Strategic Management Exam Bank
Course Introduction
Strategic Management explores the formulation and implementation of organizational strategies to achieve long-term objectives and sustain competitive advantage. The course covers essential concepts such as environmental analysis, strategy formulation, industry and competitive analysis, resource-based perspectives, and strategic leadership. Students engage with real-world case studies to understand the challenges faced by managers in dynamic business environments, develop skills in critical thinking, problem-solving, and decision-making, and learn how to align organizational resources with strategic goals for effective execution and sustainable success.
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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Chapter 1: Introduction: Why Project Management?
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103 Verified Questions
103 Flashcards
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Sample Questions
Q1) Which of the following statements about project success criteria is BEST?
A) Project cost is an external performance measure.
B) Completion time is an internal performance measure.
C) Client acceptance is an internal performance measure.
D) Client acceptance is often referred to as conducting a "quality" check.
Answer: B
Q2) The project maturity model developed by the Center for Business Practices would have ________ rings if a spider-web diagram were used.
A) Three
B) Four
C) Five
D) Six
Answer: C
Q3) The dimension of project success that is realized first (chronologically)is:
A) Future potential.
B) Business success.
C) Impact on the customer.
D) Efficiency.
Answer: D
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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) All major decisions and authority are under the control of the project manager in a:
A) Matrix structure.
B) Functional structure.
C) Project structure.
D) Process structure.
Answer: C
Q2) A major weakness of a matrix organizational structure for project management occurs when:
A) The environment is dynamic.
B) Resources are scarce and shared between functional responsibilities and the competing project.
C) The number of human resource coordination meetings is considered.
D) One considers the dual importance of project management and functional efficiency.
Answer: C
Q3) Strategy,goals,and programs support the organizational mission.
A)True
B)False
Answer: True
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Chapter 3: Project Selection and Portfolio Management
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99 Flashcards
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Sample Questions
Q1) Which of these statements about valuation models is NOT correct?
A) NPV employs a weighted average cost of capital discount rate that reflects potential reinvestment.
B) IRR and NPV calculations typically make the same investment recommendations only when the projects are independent of each other.
C) If cash flows are not normal, IRR may arrive at multiple solutions.
D) IRR is a more robust determinant of project viability than NPV.
Answer: D
Q2) Successful firms use project portfolio planning routinely to:
A) Make quantum jumps from one product to another.
B) Develop products with long lead times and plan ahead.
C) Move as quickly as possible into new territory.
D) Move at glacial pace always within the same product line.
Answer: B
Q3) Which of these is NOT a factor in successful project portfolio management?
A) Flexible structure and freedom of communication
B) Low-cost environmental setting
C) Emphasis on quality
D) Time-paced transition
Answer: C
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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) What are any three types of project champions and how are they different?
Q2) Friendliness with a purpose describes:
A) Empathy.
B) Self-regulation.
C) Obsequiousness.
D) Social skill.
Q3) Someone with a polychronic preference functions in two different temporal orientations,such as past and present.
A)True
B)False
Q4) Your professor (yes,that person that has been informing and entertaining you for the past few weeks)has tirelessly advocated for a project management class.When the Dean and most of the rest of the faculty said "no," your professor took the case for project management to the streets,ultimately securing it on the schedule this semester.The project management term that BEST describes your professor's role is:
A) Director.
B) Advocate.
C) Instigator.
D) Champion.
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Chapter 5: Scope Management
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103 Flashcards
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Sample Questions
Q1) Controls can be established at any point during a project but should follow the maxim "more control is better."
A)True
B)False
Q2) A work package may consist of more than one milestone.
A)True
B)False
Q3) What are two common reasons that project or specification changes must be made?
Q4) Which statement about conceptual development is BEST?
A) A project goal of "significantly increase computer performance" is better than "improve processing speed 20%" because the team may exceed 20%.
B) It is vital that a best approach to solving a problem be locked in as soon as possible to save analysis time downstream.
