Business Studies Chap 15

Question 1

Discuss the purpose of a business plan

Answer 1

-Gain insight in the market and competition
-Obtain funding from investors
-Set realistic goals and objectives
-Make correct decisions and manage the business

Question 2

Elaborate on the meaning of an action plan

Answer 2

-Is a detailed plan that outlines the actions that need to be executed in order to reach the business goals.
-Shows the activities that must be completed

Question 3

Outline the steps of drawing an action plan

Answer 3

Step 1: Strategic planning of the business
Step 2: Create measurable goals
Step 3: List the tasks to be performed
Step 4: Divide the big tasks into smaller, more measurable parts. List the tasks
Step 5: Decide on deadline for every activity
Step 6: Create a visual representation of the action plan
Step 7: Regularly check the progress

Question 4

Define a Gantt chart

Answer 4

-is a type of bar chart that illustrates the start and finish dates of elements or the job tasks in a project
-It is used to schedule the timelines for a project and, to list which tasks/ elements need to happen when and in what order.
-It shows what needs to be done by breaking a project down into smaller parts
-Shows the duration of the tasks/elements

Question 4

Define Timelines

Answer 4

-Timelines shows the dates and events labeled on points
-Helps team members to know what milestones need to be achieved and by when
-Should be visually appealing, clean, and neat
-Are a visual representation of chronological information

Question 5

Define Project Planning

Answer 5

A Good project manager:
-work backward to prepare timeframes
-monitor the plan regularly
-allocate a budget for each part of the action plan
-prepare a schedule showing the main activities of the plan

Question 6

Outline the importance of timelines and Gantt charts

Answer 6

-These tools help the project staff to project dates and set up plans to achieve set goals in advance
-They are vital to project managers as bus. try to meet and exceed the client’s expectations
-Timelines keep info. in sequential order and dates on which an activity must be done
-Timelines serve as a planning tool that helps to indicate the due date/ date of completion for each of the short-term objectives and tasks.