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

Quiz 2

1.Which of the following is NOT true about an organization's strategy? A-Only top management

must understand strategy

2.Which of the following is typically the responsibility of a project manager? A-All of these are

typical responsibilities.

3.Why do project managers need to understand their organization's mission and strategy? A-

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

4.Which of the following is NOT true about organizational politics?A-Project managers should

not engage in organizational politics.

5.Which of the following is NOT one of the requirements for successful implementation of

strategies through projects? A-quality management

6. An operational project is one that?A-can improve organizational performance.

7.Which of the following questions does the organization's mission statement answer?A-What

do we want to become?

8.The assessment of the external and internal environments is called ________ analysis?A-

SWOT analysis

9.A SWOT analysis provides the Project Manager with?A-identifiable strategic alternative and

potential critical issues facing the organization.

10.Examples of nonfinancial criteria include all of the following EXCEPT?A-Calculating the time

it will take to recover the project investment

11.Which of the following is NOT one of the traditional components found in mission

statements?A-Profitability

12.A project selection process that is strongly linked to strategy results in?A-Better utilization of

the organization's resources.

13.Which of the following is NOT one of the characteristics of effective objectives?A-Flexible

14.In order to formulate strategies that align with the mission some of the activities the

organization will need to perform are?A-all the above

15.Which of the following is the correct order for the strategic management process??A-Mission,

strategies, objectives, projects

16.A project screening matrix typically contains all of the following EXCEPT?A-Costs to complete

each project

17.Project managers who understand the role that their project plays in accomplishing the

organization's strategy will be inclined to do all of the following EXCEPT?A-Be able to focus

on problems or solutions if the project is a low priority strategically.

18.When creating a selection model, it is important to?A-not use it as the final determination for

project selection

19.Which of the following is NOT a problem associated with the absence of a project portfolio

system?A-Lack of funding

20.People within an organization working on multiple efforts concurrently is an indicator of?A-

too many projects taken on at once

21.Which of the following would be classified as an organizational opportunity?A-Increasing

product demand

22.Which of the following would be classified as an organizational external threat?A-slowing

economy

23.The ________ financial model measures the current value of all cash inflows using

management's minimum desired rate of return.?A-none of these

The strategic management process means defining the organization’s strategy. It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance.

Strategic management is a continuous process that appraises the business and industries in which the organization is involved; appraises it’s competitors; and fixes goals to meet all the present and future competitor’s and then reassesses each strategy.

Strategic management process has following four steps:

1. Environmental Scanning-
Environmental scanning refers to a process of collecting, scrutinizing and providing information for strategic purposes. It helps in analyzing the internal and external factors influencing an organization. After executing the environmental analysis process, management should evaluate it on a continuous basis and strive to improve it.
2. Strategy Formulation-
Strategy formulation is the process of deciding best course of action for accomplishing organizational objectives and hence achieving organizational purpose. After conducting environment scanning, managers formulate corporate, business and functional strategies.
3. Strategy Implementation-
Strategy implementation implies making the strategy work as intended or putting the organization’s chosen strategy into action. Strategy implementation includes designing the organization’s structure, distributing resources, developing decision making process, and managing human resources.
4. Strategy Evaluation-
Strategy evaluation is the final step of strategy management process. The key strategy evaluation activities are: appraising internal and external factors that are the root of present strategies, measuring performance, and taking remedial/corrective actions. Evaluation makes sure that the organizational strategy as well as it’s implementation meets the organizational objectives.

These components are steps that are carried, in chronological order, when creating a new strategic management plan. Present businesses that have already created a strategic management plan will revert to these steps as per the situation’s requirement, so as to make essential changes.

Strategic management is an ongoing process. Therefore, it must be realized that each component interacts with the other components and that this interaction often happens in chorus.

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