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W10- Business Plans and Strategic Planning Flashcards | StudBud
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W10- Business Plans and Strategic Planning
Tools for strategic planning
Balanced score cards and Strategy Maps
W10- Business Plans and Strategic Planning
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Answers
1
Balanced score cards and Strategy Maps
for measuring and controlling strategy
provide the operational action plan
enables competition
create systemic framework
2
Tools for strategic planning
Pareto Analysis
Situational Analysis
Financial Projections
SWOT Analysis
3
Business Plans (select all applicable concepts)
Obtain funding/ financing
are for initial start up funding or project funding
we should NOT conduct SWOT analysis before preparation
should fit into the strategic plan
4
The Executive Summary of a Business Plan should:
only be written first
NOT answer questions that occur to a Knowledgeable reader
Summarize the plan
Extensively detail the plan
5
The Organization segment describes:
physical location
the strategic plan
Management team
Chain of authority
6
Balanced Score cards
help develop objectives, measures and targets
Examines the organization from 3 perspectives
help develop initiatives
examines an organization from 4 perspectives
7
Strategy Maps motivate employees to contribute more
False
True
8
Governmental organizations are mandated to have a strategic Plan
True
False
9
Management Responsibilities:
Top level provides strategies to accomplish goals
Top level: provides vision, policy, guidance
Mid level: develops strategies to accomplish goals
Managerial level: develops plans
10
KPIs mean:
is an indicator of budget performance
Key Patient Index
indicators or markers of project performance
Key Performance Indicators
11
Strategic Planning
determines resource allocation
is a process
is a task
defines direction
12
Business plans are prepared in segments, what are they?
Organizational, Financial and Strategic
Organizational, Marketing, financial
Operational, Risk Management and Strategic
Organizational, operational, strategic
13
The Financial Analysis segment includes:
Cash flow statement is essential
operation- related expenses
Budget Variance Analysis
a projection or forecast for operations
14
Strategy Map is a diagram that shows organization's strategy on multiple pages
False
True
15
The Marketing segment describes:
Gap analysis
how the service will be promoted
The Sales Pitch
who may benefit from the service
16
SWOT Analysis=
Internal strengths and weakness
Internal opportunities and threats
examines attainability of objectives
Strengths, weakness, opportunities and Threats
17
what is NOT major components of strategic planning?
Financial projection, SWOT analysis and goals
Mission, Vision and Value statements
Goals, Objectives and Action Plans
Mission, Vision and risk management
18
Situational Analysis allows management to analyze the market situation
False
True
19
Projection answers what we HOPE will happen in the future
True
False
20
Assembling the Plan should encompass:
The organization policies and procedures manual
a suitable report format
equipment description
Title page, table of content, executive summary
21
Projection and Forecast are interchangeable
True
False
22
Balanced score cards: which is not one of the 4 perspectives?
Financial or Stewardship
Customer and Stakeholder
External Process
Internal Process
23
Forecast is based on what CAN happen in the future
False
True