C) Conceptual development begins with the process of reducing the project's overall complexity to a more basic level.
D) Project goals should be optimistic to the point of excess.
Q5) Rank the key steps in information development from most to least important and justify your rankings.
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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) With a failure to secure personnel releases from functional managers,a project manager should:
A) Proceed as originally planned.
B) Abandon the project.
C) Adjust schedules and scope documents.
D) Relinquish project leader status.
Q2) On the first day of class your professor distributed a syllabus that promised to base your course grade on a series of unannounced exams and a massive group project.As you scanned the room that day,you noted that many of your classmates did not share your enthusiasm for the subject and many were C students at best.You felt that your perfect 4.0 GPA was at stake if the professor's almost diabolical grading scheme were to be implemented.You decided right away that it was up to you to negotiate a grading scheme of equal parts class attendance,open book quizzes,and trivial homework assignments.How should you prepare for the negotiation and how should you proceed?
Q3) What are the characteristics of effective project teams?
Q4) The punctuated equilibrium model suggests that groups spend the majority of their time in stasis.
A)True
B)False
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Chapter 7: Risk Management
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102 Flashcards
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Sample Questions
Q1) The Farm Fresh Egg project was too great for one person to pull off.The construction costs for the coop and chicken run were enormous and the sinister threat of avian flu hung over the area like a black cloud.It was only through the combined efforts of Matsushita Chickenworks and the City of Edmond that the project would be undertaken,since they would be able to:
A) Accept the risk.
B) Minimize the risk.
C) Transfer the risk.
D) Share the risk.
Q2) The act of pairing a junior project team member with a senior manager in order to help the junior team member to learn best practices is known as:
A) Mentoring.
B) Cross-training.
C) Supervising.
D) Interning.
Q3) What is the PRAM methodology and what are its salient features?
Q4) How does risk level vary with project life cycle stages? Where is the period of highest risk impact? Why?
Q5) What are the two types of contingency reserves and how are they handled?
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Chapter 8: Cost Estimation and Budgeting
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102 Flashcards
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Sample Questions
Q1) Estimates based on the assumption that historical data can be used as a frame of reference for current estimates are:
A) Comparative estimates.
B) Ballpark estimates.
C) Definitive estimates.
D) Feasibility estimates.
Q2) Once most of the design work is complete,at a point when the scope and capabilities of the project are quite well understood,a ________ may be developed.
A) definitive estimate
B) comparative estimate
C) parametric estimate
D) non-parametric estimate
Q3) Material is an example of a cost that is recurring,variable and direct.
A)True
B)False
Q4) The project management research in brief titled "Delusion and Deception Taking Place in Large Infrastructure Projects," describes three reasons that cost overruns occur in large infrastructure project work.Briefly describe these three reasons
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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) Hammock activities allow:
A) Project managers to streamline the linkage and sequencing between activities.
B) Project workers to effectively skip nonessential activities without compromising project quality.
C) The project team to better disaggregate the overall project network into subsets.
D) The project manager to identify float more quickly and leverage it more successfully for the overall success of the project.
Q2) The BEST candidate activities for shortening the overall project are:
A) The shortest tasks.
B) The longest tasks.
C) The merge tasks.
D) The burst tasks.
Q3) What is the underlying theory to the three time estimates approach? What data distribution should be applied in this case and what confidence should a project manager place in the calculations associated with this technique?
Q4) What are hammock activities and when should they be used?
Q5) What is the background of CPM and PERT? What are the differences between the two techniques?
11
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Chapter 10: Project Scheduling: Lagging, Crashing, and Activity Networks
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Sample Questions
Q1) The critical path may not contain a dummy activity.
A)True
B)False
Q2) If an activity's cost is plotted against its duration on axes with zeros at the origin:
A) The slope of the line is positive because it costs more to finish an activity more quickly.
