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MCQs on Issues in strategic management
To compete in today’s fast-moving, sophisticated world markets, organisations need to be innovative, flexible and be able to deal with short product life cycles. Here on MCQs.CLUB we have prepared easy Multiple-Choice Questions (MCQs) on global issues in strategic management with example that fully cover practice questions and quizzes on challenges of strategic management, issues in operations strategy, issues in strategy implementation, strategy formulation, the most common challenges in executing a strategic plan, the Emerging issues and Ethical Issues. These MCQs are the basics of Identifying Strategic Issues and Goals and are also helpful for business management exams, competitive exams and professional accountancy exams.
- Which of the following is correct for ‘Project’?
- A project is a unique undertaking to achieve a specific objective.
- A project has a defined beginning and end. Resources like staff and funding are allocated specifically for the length of the project.
- Once completed, a project should then become integrated into the normal day to day activities of the business.
- All of the above
- Which of the following is correct?
- A Programme is a portfolio of related projects that, together, help to achieve a strategic objective.
- Programme management is the overall direction and control of this portfolio of projects. It includes the management of the interrelationships between the various projects.
- Both A&B
- None
- A successful project requires:
- Identification of the required resources and any limitations or constraints with resources.
- Quality requirements to be identified and measured.
- A project manager with leadership and communication skills.
- All of the above
- Every project has constraints. The primary ones are the trade-off between time, cost and quality. These are often referred to as the “project triangle”.
- True
- False
- Stages in the project life cycle are:
- Identification of a need, Development of a proposed solution
- Implementation and Completion
- Both A&B
- None
- The program management maturity model (PMMM) –
- Is an industry standard benchmarking process.
- It allows an organisation to evaluate a single program, multiple programs, a single division or multiple divisions in comparable terms.
- The Project Management Maturity Model (PMMM) is an accreditation about how well a company has managed its project.
- All of the above
- To compete in today’s fast-moving, sophisticated world markets, organisations need to be innovative, flexible and be able to deal with short product life cycles. There is also constant pressure to reduce costs. This has led to the development of lean systems.
- The above statement is correct
- The above statement is incorrect
- Lean production is a philosophy of production that aims to minimise the amount of resources (including time) used in all activities of an enterprise. It involves identifying and eliminating all non-value-adding activities.
- True
- False
- The lean philosophy (lean) requires the organisation to focus on:
- Continuous improvement
- Increased productivity
- Improved quality
- Improved management
- All of the above
- There are a number of specific tools that organisations can use to implement lean production systems, including:
- Just-in-time (JIT)
- Kaizen (continuous improvement)
- 5S and Six Sigma
- All of the above
- Kaizen –
- Kaizen focuses on making small, incremental changes to continuously improve the processes within an organisation.
- Kaizen can be an effective way of reducing costs in processes (through kaizen costing).
- Both A&B
- None
- 5S (Sort, Set in order, Shine, Standardise and Sustain) is an approach to achieving and maintaining a high-quality work environment, and it is underpinned by the idea that there is ‘a place for everything, and everything goes in its place.’
- True
- False
- Just-In-Time (JIT) Systems –
- JIT aims for zero inventory and perfect quality and operates by demand-pull.
- It consists of JIT purchasing and JIT production and results in lower investment requirements, space savings, greater customer satisfaction and increased flexibility.
- Both A&B
- None
- A ‘value-added cost’ is incurred for an activity that cannot be eliminated without the customer’s perceiving a deterioration in the performance, function, or other quality of a product.
- True
- False
- Problems associated with JIT are:
- It is not always easy to predict patterns of demand.
- JIT makes the organisation far more vulnerable to disruptions in the supply chain.
- Both A&B
- None
- Changes made to processes may be classified as automation, rationalisation or re-engineering.
- True
- False
- Which of the following is correct?
- Business Automation – is the use of computerised working methods to speed up the performance of existing tasks.
- Business Rationalisation – is the streamlining of operating procedures to eliminate obvious inefficiencies. Rationalisation usually involves automation.
- Both A&B
- None
- Business Process Re-Engineering – is the ‘selection of areas of business activity in which repeatable and repeated sets of activities are undertaken; and the development of improved understanding of how they operate and of the scope for radical redesign with a view to creating and delivering better customer value’.
- The above definition is correct
- The above definition is incorrect
- Characteristics of a re-engineered process are:
- The advantages of centralised and decentralised operations are combined
- Checks and controls may be reduced, and quality ‘built-in’
- Workers often make decisions
- The steps in the process are performed in a logical order
- All of the above
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