CM 443 Management of the Construction Firm
QUESTIONS WITH ANSWERS| 2026 | 100%
Correct
Strategic plans:
What is the process and what are they for?
Develop Mission Statement
Create Vision Describing Future
Conduct Internal / External Assesment
Establish Strategic Objectives
Develop Strageties to Accomplish Objectives
Establish Short-Term Goals
Develop Action Plans
Establish Performance Measurement Criteria
They are helpful in assessing company strengths/weaknesses, analyzing the extrenal
environment, forcasting the future. Objectives include:
• to establish a framework for decision making,
• to assign responsibilities and allocate resources,
• to establish quantifiable goals that can be used to measure company progress
Mission Statement:
Understand what it is and why they are important.
, Should articulate in simple terms why the company exists and what makes it different from other
firms in the industry.
Vission Statement:
Understand what it is and why they are important.
Broadly describes where the company intends to be in the next ten or so years.
Strategic Objectives
Developed to guide the company in the accomplishment of its vision. They should be broad and
timeless statements that require action.
Internal and external assessments
I - Assesment of Company
E - Assesment of Industry, Markets, and Environment
Strategic Short Term Goals
Decribe the methods to be employed to accomplish each objective. They should define what is to
be done, and how it is to be done.
Action Plans
Understand what they are and why they are important.
An assignement of specific actions to an individual, an allocation of resources, and an
establishment of a specific date by which the actions are to be completed.
SWOT analysis
strengths, weaknesses, opportunities, threats
QUESTIONS WITH ANSWERS| 2026 | 100%
Correct
Strategic plans:
What is the process and what are they for?
Develop Mission Statement
Create Vision Describing Future
Conduct Internal / External Assesment
Establish Strategic Objectives
Develop Strageties to Accomplish Objectives
Establish Short-Term Goals
Develop Action Plans
Establish Performance Measurement Criteria
They are helpful in assessing company strengths/weaknesses, analyzing the extrenal
environment, forcasting the future. Objectives include:
• to establish a framework for decision making,
• to assign responsibilities and allocate resources,
• to establish quantifiable goals that can be used to measure company progress
Mission Statement:
Understand what it is and why they are important.
, Should articulate in simple terms why the company exists and what makes it different from other
firms in the industry.
Vission Statement:
Understand what it is and why they are important.
Broadly describes where the company intends to be in the next ten or so years.
Strategic Objectives
Developed to guide the company in the accomplishment of its vision. They should be broad and
timeless statements that require action.
Internal and external assessments
I - Assesment of Company
E - Assesment of Industry, Markets, and Environment
Strategic Short Term Goals
Decribe the methods to be employed to accomplish each objective. They should define what is to
be done, and how it is to be done.
Action Plans
Understand what they are and why they are important.
An assignement of specific actions to an individual, an allocation of resources, and an
establishment of a specific date by which the actions are to be completed.
SWOT analysis
strengths, weaknesses, opportunities, threats
