Business Planning Flashcards

1
Q

What tools does your company use to ensure profits are made?

A

Timesheets.
Resource planners.
Project reviews.
Performance reviews.

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2
Q

What is benchmarking?

A

Performance of a project is compared to other similar projects, to highlight value-for-money.

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3
Q

What is a PESTLE analysis?

A

Political
Economic
Social
Technological
Legal
Environment

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4
Q

What is SWOT?

A

Strengths
Weaknesses
Opportunities
Threats

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5
Q

Issues created for firms, related to high staff turnover?

A

Expensive and time consuming.
Training new staff.
Team dynamics.

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6
Q

SMART targets?

A

Specific
Measurable
Achievable
Realistic
Time related

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7
Q

What is an investment appraisal?

A

Assess whether business/project is worthwhile in terms of return.

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8
Q

Examples of staff that are fee earning vs non-fee earning staff?

A

Fee - QS, PM, Architect.
Non-fee - Admin, IT tech.

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9
Q

How do you contribute to your company’s goals?

A

Vision 2025 - transforming performance for a green, inclusive and productive world.
- Knowledge sharing.
- Delivering on deadlines and responsibilities.
- Bring in new business.
- Focus on safety.

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10
Q

What are parts of your company’s values?

A

Love a challenge.
Stronger Together.
Bringing out the best in everyone.

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11
Q

Porter’s 5 forces model?

A

SBSEC
Supplier power
Buyer power
Threat of substitutes
Threat of new entrants
Competitive rivalry

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12
Q

What is a Joint Venture?

A

Business arrangement in which two or more parties agree to pool resources. Separate entity.

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13
Q

What is working capital?

A

Amount available for day-to-day use. Describes ability to meet current liabilities.

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14
Q

What is meant by business strategy?

A

Outline of actions and decisions to reach goals and objectives.

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15
Q

What is meant by strategic planning?

A

Managerial process of maintaining a fit between a firms objectives, resources and market.

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16
Q

Difference between business strategy and business planning?

A

Business strategy is concerned with whole organisation.
Business plans are concerned with details implementation after big choices are made.

17
Q

Difference between a vision statement and a mission statement?

A

Vision is a focus on tomorrow and what it wants to be.
Mission is a focus on today and what they must do to achieve it.

18
Q

What is a business plan?

A

Summarizes operational/financial objectives of a business.
Timescale of 3-5 years minimum.

19
Q

What is a business model?

A

Plan implemented to generate revenue and profit.
Contains: product/service, market niche, expense of going to market.

20
Q

How can a business plan help a company in the current climate?

A

Help secure funding.
Gain new clients.
Focus on priorities.
Budgeting.

21
Q

What would you find in a business plan?

A

Objectives
Strategies
Forecasts
Marketing

22
Q

What is in my companies business plan?

A

Growth
NewLeaf
CBRE
Purpose
Sectors
CR

23
Q

How do personal objectives contribute to T&T’s business plan?

A

Contribute to bids such as TfL.
Contribute to SV Charter with NH.
Contribute to risk management improvement.
Client care at Heathrow is of high quality.

24
Q

Difference between objective and goal?

A

Goal is a long term general target.
Objective is more short term and includes how its to be achieved.

25
Q

Different types of business plan?

A

Strategic
Departmental
Operational
Corporate