Business Planning

Question 1

What is benchmarking on a Construction Project?

Answer 1

A process by which the estimated performance of a project is compared to other similar projects. This can highlight areas of design that are not offering good value for money or if the price offered by the contractor is in line with the wider market.

Question 2

What is the difference between a PESTLE and SWOT?

Answer 2

PESTLE is used for reviewing how external forces may impact a business.

SWOT is a strategic planning tool to evaluate the strengths, weaknesses etc.

Question 3

How do you contribute to your companies goals?

Answer 3

• Sharing knowledge with my teams
• Keeping up to date with new technologies and systems
• Delivering on my responsibilities
• Bringing in new business

Question 4

What is the objective of Porters 5 Forces model?

Answer 4

A model that identifies competitive forces that shape every industry and helps determine an industries strengths and weaknesses.
1. Supplier power
2. Buyer power
3. Threat of substitutes
4. Threat of new entrants
5. Competitive Rivalry

Question 5

What is the difference between Business Strategy and Business Planning?

Answer 5

A Business Strategy is concerned with the entire organisation. It deals with ‘big choices’.
Business planning is concerned with the detailed implementation after the big choices have been made

Question 6

What is the difference between a Business Vision and Mission Statement?

Answer 6

A Business Vision focuses on tomorrow and what an organisation wants to become.
A Mission Statement focuses on today and what an organisation does the achieve it.

Question 7

What would typically be included in a business plan?

Answer 7

• Marketing Strategy
• Vision and Mission Statements
• SWOT
• Responsibilities and targets
• Resource strategy