APPIAN ANALYST CERTIFICATION
PREP - STRATEGIC ANALYSIS WITH
COMPLETE SOLUTIONS
How does effective strategizing benefit an organization? - ANSWER-Effective
strategizing benefits an organization by helping it define and develop a clear, focused
plan that outlines goals, objectives and tactics. Strategizing also provides the necessary
structure and guidance to help the organization achieve its desired goals.
What are the key elements of a successful strategy? - ANSWER-The key elements of a
successful strategy include: establishing clear goals; researching the market and
competition; gathering data and analyzing it; establishing objectives and tactics;
anticipating changes; tracking and measuring progress; assigning roles and
responsibilities; and constantly reassessing and revising the strategy.
What is meant by the term "environmental scanning"? - ANSWER-Environmental
scanning is the process of researching and analyzing external factors (social, economic,
political, technological, legal and competitive) that may have an impact on an
organization's strategy.
What is Porter's five forces analysis? - ANSWER-Porter's five forces analysis is an
analytical tool used to evaluate an industry's competitive dynamics. It identifies and
evaluates five competitive forces (buyer power, supplier power, competitive rivalry,
threat of new entrants, and threat of substitute products) and how each one affects the
industry.
How are qualitative and quantitative data used in strategic analyses? - ANSWER-
Qualitative data are used to gain a deeper understanding of markets and customers,
such as through interviews and focus groups. Quantitative data are used to measure
and track performance against specific goals, such as key performance indicators and
financial metrics.
What is scenario planning? - ANSWER-Scenario planning is an analytical tool used to
examine the possible outcomes of decisions and events. It forces organizations to take
a proactive approach to long-term planning, by considering probable future scenarios
and the potential effects of each.
What is the purpose of a SWOT analysis? - ANSWER-The purpose of a SWOT analysis
is to gain an understanding of an organization's Strengths, Weaknesses, Opportunities,
and Threats. By assessing these factors, organizations can evaluate their internal
capabilities and devise a plan to capitalize on opportunities while minimizing risks.
, What is the difference between short-term and long-term goals? - ANSWER-Short-term
goals are those that are typically achieved within a year or less, while long-term goals
are usually those that span multiple years. Short-term goals are typically more focused
and specific, while long-term goals tend to be more broad and global in scope.
What are some possible sources of data for conducting a strategic analysis? -
ANSWER-Some possible sources of data for conducting a strategic analysis include:
Financial reports, marketing research, customer feedback, industry trends, competitors'
analysis, analyst reports, surveys and polls, internet research, stakeholder opinions,
and business intelligence.
What is the definition of a balanced scorecard? - ANSWER-A balanced scorecard is a
performance management tool that is used to track progress towards an organization's
strategic objectives. It measures progress in both financial and non-financial areas,
such as customer service, staff development, innovation, and operational efficiency.
What are the four main components of a balanced scorecard? - ANSWER-The four
main components of a balanced scorecard are: (1) the mission statement, (2) the
strategies, (3) the objectives, and (4) the performance measures.
What is a balanced scorecard and how is it used? - ANSWER-A balanced scorecard is
a tool used to measure organizational performance against specific goals. It measures
results against objectives using both financial and non-financial metrics, such as
customer satisfaction, operational efficiency, and employee engagement.
How can benchmarking be used to improve strategy? - ANSWER-Benchmarking is the
process of comparing a company's performance against that of its competitors in order
to identify areas for improvement. By benchmarking, organizations can identify
strengths and weaknesses, determine best practices, and develop strategies to improve
performance.
What is the definition of strategic analysis? - ANSWER-Strategic analysis is the
assessment of a situation - usually a business, political, or military situation - in order to
determine the optimal course of action. It involves analyzing the internal and external
environment of an organization to identify its strengths and weaknesses and to assess
any potential opportunities and threats.
What are the four steps of the strategic analysis process? - ANSWER-The four steps of
the strategic analysis process are: Step 1: Situation Analysis. This is the assessment of
the internal and external environment of an organization. Step 2: Choice of Strategy.
Once the trustworthiness of the tasks have been identified, the best strategy must be
selected. Step 3: Implementation. Once the chosen strategy has been determined, it
must be properly implemented. Step 4: Monitoring and Evaluation. This is the ongoing
evaluation of the efficacy of the strategy.
