Strategic Management
Question Bank
Course Introduction
Strategic Management introduces students to the concepts, tools, and frameworks that organizations use to gain a competitive advantage and achieve long-term success. The course examines the process of analyzing industries, formulating and implementing strategies, and evaluating business performance in dynamic environments. Students learn about external and internal analysis, corporate and business-level strategy, strategic decision-making, and the challenges of strategy execution. Through case studies and real-world examples, the course emphasizes critical thinking, problem-solving, and the alignment of organizational resources with strategic objectives.
Recommended Textbook
Project Management Achieving Competitive Advantage 4th Edition by Jeffrey K. Pinto
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14 Chapters
1421 Verified Questions
1421 Flashcards
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Page 2
Chapter 1: Introduction: Why Project Management?
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) The special nature of projects relieves project managers from their routine of planning,organizing,motivating,directing,and controlling.
A)True
B)False
Answer: False
Q2) A project typically has:
A) A defined start and end date.
B) A defined start date but no defined end date.
C) No defined start but a defined end date.
D) No defined start or end date.
Answer: A
Q3) A project has achieved success.Which of the following statements is another way of expressing the same outcome?
A) The project achieved the dual constraint plus the two external conditions.
B) The project achieved the triple constraint plus the one internal condition.
C) The project achieved the triple constraint plus the one external condition.
D) The project achieved the dual constraint plus the two internal conditions.
Answer: C
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Chapter 2: The Organizational Context:
Strategy,Structure,and Culture
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Policies and procedures are examples of an organization's external environment. A)True
B)False
Answer: False
Q2) Compare the organizational culture among the students in this class with a contrasting student organizational culture from another class at this or another institution.Identify key differences in how these two different cultures developed using factors discussed in this book.
Answer: Examples will vary,but the student should identify differences stemming from the technology,environment,geographical location,reward system,rules and procedures,key organizational members and/or critical incidents.
Q3) What are the elements of organizational structure?
Answer: Organizational structure consists of three key elements.It designates formal reporting relationships,including the number of levels in the hierarchy and the span of control of managers and supervisors.Organizational structure identifies the grouping together of individuals into departments and departments into the total organization.Organizational structure includes the design of systems to ensure effective communication,coordination,and integration of effort across departments.
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Chapter 3: Project Selection and Portfolio Management
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99 Verified Questions
99 Flashcards
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Sample Questions
Q1) The simplest method of project screening and selection is developing a list of criteria that pertain to the choice of projects and then applying them to alternatives.
A)True
B)False
Answer: True
Q2) Realignment describes:
A) The change in a project portfolio with an addition of a new project.
B) The shifting of project resources from one to another.
C) The change in strategy for a firm.
D) The annual recasting of all project managers.
Answer: A
Q3) If a model can be applied successfully by people in all areas and levels of an organization,it is said to possess the trait of:
A) Capability.
B) Ease of use.
C) Flexibility.
D) Realism.
Answer: B
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Chapter 4: Leadership and the Project Manager
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) Which statement regarding the duties of leaders and managers is BEST?
A) Leaders embrace change while managers support the status quo.
B) Management is more about interpersonal relationships than leadership is.
C) Leaders aim for efficiency.
D) Managers aim for effectiveness.
Q2) Your author makes the statement that "Successful project managers must operate on the boundaries." Explain what is meant by this statement and provide an example.
Q3) A large sample survey was used to ask a total of 2,615 managers within U.S.corporations what they considered to be the most important characteristic of effective leaders.The item that ranked #1 was:
A) Inspiring.
B) Honest.
C) Imaginative.
D) Dependable.
Q4) Friendliness with a purpose describes:
A) Empathy.
B) Self-regulation.
C) Obsequiousness.
D) Social skill.
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Chapter 5: Scope Management
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Expected commitments from other departments in support of the project would most likely be detailed in the:
A) Approach section of the SOW.
B) Risks and concerns section of the SOW.
C) Acceptance criteria section of the SOW.
D) Resource requirements section of the SOW.
