APPIAN Analyst Certification Prep - Strategic Analysis Questions With Correct Answers |53 Q&A
How does effective strategizing benefit an organization?
1. By helping it define & develop a clear, focused plan that outlines goals, objectives and tactics
2. Provides the necessary structure and gui...
APPIAN Analyst Certification Prep -
Strategic Analysis Questions With Correct
Answers |53 Q&A
How does effective strategizing benefit an organization?
1. By helping it define & develop a clear, focused plan that outlines goals, objectives
and tactics
2. Provides the necessary structure and guidance to help the organization achieve its
desired goals.
What are 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.
environmental scanning
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.
Porter's five forces analysis
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 is qualitative data used in strategic analyses?
to gain a deeper understanding of markets and customers, such as through interviews
and focus groups.
How is quantitative data used in strategic analysis?
to measure and track performance against specific goals, such as key performance
indicators and financial metrics.
scenario planning
an analytical tool used to examine the possible outcomes of decisions and events.
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?
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.
short-term goals
usually achieved within a year or less - typically more focused and specific
long-term goals
usually span multiple years - tend to be more broad & global in scope
What is a balanced scorecard and how is it used?
, 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?
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.
strategic analysis
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?
Step 1: Situation Analysis - 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 - the ongoing evaluation of the efficacy of the
strategy.
How are PESTEL and SWOT analysis used in strategic analysis?
to evaluate the internal and external environment of an organization
PESTEL ("Political, Economic, Social, Technological, Environmental, and Legal")
analysis is used to assess the external environment
SWOT ( "Strength, Weaknesses, Opportunities, and Threats") analysis is used to
assess the internal environment
goal
a desired result or outcome that an individual or organization tries to achieve. Usually
defined in terms of performance objectives, objectives of progress, and objectives of
outcomes.
mission statement
a statement of an organization's purpose and goals. It outlines what an organization is
trying to achieve and how it intends to achieve it.
strategic plan
a document that outlines a company's specific strategy for achieving its objectives. It
contains the steps needed to reach the goals and the resources required to support the
plan.
What are 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.
balanced scorecard
a performance management tool 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.
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