Chapter 2 Review questions - Chapter 2 Review questions 1 2...

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Chapter 2 Review questions 1. Describe the major components of the strategic management process. - The major components of the strategic management process are defining the mission of the organization, analysis of the external and internal environments, setting objectives to achieve strategies, implement strategies through projects. - Characteristics of SMART o Specific – Be specific in targeting an objective o Measurable – Establish a measurable indicator of progress o Assignable – Make the objective assignable to one person for completion o Realistic – State what can realistically be done with available resources o Time Related – State when the objective can be achieved 2. Explain the role projects play in the strategic management process. - Projects that do not contribute to the strategic plan waste time and resources. For a management process to be successful, it must be implemented primarily through projects. The goals of the organization are met when projects are successfully implemented meeting the needs of the customer.
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