Week 7 - Chat.pdf

1. What is a strategy in the context of an organization? - A) A short-term plan for daily activities - B) A framework for making decisions about how to achieve business goals - C) A list of tasks to be completed by the project team - D) A set of financial targets for the next quarter Correct Answer...

1. What is a strategy in the context of an organization? - A) A short-term plan for daily activities - B) A framework for making decisions about how to achieve business goals - C) A list of tasks to be completed by the project team - D) A set of financial targets for the next quarter Correct Answer: B 2. What is the purpose of an organization's vision? - A) To define daily tasks - B) To determine project timelines - C) To establish a long-term goal for the future - D) To list stakeholder requirements Correct Answer: C 3. Which of the following is a component of strategic thinking? - A) Remedial - B) Revolutionary - C) Tactical - D) Operational Correct Answer: B 4. What does the term "reactionary" in strategic thinking mean? - A) Creating a new market - B) Being late to respond and aiming to survive - C) Capitalizing on existing opportunities - D) Ignoring market trends Correct Answer: B 5. What is meant by a "steady plan" in the context of strategy? - A) A rigid, unchangeable approach - B) A yearly strategy review by leadership - C) A continuous and revolutionary approach - D) A short-term project action plan Correct Answer: B 6. According to Gary Hamel's "Strategy as Revolution," what must strategy-making be? - A) Predictable - B) Subversive - C) Limited to executives - D) Unchangeable Correct Answer: B 7. What does a "bottleneck at the top of the bottle" refer to in organizational strategy? - A) Too much focus on customer needs - B) Resistance to change among senior leaders - C) Lack of project management skills - D) Overreliance on external consultants Correct Answer: B 8. Which type of strategy focuses on challenging industry conventions to discover new opportunities? - A) Remedial strategy - B) Resourceful strategy - C) Revolutionary strategy - D) Steady plan strategy Correct Answer: C 9. What is the primary role of a revolutionary in an organization? - A) To maintain the status quo - B) To break industry rules and redefine them - C) To execute projects on time - D) To avoid all forms of change Correct Answer: B 10. Which of the following is a principle of democratic strategy-making? - A) Top-down control of ideas - B) Excluding employees from strategic decisions - C) Bringing in fresh perspectives from diverse sources - D) Following existing procedures without questioning Correct Answer: C 11. What does "top-down and bottom-up" refer to in strategy creation? - A) A leadership-only approach - B) Only involving project managers - C) Collaboration between senior leadership and employees - D) Strict adherence to predefined processes Correct Answer: C 12. Which strategic tool is used to analyze industry competition and market forces? - A) SWOT Analysis - B) Porter’s Five Forces - C) Gap Planning - D) Mind Mapping Correct Answer: B 13. What does PEST analysis stand for? - A) Political, Economic, Social, Technological - B) Product, Efficiency, Sales, Timing - C) People, Environment, Strategy, Technology - D) Planning, Execution, Sustainability, Trends Correct Answer: A 14. What is the primary purpose of a SWOT analysis? - A) To determine project costs - B) To assess strengths, weaknesses, opportunities, and threats - C) To create an implementation roadmap - D) To measure employee performance Correct Answer: B 15. Which strategy is characterized by creating new market space where there is little or no competition? - A) Red Ocean Strategy - B) Resourceful Strategy - C) Blue Ocean Strategy - D) Incremental Strategy Correct Answer: C 16. What is a gap analysis used for? - A) To analyze budget overruns - B) To identify differences between current performance and desired goals - C) To assess team communication skills - D) To evaluate marketing success Correct Answer: B 17. What is the primary focus of a balanced scorecard? - A) Monitoring financial performance only - B) Linking organizational performance measures with strategic goals - C) Tracking employee attendance - D) Creating a project schedule Correct Answer: B 18. Which of the following is NOT a type of strategy discussed in Module 7? - A) Discovery Focused Strategy - B) Operational Excellence Focused Strategy - C) Product Lifecycle Strategy - D) Experimentation Focused Strategy Correct Answer: C 19. What is the goal of a Discovery Focused Strategy? - A) To minimize project costs - B) To evaluate trends that may change the business model - C) To implement standardized business practices - D) To execute small, repeatable tasks Correct Answer: B 20. Which strategy involves testing new ideas and innovations internally for a set period of time? - A) Resourceful Strategy - B) Experimentation Focused Strategy - C) Blue Ocean Strategy - D) Operational Excellence Focused Strategy Correct Answer: B 21. Which strategy is associated with large-scale change management and organizational transformation? - A) Operational Excellence Focused Strategy - B) Revolutionary Strategy - C) Transformation Focused Strategy - D) Remedial Strategy Correct Answer: C 22. What is the key focus of Operational Excellence Focused Strategy? - A) Enhancing daily practices and introducing new technology step-by-step - B) Implementing a complete organizational overhaul - C) Identifying opportunities for new markets - D) Conducting research into emerging trends Correct Answer: A 23. Which strategic tool helps in identifying favorable and unfavorable scenarios for an organization? - A) Scenario Thinking - B) Gap Analysis - C) SWOT Analysis - D) VRIO Framework Correct Answer: A 24. What is the VRIO framework used for? - A) To analyze an organization's competitive forces - B) To evaluate the value, rarity, imitability, and organization of resources - C) To assess market opportunities - D) To develop a project schedule Correct Answer: B 25. Which of the following statements about the balanced scorecard is true? - A) It only measures financial performance - B) It links performance measures to strategy across multiple perspectives - C) It focuses exclusively on internal processes - D) It is used to monitor project timelines Correct Answer: B 26. What is the role of a product mindset in strategy? - A) To focus on