B) The slope of the line is negative because a shorter activity costs less than a longer one.
C) The slope of the line is negative because it costs more to finish an activity more quickly.
D) The slope of the line is positive because a longer activity costs more than a shorter one.
Q3) What are the strengths and weaknesses of AOA and AON techniques?
Q4) What information is NOT included in the nodes for an AOA network?
A) Label
B) Early start time
C) Late finish time
D) Early finish time
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Chapter 11: Advanced Topics in Planning and Scheduling:
Agile and Critical Chain
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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) What is the waterfall planning process and when is the ideal approach to project development?
Q3) The buffers supplied to non-critical paths in critical chain project management are called:
A) Slack buffers.
B) Drum buffers.
C) Rope buffers.
D) Feeder buffers.
Q4) List any three criticisms of critical chain project management and rank them in order from the greatest to smallest threat to universal adoption of CCPM.
Q5) What is aggregated buffer and how can the appropriate amount be determined?
Q6) Your boss catches you at the water cooler one morning and assigns you an important task-to remove all the constraints from your project using the Theory of Constraints (TOC)five step process.What should your response be to your boss??
Page 13
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Chapter 12: Resource Management
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Sample Questions
Q1) The first step in the resource leveling process is to create the resource loading table.
A)True
B)False
Q2) Use this activity precedence table to create a resource loading profile.Activity lengths are given in days and an 8-hour day is assumed. \[\begin{array} { | l | l | l | }
\hline \text { Activity } & \text { Time } & \text { Predecessor } \\
\hline \text { A } & 2 & \\
\hline \text { B } & 3 & \text { A } \\
\hline \text { C } & 6 & \text { B } \\
\hline \mathrm { D } & 5 & \text { A } \\
\hline E & 3 & \text { C } \\
\hline \text { F } & 2 & \text { D } \\
\hline G & 2 & \text { E,F } \\
\hline \end{array}\]
Q3) Rank the three key parameters,schedule slippage,resource utilization,and in-process inventory,from most critical to least critical for an organization and justify your ranking.
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Chapter 13: Project Evaluation and Control
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104 Flashcards
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Sample Questions
Q1) The Project Implementation Profile includes this critical success factor.
A) Task interdependence
B) Continuous quality improvement
C) Self-actualization
D) Technical tasks
Q2) The project baseline is established by combining data from the:
A) Work breakdown structure and the project budget.
B) Time-phased project budget and the PERT chart.
C) S-curve and the project budget.
D) Time-phased project budget and the work breakdown structure.
Q3) Use the S-curve to choose the BEST statement about the project it describes.The horizontal axis is in weeks.
A) The total project costs in week 10 are less than budgeted.
B) The total project costs in week 10 exceed the budgeted cost.
C) The project cost more from weeks 25 through 30 than it did in weeks 10 through 15.
D) The total amount spent on the project at the end of the 20th week is approximately $30,000.
Q4) What is the significance of the 0/100 rule and the 50/50 rule and why would each be used?
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Chapter 14: Project Closeout and Termination
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Sample Questions
Q1) The key to begin harvesting the benefits of a project is to first develop an effective:
A) Client relationship with the project team.
B) Measurement system for project use and value assessment.
C) BOOT agreement that clearly stipulates when transfer of title occurs.
D) Enterprise resource planning package to manage human, financial, and material resources.
Q2) The departmental patriarch spent his last years at the university developing and promoting a Student Portfolio Project that required all departmental faculty to create integrated course projects and maintain a database of their students' work.New graduates could refer their prospective employers to the Student Portfolio Project database to mine examples of their work.The patriarch retired,funding and effort dried up,and the project lingered in a few syllabi and on the department's web site for a year or two but now any mention of it elicits either puzzled looks or wry grins from the remaining faculty.The patriarch's Student Portfolio Project has officially been terminated by:
A) Extinction.
B) Addition.
C) Integration.
D) Starvation.
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Page 16