Module 1.2A: Strategic Planning Process

Question 1

What are the 3 important facets of an organization in strategic planning process?

Answer 1

1. Purpose
2. Strategic Goals
3. Strategic Plan

Question 2

What is Company Culture?

Answer 2

The fundamental values, beliefs, behaviors, and actions of an organization

Question 3

What is a Mission Statement?

Answer 3

An effective mission statement clearly identifies what the organization does, the direction the organization is headed, and what differentiates it from other organizations.

Question 4

What is a Vision Statement?

Answer 4

Provides an image of where the organization sees itself going.

Identifies long-term organizational goals beyond financial success

Question 5

What are Values?

Answer 5

Core values identify what is most important to the organization.

Fundamental ideals that should guide the actions, interactions, and behaviors of the organization and the people within it.

Reinforce values is through example.

Question 6

What is Forecasting?

Answer 6

Is the process of predicting future conditions.

It begins with gathering data related to historical and projected attrition, growth, and sales.

Question 7

What is Central Tendency?

Answer 7

A measure of the middle of a numerical data set.

Question 8

What is the Mean?

Answer 8

The average of a set of numbers.

Sum of numbers divided by how many numbers there were in the set.

Question 9

What is the Median?

Answer 9

The value in the data set that has an equal number of values above and below it.

Even number of values, two middle values are averaged.

Question 10

What is the Mode?

Answer 10

The most common value in the data set.

The number you set the most.

Question 11

We improve the lives of people affected by cancer, now (LiveStrong Foundation)

Answer 11

Mission statement - describes organization’s every day purpose

Question 12

Making the best ice cream, in the nicest possible way. (Ben & Jerry’s Ice Cream)

Answer 12

Vision - broad goal for today and future. Things they will do in terms of mission.

Question 13

Focus on the user and all else will follow. You can make money without doing evil. (Google)

Answer 13

Values

Question 14

Creating a culture of warmth and belonging, where everyone is welcome. (Starbucks)

Answer 14

Values

Question 15

What is Strategic Planning?

Answer 15

Strategic planning is, at its core, the process of gathering data to understand the current condition, create a plan of action, implement and then evaluate that plan.

Question 16

What is metrics?

Answer 16

A method of measurement.

Question 17

What are the 2 business metrics?

Answer 17

Qualitative and quantitative

Question 18

What is Qualitative data?

Answer 18

Data collected from quantitative tools are usually numerical.

Question 19

What is a Cost-Benefit Analysis? (CBA)

Answer 19

CBA answers the question: do we get more out than we put in?

It calculates the full costs, both tangible and intangible, of a project or program.

It is conducted annually to examine continued value and used to make decisions about hiring, employee development, and more.

Question 20

What are Key Performance Indictors (KPIs)?

Answer 20

Key performance indicators (KPIs) are metrics used to measure progress towards organizational goals.

Question 21

What is a Return on Investment (ROI)?

Answer 21

Return on investment (ROI) is a metric used to evaluate an investment.

It offers a way to determine the success of an initiative or program based on a financial calculation.

ROIs are concerned only with the financial cost.

Question 22

What is the Rate of Attrition?

Answer 22

The rate of attrition is the percentage of employees that leave the organization during a given timeframe.

Most aim for an attrition rate of 10% or lower.

Question 23

What are Absence Rate?

Answer 23

The percentage of employees who are absent in a given period.

An organization’s absence rate is calculated by determining the sum of days employees were out and dividing it by the total number of workdays during the same timeframe.

Question 24

What is Qualitative Data?

Answer 24

Qualitative data is expressed by words instead of numbers.

It is descriptive and is best for measuring intangible (soft) factors, such as employee satisfaction.

Question 25

A regional manager meets with a group of regionals sales representatives to assess customer response to a new product.

Answer 25

Focus group

Question 26

HR emails questionnaires to ascertain employee satisfaction with the current benefits package.

Answer 26

Survey

Question 27

HR compares the financial costs of a new sales skills training to any resulting increase in sales revenue.

Answer 27

Return on Investment (ROI)

Question 28

A customer service team lead reviews the average call time for the employees on their team.

Answer 28

Key Performance Indicators (KPI)

Question 29

What is HRIS?

Answer 29

A platform designed to assist HR with the management of employee data.

Electronic storage of employee documents and personnel data.

Question 30

What is Scorecard?

Answer 30

The goal is to provide reports on multiple perspectives that impact organizational success.

Most scorecards address metrics across four distinct perspectives: customer, employee learning and development, financial, and internal processes

Question 31

What is an HR Audit?

Answer 31

Assesses all HR functions, including health and safety, benefits and compensation, and staffing.

Includes compliance audit, EEO audit, benefits audit, and more.

Question 32

Before a HRIS can be used in the decision-making process, which of the following must occur?

Answer 32

Data integrity (overall accuracy, completeness, and consistency) must be ensured.

Question 33

HR executives have risen in stature in many corporations based on:

Answer 33

Ability to demonstrate impact on the bottom line.

Question 34

An HR manager proposes the building of a new training facility. In order to demonstrate the financial impact on the operation to management, the HR manager should:

Answer 34

Show how the productivity gains can be achieved.

Question 35

The relationship between results and the resources required to produce them forms the basis for:

Answer 35

Cost-benefit analysis