Ch 6 - Position and Gap Analysis Flashcards
Position Audit - what is it about and who does it involve
Position audit looks at where we are at now
— Resources / SW’s and Position/ OT
Involves a special team who give budget , objectives list and support functions (MI etc). MA’s are also involved
What does a position analysis seek
SWOTS e.g threats focusing on weaknesses (rapid defense response)
AND
Current issues, relevant problems and strategic capabilitu
Gap Analsisysis
Comparison of entitys ultimate objective and expected performance both planned and underway and idenifying means to fill identified gaps
Earning and time graph Target / Diversify gap / expansion gap / efficiency gap from current ops
How to close the gaps for efficiency / expansion / and diversify? (Linked to Ansoff matrix)
Efficiency - undertake effic drive / make savings / penetration strategies (to sell more) … easiest gap
Expansion Gap - market development approach - new markets / products
Diversify Gap - sell NEW products to NEW markets
This is riskier and typically the last strategy a Co should/ could take
- A
A plan is what you want to happen a forecast is what you predict given assumptions. Feed forward control systems are a proactive approach in Gap Analysis. What is is, what does it aim to do and what is needed ?
What - Comparison of plan w/forecast
Aim - id deviances before missed target happens so corrective action can take place
Needed ? Budget for tea, / IT / Data sourcing / scenario planning / time
What are the problems with Gap Analysis
1) Uncertainty makes prediction capabilily less effective
2) Costly waste of time - potentially
3) Doesnt consider all stakeholders / multi objectives with conflict / compromise required
Benefits of Gap Analysis
Good for Debates
Easy to get / communicatie
Attention to LT via Short term
Good for stable environments
Forecasting is a key part of Gap analysis what is it
Prediction of future events and quantification for planning process/. Use various models (other cards!)
What does regression analysis look at ?
how variables vary / correlate with another variable
Regression will allow to calc an estimatae of the relationship between two variables and use in forecasts
What does time series analysis do and when is it useful
What - IDs ST and LT trends in previous data and the application of these patterns for projections
When - Cos who to forecast demand when seasonal flucuations / demand is infleunced by the business life cycle
Drawbacks of statiscal models (to help with GA)
- assumes past is an indicator of the future
- regression analysis assumes two faction are strongly correlated. It WILL calc relationship but may MISS the causal link - so could be misleading
- hard to build in fluctuations etc so could be innaccurate
Another forecasting model is system modelling what does this refer ? What options are available
What - some big firms dev programmes to model economic system / markets etc. Note v difficult to ID all variables and to define how they relate.
Options- There is software available for forecasting e.g Accounting / ERM systems etc
Intuitive forecasting methods use both judgement And / Or expert knowledge what are examples
Think thanks, delphi, Scenario planning, brainstorming, demand analysis
What is a think thank and whats needed to work
- group of experts, untstructured, speculate (future/ needs etc).
Needs
Independance of members (to enable unpopular views)
Leave out position authority
Group nature (consensus)
Whats the Delphi Technique (avoid group think of think thanks)
- KEY is to individually integrate panel of experts
- They DONT meet
- Where speculating asked for subjective probability
- CENTRAL AUTHORITY evaluates responses then reintegrates experts …to get new ideas/ knowledge