Q2) The description and scope section of a statement of work would contain statements regarding:
A) Environmental risks.
B) Termination of project information.
C) Expected benefits.
D) Major milestones.
Q3) The scope baseline is a document that provides a summary description of each reporting relationship along with a schedule for meetings and reports.
A)True
B)False
Q4) What is the purpose of controls? Describe any three types of control systems.
Q5) What is organization breakdown structure?
Q6) What is work authorization?
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Chapter 6: Project Team Building,Conflict,and Negotiation
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) What are three options to consider when searching for win-win alternatives in negotiation? How does each option work?
Q2) The number one predictor of project success is:
A) The absence of conflict among project team members.
B) Documentation that clearly articulates the consequences of failing to achieve the objectives.
C) A mission that is understood and accepted by all team members.
D) A well-prepared fallback position in case the project cannot be executed as imagined.
Q3) Managers involved in negotiation should:
A) Search for the absolute best answer.
B) Verify whether there is only a fixed set of alternatives.
C) Realize that solving the other party's problem is actually the other party's problem.
D) Exercise premature judgment.
Q4) The punctuated equilibrium model of team development says that:
A) Cataclysmic events promote growth after long periods of no change.
B) Change occurs as the team leader insists upon it.
C) There can be no equilibrium until suffering has occurred.
D) If team members are punctual, the project can achieve equilibrium.
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Chapter 7: Risk Management
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102 Verified Questions
102 Flashcards
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Sample Questions
Q1) The highest dollar value of reserves is typically task contingency.
A)True
B)False
Q2) Sketch the risk level and opportunity curves as a function of the project life cycle stage.Provide an example of a project from the recent business literature or your personal experience that exhibits these characteristics.Cite specific instances where the levels of opportunity,risk,and stake fluctuated.
Q3) Twenty-thousand dollars was budgeted for the office renovation that had a task contingency multiplier of 1.3.The estimated cost of the task must be:
A) About $15,400.
B) About $26,000.
C) About $22,800.
D) About $18,600.
Q4) How does risk level vary with project life cycle stages? Where is the period of highest risk impact? Why?
Q5) Every one of the nine phases of the PRAM methodology has a deliverable.
A)True
B)False
Q6) How do mentoring and cross-training mitigate risk?
Page 9
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Chapter 8: Cost Estimation and Budgeting
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102 Flashcards
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Sample Questions
Q1) Which worker's wages would constitute a direct cost for a construction project?
A) The project's cost accountant
B) The brick mason
C) The architect's assistant
D) The foreman
Q2) If it takes 40 hours to complete the first unit and the company knows from experience that the learning rate should be 0.75,how fast can they be expected to finish all ten units?
A) 208.48 hours
B) 213.52 hours
C) 218.46 hours
D) 223.54 hours
Q3) Three workers complete a full 8-hour day finishing concrete for a terrace.All three workers are paid $12 an hour and the job bills to the customer for $450.What are the total direct labor costs?
A) $450
B) $12
C) $288
D) $96
Q4) What are three benefits to the use of contingency funds?
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Chapter 9: Project Scheduling: Networks,Duration
Estimation,and Critical Path
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105 Verified Questions
105 Flashcards
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Sample Questions
Q1) Which technique would accelerate the completion of a project?
A) Hammocking
B) Bursting
C) Laddering
D) Passing
Q2) The PERT technique assumes that durations are more deterministic.
A)True
B)False
Q3) These can be located by doing a backward pass through a network.
A) Critical paths
B) Merge activities
C) Successors
D) Burst activities
Q4) What does a network diagram illustrate and why are they important in project management?
Q5) What is the background of CPM and PERT? What are the differences between the two techniques?
Q6) Preceding activities are those that must occur before others can be done.
A)True
B)False Page 11
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Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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96 Verified Questions
96 Flashcards
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Sample Questions
Q1) When involved in a project involving many subcontractors:
A) It is imperative that the network is a mutually accessible document.
B) One subcontractor's network diagram should never be shown to another for ethical reasons.
C) PERT/CPM should not be used.
