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Internal Audit Environment > 6. Strategy Process > Flashcards

6. Strategy Process Flashcards

0
Q

Who is responsible for strategic planning?

A

Senior managers and the board

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1
Q

Who is responsible for operational planning?

A

Middle managers

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2
Q

What is the focus of operational planning?

A

Operational dun

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3
Q

What is the focus of strategic planning?

A

Tactical

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4
Q

What is the scope of operational planning?

A

Routine activity at departmental level

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5
Q

What is the scope of strategic planning?

A

Significant, large scale actions at organisational level

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6
Q

What is the purpose of operational planning?

A

Achieve stated purpose of organisation

Sustain routine operations

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7
Q

What is the purpose of strategic planning?

A

To gain and maintain advantage over rivals
Growth
Improvement

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8
Q

What is the timescale of operational planning?

A

Typically one to three years

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9
Q

What is the timescale of strategic planning?

A

Typically three to five years

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10
Q

How is operational planning generally monitored?

A

KPIs on a monthly basis

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11
Q

How is strategic planning generally monitored?

A

Through a balanced scorecard quarterly

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12
Q

What is operational planning informed by?

A

Strategic objectives

Day to day requirements

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13
Q

What is strategic planning informed by?

A

Vision and mission statements

Strategic objectives

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14
Q

What is the nature of the content of operational planning?

A

Systematic
Detailed
Routine

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15
Q

What is the nature of the content of strategic planning?

A

Complex
Uncertain
Requiring organisational change

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16
Q

Typically, the strategy is determined by the most — managers in the organisation.

A

Senior

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17
Q

In the private sector, list eight competitive strategies

A

Cost efficiencies
Pricing strategies
Aggressive marketing
Product innovation

After-sales service
Diversification
Mergers
Takeovers

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18
Q

What three competitive strategies were identified by Porter?

A

Cost leadership
Differentiation
Focus

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19
Q

Not for profit strategies focus principally on — — —

A

Value for money

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20
Q

An advantage of strategic planning is that is reduces —

A

Uncertainty

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21
Q

An advantage of strategic planning is that it allows for better — of risks and increased ability to control them

A

Identification

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22
Q

An advantage of strategic planning is that it creates greater organisational — in operational activity

A

Coherence

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23
Q

An advantage of strategic planning is that is provides a better — on mission and vision

A

Focus

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24
Q

An advantage of strategic planning is that it creates the possibility of m—, m— and c—

A

Management
Monitoring
Control

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25
Q

— — are forms of agreements between organisations through which common goals are pursued by concerted efforts

A

Strategic alliances

26
Q

Strategic alliances occur in several forms including (4)

A

Joint ventures
Virtual organisations
Corporate venturing
Value-managed relationships

27
Q

Re: strategic alliances, it is important for an organisation to define its own — very clearly

A

Objectives

28
Q

A very important control I strategic alliances is to ensure there is — — specifying the responsibilities and rights of all parties

A

Clear agreement

29
Q

— — — should be used to monitor the performance of parties in a strategic alliance

A

Key performance indicators

30
Q

List five advantages of strategic planning

A

Reduction of uncertainty
Better and earlier identification and control of risks
Greater organisational coherence in operational activity
Better focus on mission and vision
Possibility of performance management, monitoring and control

31
Q

List five essential steps in a ‘strategic alliance process’

A 
Set alliance strategy
Select partner
Structure alliance
Manage alliance
Re-evaluate alliance
32
Q

Setting the alliance strategy: this should be founded on the overall — —

A

Business strategy

33
Q

Selecting a partner: — used should be part of alliance strategy

A

Criteria

34
Q

Structuring the alliance: agree all the — and — terms and mechanisms for governance

A

Legal

Financial

35
Q

Managing the alliance: follow a detailed — —

A

Implementation plan

36
Q

Re-evaluating the alliance: should be a — —

A

Continuous process

37
Q

A value for money strategy is a combination of maximising the — of services while using limited resources efficiently

A

Quality

38
Q

A value for money strategy is a combination of maximising quality of services while using limited resources as — as possible

A

Efficiently

39
Q

— — means there is a growing gap between what an organisation does and its intended purpose

A

Strategic drift

40
Q

To help avoid strategic drift, an organisation can use — measures

A

Performance

41
Q

— — can help avoid strategic drift through providing assurance on processes and resources adopted to undertake the strategy process

A

Internal audit

42
Q

— — are different perspective on what the strategy is

A

Strategy lenses

43
Q

List the three strategy lenses

A

As design
As experience
As ideas

44
Q

What are the eight key steps in a strategy process?

A

Define organisation’s purpose
Analyse prevailing conditions
Develop strategic objectives
Assess risks to objectives

Operationalise strategic objectives into planned activity
Implement operational plans
Monitor performance
Review and adjust

45
Q

When defining the purpose of the organisation, mission and vision statements should be c—, i—, easy to c—, easy to r—

A

Clear
Intelligible
Communicate
Remember

46
Q

In the strategy process, analysing prevailing conditions would involve what six things?

A

Audit of resources and competencies
Analysis of products and services
Analysis of performance

Analysis of value chain
Analysis of economic value added
Assessment of external environment

47
Q

An organisation’s c— c— are what give it competitive advantage over its closest rivals

A

Core competencies

48
Q

What four headings are used in SWOT analysis?

A

Strengths
Weaknesses
Opportunities
Threats

49
Q

In SWOT analysis, opportunities are sometimes referred to as ‘strategic —’

A

Gaps

50
Q

In value chain analysis, — — are those that relate directly to the transformation process

A

Primary activities

51
Q

In value chain analysis, — — include human resources, finance, purchasing, etc

A

Support activities

52
Q

Value chain analysis helps identify each activity that — — to the end product or service

A

Adds value

53
Q

Value chain analysis helps separate out — and — drivers

A

Cost and value

54
Q

In value chain analysis, — — are those factors that help to minimise cost

A

Cost drivers

55
Q

In value chain analysis, — — are those factors that add features to the product valued by the consumers

A

Value drivers

56
Q

The Boston Matrix is used to analyse existing products and sales under what four headings?

A

Cash cows
Dogs
Rising stars
Problem children

57
Q

In the Boston Matrix, — — are products that are tried, tested and successful

A

Cash cows

58
Q

In Boston Matrix analysis, — may once have been successful, but are not now generating significant interest

A

Dogs

59
Q

In Boston Matrix analysis, — — are successful and have a great potential for growth

A

Rising stars

60
Q

In Boston Matrix analysis, — — have been showing disappointing performance but should be doing much better

A

Problem children

61
Q

What are the four typical strategies of the Boston Matrix?

A

Build market share
Maintain market share
Harvest rewards
Divest

62
Q

On what two dimensions does the McKinsey/General Electric matrix focus?

A

Competitive strength

Market attractiveness

Internal Audit Environment (14 decks)

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