Project Management Quiz: Portfolio System Issues

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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?

Sacred cow Signup and view all the answers

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

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

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

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

Not enough projects within the portfolio to make a profit 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.

Implementation gap Signup and view all the answers

Which of the following is NOT true for strategic management?

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

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

Mission, strategies, objectives, projects Signup and view all the answers

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

What do we want to become? Signup and view all the answers

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

Profitability Signup and view all the answers

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

Flexible Signup and view all the answers

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

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

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

SWOT Signup and view all the answers

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

Slowing of the economy Signup and view all the answers

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

Increasing product demand Signup and view all the answers

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

Quality management Signup and view all the answers

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

Lack of funding 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:

Multitasking Signup and view all the answers

Project selection criteria are typically classified as:

Financial and nonfinancial 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.

None of these 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?

Political necessity Signup and view all the answers

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

Project sponsor Signup and view all the answers

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

Costs to complete each project Signup and view all the answers

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

The project's fit to the organization's strategy Signup and view all the answers

Examples of nonfinancial criteria include all of the following EXCEPT:

Calculating the time it will take to recover the project investment Signup and view all the answers

Which of the following is true of multiweighted scoring models?

All of these are true Signup and view all the answers

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

It does not require a constant effort Signup and view all the answers

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

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

Project Management and Organizational Strategy

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