D) It is illegal to reveal one subcontractor's plan to another.
Q2) Which of the activities in the diagram have slack?
A) C and D
B) B and D
C) C and E
D) B and E
Q3) A finish to start lag delay is usually shown:
A) As an added value in the predecessor's activity time.
B) On the line adjoining the two activity nodes.
C) As an added value in the predecessors early start time.
D) As a subtracted value in the follower's early finish time.
Q4) Gantt charts can display early start or late start logic.
A)True
B)False
Q5) What are the strengths and weaknesses of AOA and AON techniques?
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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101 Verified Questions
101 Flashcards
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Sample Questions
Q1) An important element in critical chain scheduling is to change from a late-finish (procrastination)approach to an early-start approach.
A)True
B)False
Q2) A project consists of four activities with information as shown in the table.What is the overall variance of the project? \[\begin{array} { | l | l | l | l | }
\hline \text { Activity } & \text { Predecessor } & \text { Length } & \text { Variance } \\
\hline \text { A } & - & 10 & 4 \\
\hline \text { B } & \text { A } & 12 & 3 \\
\hline \text { D } & \text { B } & 16 & 5 \\
\hline & \text { C } & 14 & 6 \\
\hline \end{array}\]
A) 4.24
B) 8.41
C) 18
D) 24
Q3) What is aggregated buffer and how can the appropriate amount be determined?
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Chapter 12: Resource Management
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Sample Questions
Q1) Consider the portfolio of projects described in the table.The resource requirements are in numbers of labor hours.The Greatest Resource Utilization rule would begin work with project: \[\begin{array} { | l |
}
\hline & & & \text { Resource } & \text { Resource } & { \text { Resource } } \\
\text { Project } & \text { Date Rec'd } & \text { Date Due } & 1 & 2 & 3 \\
\hline \text { A } & \text { Apr 2006 } & \text { Oct 2006 } & 200 & 0 & 400 \\
\hline \text { B } & \text { Feb 2006 } & \text { Sep 2006 } & 150 & 200 & 170 \\
\hline \text { C } & \text { Mar 2006 } & \text { Alg 2006 } & 0 & 250 & 200 \\
\hline & \text { Tan 2006 } & \text { Nov 2006 } & 150 & 100 & 0 \\
\hline
\end{array}\]
A) A.
B) B.
C) C.
D) D.
Q2) What is mathematical programming,how can it be applied to resource decisions,and what are the advantages and disadvantages of doing so?
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Chapter 13: Project Evaluation and Control
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Sample Questions
Q1) Earned value management at the portfolio level requires:
A) A single project manager with a single metric system.
B) Aggregation of all earned value measures across the firm's entire project portfolio.
C) Only positive variances for both budget and schedule.
D) Only negative variances for both budget and schedule.
Q2) Measurement mechanisms should include a clear definition of:
A) The project baseline.
B) The reporting relationships among members of the project team.
C) What to measure.
D) Trigger points.
Q3) The earned value to date divided by the planned value of work scheduled to be performed is the:
A) Cost performance index.
B) Budgeted cost at completion index.
C) Budget efficiency index.
D) Schedule performance index.
Q4) Positive variance on an S-curve represents significant project progress.
A)True
B)False
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Chapter 14: Project Closeout and Termination
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101 Flashcards
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Sample Questions
Q1) The closeout step that requires all contractual documents be recorded and archived is:
A) Putting it all to bed.
B) Finishing the work.
C) Reviewing how it all went.
D) Harvesting the benefits.
Q2) An ex-gratia claim made when a project is closed down is made when:
A) There is no contractual basis for a claim.
B) The project company fails to perform to the terms of the contract.
C) The client company fails to perform to the terms of the contract.
D) A third party causes either the client or project company to fail to perform to the terms of the contract.
Q3) In the United States,a Private Finance Initiative is used to protect the excessive financial exposure of a contracting agency to a project being developed.
A)True
B)False
Q4) Describe and rank any three decision rules for terminating an ongoing project before completion.
Q5) What are any two common mistakes in a post-project lessons-learned meeting?
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