Portfolio Management & Strategy Flashcards
6 cards from real FHA practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Portfolio Management & Strategy flashcards as text
What is the fundamental principle of strategic planning?
Answer: Aligning resources and actions with long-term organizational objectives
Strategic planning fundamentally aligns resources and actions with long-term objectives, providing direction and purpose for organizational activities.
How should strategic objectives be defined?
Answer: Using SMART criteria: Specific, Measurable, Achievable, Relevant, Time-bound
SMART criteria ensure objectives are clear, trackable, realistic, aligned with mission, and time-bound, enabling effective implementation and evaluation.
What is the purpose of environmental scanning in strategic planning?
Answer: To identify external factors that may impact organizational success
Environmental scanning identifies political, economic, social, technological, and competitive factors that may create opportunities or threats for the organization.
How should strategy implementation be monitored?
Answer: Through key performance indicators aligned with strategic objectives
KPIs aligned with strategic objectives provide ongoing, objective measurement of implementation progress, enabling timely adjustments when needed.
What is the importance of stakeholder engagement in strategic planning?
Answer: It ensures buy-in, incorporates diverse perspectives, and improves plan quality
Stakeholder engagement ensures buy-in for implementation, incorporates diverse perspectives that improve plan quality, and identifies potential resistance early.
When should a strategic plan be revised?
Answer: When significant changes in the internal or external environment require adaptation
Strategic plans should be revised when significant environmental changes occur, as rigid adherence to outdated plans can lead to missed opportunities or unaddressed threats.