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APC Project Management > Level 1 Business Planning > Flashcards

Level 1 Business Planning Flashcards

1
Q

Types of Business Plan?

Strategic

A

Strategy that’s devised to achieve overall goals set by a business, stimulates change management

  1. Identify and approve framework, vision, long term goals & objectives
  2. Position company: marketing capabilityes, technological advantages, available resources
  3. Foundation for tactical plan: achieve goals
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2
Q

What’s included in a business plan?

A
  • Executive summary
  • Marketing strategy
  • Vision statements
  • Products and Services
  • Management Teams
  • Financial forecasts
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3
Q

How does a business plan help a company remain profitable?

A
  • Assist with securing new funding and investment
  • Grow client base and project
  • Highlight key business objectives
  • Assist with responding to change
  • Grow market share
  • Supports accurate forecasting and budgeting
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4
Q

Functional

A
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5
Q

Flatarchy

A
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6
Q

Hierarchy

A
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7
Q

Divisional Organizational Structure

A
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8
Q

How do timesheets work

A
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9
Q

Difference between fee earners & non fee earners?

A

Fee: QS, Architect, PM
Non Fee: Admin Staff, Bid Staff IT

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10
Q

Forecasting Techniques?
Subjective forecasting approach?

A

Allows forecasters to predict outcomes on their subjective thoughts

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11
Q

Forecating Techniques?
- Time series forecasting

A

A quantitive forecasting

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12
Q

What is finacial benchmarking?

A

Process of assessing your current performance against a peer group of organisations of comparable scale and complexity, enables you to build a case for making changes to support wider business strategy.

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13
Q

Executive Summary?

A

Concise overview of your business plan

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14
Q

Company description?

A

High level view of your business, should explain who you are and how you operate and what your goals are

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15
Q

Products and services?

A

Show your industry knowledge and present conclusions based through market research

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16
Q

Market Analysis & marketing?

A

Summarise your sales and marketing strategy, how you’ll implement them with an operating plan

17
Q

Organisation and managament team?

A

Outline your companies structure, identifying the owners management team and board of directors

18
Q

Financial plan and projections

A

Developed with a professional accountant after you’ve completed a market analysis and set goals for your company

19
Q

What is a business plan?

A

A document that defines the business objectives and suggests strategies to be undertaken to realised how this will be achieved within a defined time frame.
- The vision
- Objectives and goals
- Strategies and actions

20
Q

What is included in an appointment document?

A
  • Clarification of work scope
  • Agreed fee
  • Terms of business
  • Agreed amendments
21
Q

SWOT?

A

Structure Analysis of The Market: used to analyse internal strength and weakness and external threats and opportunitites to exploit strength and mitigate weaknesses and threats.

22
Q

PESTLE?

A

Political, Economical, Social, Technological, Environmental: structured method of analysis of key factors influencing markets

23
Q

A business strategy?

A

Outlines the actions and decisions a company plans to take to research its business goals and objectives

24
Q

A company with high staff turnover may …

A
  • Increased recruitment costs
  • Increased training
  • Inconsistent Production/performance
  • Poor staff morale
  • Lower customer satisfaction
25
Q

Timesheets and fee forecasting

A

Enables you to assess the performance of the team/business
Will ensure you can plan your income expenditure correctly

26
Q

How can a business monitor its performance?

A
  • Setting and assessing goals and targets
  • Monitoring KPS
  • Competitor analysis
27
Q

Explain a sole- practitioner?

A

An incorporated business that has just one owner who pays personal income tax on profits earned form the business.

28
Q

Explain a partnership?

A

A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits, in particular, a partnership business, all partners share liabilities and profits equally.

29
Q

LLP?

A

Limited liabiilty partnerships - LLPS are a flexible legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liabilities for the actions of other partners

30
Q

PLC?

A

Public limited company which offers shares of stock
Shareholders have limited liability
Allows a company to raise capital

31
Q

Financial planning (3)

A

Budgets, cashflow and financial/audit controls

32
Q

What are the different forms of business vehicles?

A

Sole practictioner, partnership, LLP, limited company and PLC

33
Q

Vision Statement
V
Mission Statement

A

Tomorrow plan: what you want to become?
Mission statement: Today, what to do to achieve it?

APC Project Management (28 decks)

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