    • The correct order of the strategic management process is mission, strategies, objectives, projects.

    Mission Statements

    • Mission statements address the organization's desired future state.
    • Typical components of mission statements include major products/services, target customers, and geographic domain, but profitability is generally not included.

    Characteristics of Effective Objectives

    • Objectives should be realistic, assignable, specific, and measurable; flexibility is not a characteristic of effective objectives.

    SWOT Analysis

    • SWOT analysis assesses internal strengths and weaknesses alongside external opportunities and threats to formulate strategies.

    Identifying Opportunities and Threats

    • Organizational threats can include economic slowing, while opportunities may arise from increased product demand or excellent employees.

    Successful Strategy Implementation

    • Effective strategy implementation requires resource allocation, project prioritization, and motivation among project contributors.

    Project Portfolio Management

    • Absence of a project portfolio system can lead to organizational politics, resource conflicts, and multitasking issues.
    • Project selection criteria are classified into financial and nonfinancial types, with alignment to organizational strategy being paramount.

    Multiweighted Scoring Models

    • Multiweighted scoring models utilize both quantitative and qualitative criteria, assigning weights to each criterion for project evaluation.

    Governance Team Responsibilities

    • Governance teams manage portfolio systems, ensuring transparency in project prioritization, communication of project approvals, and environmental scanning to adjust selection criteria as necessary.

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    Description

    Explore the critical intersection of project management and organizational strategy in this quiz. Understand how aligning project selection with organizational goals can lead to better outcomes and resource utilization. Delve into the influence of politics in project funding and selection, and learn how to effectively advocate for your projects.

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