completing projects as quickly as possible - B) To align success metrics with business outcomes outside the triple constraint - C) To reduce the scope of projects - D) To limit involvement to only key stakeholders Correct Answer: B 27. In the Golden Circle model by Simon Sinek, what is at the center of the circle? - A) What - B) How - C) Why - D) Who Correct Answer: C 28. What does the “Why” in Simon Sinek's Golden Circle represent? - A) The process of implementing a plan - B) The tangible outcome of a project - C) The purpose or belief behind an organization’s actions - D) The project’s timeline Correct Answer: C 29. What is a primary benefit of a Lean business case? - A) It allows for rigid project planning - B) It simplifies initial work and allows flexibility as feedback is received - C) It provides a fixed outcome for all projects - D) It reduces stakeholder engagement Correct Answer: B 30. What is one of the five principles of lean business cases? - A) Focusing only on long-term outcomes - B) Making lots of little bets - C) Reducing team size to minimize communication - D) Prioritizing delivery over quality Correct Answer: B 31. In a scaled agile framework (SAFe), what are Lean business cases aligned to? - A) Project streams - B) Value streams - C) Financial targets - D) Program schedules Correct Answer: B 32. What is the main reason for conducting a business case? - A) To reduce project costs - B) To prioritize initiatives based on the value they produce - C) To assign team roles and responsibilities - D) To define project deadlines Correct Answer: B 33. In which phase of a project is a traditional business case most commonly developed? - A) Execution - B) Planning - C) Initiation or Concept - D) Closure Correct Answer: C 34. What are the three major components of a traditional business case? - A) Costs, Benefits, Risks - B) Scope, Time, Cost - C) Team, Schedule, Budget - D) Stakeholders, Quality, Timeline Correct Answer: A 35. Which of the following is a common pitfall of strategic planning? - A) It involves everyone in the organization - B) It focuses only on the long-term and ignores short-term needs - C) It encourages creativity and flexibility - D) It is easy to adapt based on changing conditions Correct Answer: B 36. What does “playing to win” in strategic planning involve? - A) Ignoring industry trends - B) Articulating a winning aspiration and knowing how to achieve it - C) Maintaining the status quo - D) Avoiding competition altogether Correct Answer: B 37. Which type of strategy has the highest degree of people impact and low uncertainty? - A) Discovery Focused Strategy - B) Transformation Focused Strategy - C) Experimentation Focused Strategy - D) Operational Excellence Focused Strategy Correct Answer: B 38. What is the main focus of a Lean Canvas in business case planning? - A) Creating a detailed project schedule - B) Listing the key elements of a business case such as problems, solutions, and customer segments - C) Defining budget constraints - D) Developing a comprehensive risk management plan Correct Answer: B 39. Why should strategic planning be more than just a calendar-driven ritual? - A) To ensure executives maintain control - B) To explore new opportunities for revolution within the industry - C) To limit stakeholder involvement - D) To maintain a consistent approach each year Correct Answer: B 40. In strategic planning, what is the purpose of participatory budgeting in SAFe? - A) To centralize decision-making power - B) To prioritize initiatives through shared budget pools - C) To limit the funding for smaller projects - D) To ignore input from lower-level employees Correct Answer: B 41. How do "value streams" relate to Lean business cases in SAFe? - A) They represent individual project phases - B) They are steps that provide continuous flow of value to clients - C) They determine the exact timeline of each project - D) They replace stakeholder analysis Correct Answer: B 42. What does the “How” in the Golden Circle model signify? - A) The vision behind an organization’s actions - B) The tangible execution plan that makes the vision possible - C) The products sold by the organization - D) The company’s financial statements Correct Answer: B 43. What is a core focus of Operational Excellence Focused Strategy? - A) Identifying entirely new markets - B) Developing technology step-by-step to improve efficiency - C) Engaging in revolutionary industry changes - D) Minimizing customer involvement Correct Answer: B 44. Which mindset focuses on maximizing creativity and aligning work with business metrics? - A) Project Mindset - B) Product Mindset - C) Operational Mindset - D) Remedial Mindset Correct Answer: B 45. In strategic planning, what is the purpose of engaging the entire organization? - A) To maintain top-down control - B) To include diverse perspectives and generate unconventional strategic options - C) To ensure strict adherence to the original plan - D) To reduce stakeholder involvement Correct Answer: B 46. What is a common challenge of long-term strategic plans? - A) They are easily adaptable - B) They are too high level and not executable - C) They are created by all employees equally - D) They focus too much on short-term success Correct Answer: B 47. How does strategic planning help improve business self-awareness? - A) By ignoring weaknesses and focusing on strengths only - B) By identifying strengths, weaknesses, and market positioning - C) By setting rigid financial targets - D) By focusing solely on customer acquisition Correct Answer: B 48. What is a primary benefit of scenario thinking in strategic planning? - A) It eliminates uncertainty - B) It allows organizations to evaluate potential situations and plan accordingly - C) It focuses exclusively on internal metrics - D) It ensures the project stays within budget Correct Answer: B 49. What is a "blue ocean" in strategic thinking? - A) A market that is highly competitive - B) An uncontested market with no competition - C) A list of current project tasks - D) A market analysis technique for benchmarking Correct Answer: B 50. Which of the following best describes the relationship between projects and strategy? - A) Projects operate independently of strategy - B) Projects are the main resource for strategy execution - C) Strategy is created after projects are completed - D) Projects do not impact an organization’s strategic goals Correct Answer: B