Business Planning Flashcards
What tools does your company use to ensure profits are made?
Timesheets.
Resource planners.
Project reviews.
Performance reviews.
What is benchmarking?
Performance of a project is compared to other similar projects, to highlight value-for-money.
What is a PESTLE analysis?
Political
Economic
Social
Technological
Legal
Environment
What is SWOT?
Strengths
Weaknesses
Opportunities
Threats
Issues created for firms, related to high staff turnover?
Expensive and time consuming.
Training new staff.
Team dynamics.
SMART targets?
Specific
Measurable
Achievable
Realistic
Time related
What is an investment appraisal?
Assess whether business/project is worthwhile in terms of return.
Examples of staff that are fee earning vs non-fee earning staff?
Fee - QS, PM, Architect.
Non-fee - Admin, IT tech.
How do you contribute to your company’s goals?
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.
What are parts of your company’s values?
Love a challenge.
Stronger Together.
Bringing out the best in everyone.
Porter’s 5 forces model?
SBSEC
Supplier power
Buyer power
Threat of substitutes
Threat of new entrants
Competitive rivalry
What is a Joint Venture?
Business arrangement in which two or more parties agree to pool resources. Separate entity.
What is working capital?
Amount available for day-to-day use. Describes ability to meet current liabilities.
What is meant by business strategy?
Outline of actions and decisions to reach goals and objectives.
What is meant by strategic planning?
Managerial process of maintaining a fit between a firms objectives, resources and market.