Podcast
Questions and Answers
Which of the following is NOT true about an organization's strategy? (Select all that apply)
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:
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)
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?
Which of the following terms is often used to denote a project that a powerful, high-ranking official is advocating?
Why do project managers need to understand their organization's mission and strategy?
Why do project managers need to understand their organization's mission and strategy?
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:
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:
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT:
All of the following are symptoms of organizations struggling with strategy disconnect and unclear priorities EXCEPT:
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.
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.
Which of the following is NOT true for strategic management?
Which of the following is NOT true for strategic management?
Which of the following is the correct order for the strategic management process?
Which of the following is the correct order for the strategic management process?
Which of the following questions does the organization's mission statement answer?
Which of the following questions does the organization's mission statement answer?
Which of the following is NOT one of the traditional components found in mission statements?
Which of the following is NOT one of the traditional components found in mission statements?
Which of the following is NOT one of the characteristics of effective objectives?
Which of the following is NOT one of the characteristics of effective objectives?
In order to formulate strategies that align with the mission the organization will need to:
In order to formulate strategies that align with the mission the organization will need to:
The assessment of the external and internal environments is called ______ analysis.
The assessment of the external and internal environments is called ______ analysis.
Which of the following would be classified as an organizational threat?
Which of the following would be classified as an organizational threat?
Which of the following would be classified as an organizational opportunity?
Which of the following would be classified as an organizational opportunity?
Which of the following is NOT one of the requirements for successful implementation of strategies through projects?
Which of the following is NOT one of the requirements for successful implementation of strategies through projects?
Which of the following is NOT a problem associated with the absence of a project portfolio system?
Which of the following is NOT a problem associated with the absence of a project portfolio system?
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:
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:
Project selection criteria are typically classified as:
Project selection criteria are typically classified as:
The __________ financial model measures the current value of all cash inflows using management's minimum desired rate of return.
The __________ financial model measures the current value of all cash inflows using management's minimum desired rate of return.
Projects are usually classified into all but one of the following categories. Which one is NOT one of the typical classifications?
Projects are usually classified into all but one of the following categories. Which one is NOT one of the typical classifications?
One who endorses and lends political support for the completion of a specific project is known as the:
One who endorses and lends political support for the completion of a specific project is known as the:
A project screening matrix typically contains all of the following EXCEPT:
A project screening matrix typically contains all of the following EXCEPT:
Regardless of the criteria differences among different types of projects, the most important criterion for project selection is:
Regardless of the criteria differences among different types of projects, the most important criterion for project selection is:
Examples of nonfinancial criteria include all of the following EXCEPT:
Examples of nonfinancial criteria include all of the following EXCEPT:
Which of the following is true of multiweighted scoring models?
Which of the following is true of multiweighted scoring models?
Which of the following is NOT true when managing a portfolio system?
Which of the following is NOT true when managing a portfolio system?
The following are responsibilities of the governance team when managing a portfolio system EXCEPT:
The following are responsibilities of the governance team when managing a portfolio system EXCEPT:
Flashcards
Organizational Strategy
Organizational Strategy
A plan outlining how a business will compete in the marketplace, influencing project selection.
Strategy Communication
Strategy Communication
Ensuring every level of the organization understands the company's strategy.
Strategy Alignment
Strategy Alignment
Matching project selection with the overall organizational strategy for efficient resource use.
Organizational Politics
Organizational Politics
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Sacred Cow Project
Sacred Cow Project
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Mission and Strategy Awareness
Mission and Strategy Awareness
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Symptoms of Strategy Disconnect
Symptoms of Strategy Disconnect
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Implementation Gap
Implementation Gap
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Strategic Management Process
Strategic Management Process
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Mission Statement
Mission Statement
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Components of Mission Statements
Components of Mission Statements
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Characteristics of Effective Objectives
Characteristics of Effective Objectives
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SWOT Analysis
SWOT Analysis
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Organizational Threats
Organizational Threats
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Organizational Opportunities
Organizational Opportunities
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Successful Strategy Implementation
Successful Strategy Implementation
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Project Portfolio Management
Project Portfolio Management
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Project Selection Criteria
Project Selection Criteria
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Multiweighted Scoring Models
Multiweighted Scoring Models
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Governance Team
Governance Team
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Financial Viability
Financial Viability
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Operational Effectiveness
Operational Effectiveness
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Strategic Alignment
Strategic Alignment
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Project Risk
Project Risk
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Cultural Fit
Cultural Fit
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Customer Impact
Customer Impact
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Innovation and Learning
Innovation and Learning
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Brand Impact
Brand Impact
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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.
