LDP 1.2 Understanding the Business

Question 1

Five Classic Management Tasks

Answer 1

1) Planning - work scheduling, strategic plan
2) Organizing - organization charts orderly workflow
3) Staffing - training, turnover, hiring/firing practices
4) Directing - Evidence of clear policies, goals to employees
5) Controlling - costs identified and allocated to products, financial reports timeliness, frequency

Question 2

A thorough company overview will include the following elements?

Answer 2

1) a description of the business and industry
2) information about the products and services
3) the market and competition
4) customers
5) the suppliers
6) the facilities
7) information about the company’s management, ownership, and history.

Question 3

Which resources are best for finding out information about a company’s suppliers?

Answer 3

The best resources for finding out supplier information about a company are interviews with management, references from managers or directors of your bank, and tours of the facility