Planning

Question 1

Explain the SMART model

Answer 1

Specific: identifying key aspects of performance that can be measured

Measurable: identifying key aspects of performance that can be quantified

Achievable: specified rewards for achieving set targets

Rewarded: specified rewards for achieving set targets

Timely: timeframe set for achieving stated outcomes

Question 2

Define planning

Answer 2

A plan is formal statement of intent that identifies goals and objectives and how they are to be achieved
A goal is an identified outcome that has been chosen and an objective is an…
Planning is the process of defining and setting goals, identifying the means and coordinating the activities by which those goals are to be achieved

Question 3

Advantages of planning

Answer 3

Systematic approach to achieving aims and goals
Helps allocation of resources
Helps to control activities
Helps to evaluate performance by setting standards and targets

Question 4

Disadvantages of planning

Answer 4

Can stifle innovation and creativity
Can restrain risk-taking and entrepreneurship
Prescriptive approach to actions may limit problem solving
Can lower morale of staff by limiting scope for initiate and experimentation

Question 5

Plans can be divided into three broad types that includes

Answer 5

1. Operational plans
2. Business plans
3. Strategic plans

Question 6

Explain Operational plans

Answer 6

Operational plans are clearly defined plans that detail how the goals of an organisation are to be achieved. These plans are typically concerned with the short-term goals such as output, scheduling, logistics, sales etc

Question 7

Explain Business plans

Answer 7

Business level plans relate to a longer timeframe and feature aspects of strategy for achieving the stated aims of the organisation. The targets are typically for six months or a year ahead. These medium-term plans link into the strategic aims of the organisation more closely than operational plans and have more flexibility built into expected outcomes

Question 8

A business plan has number of main attributes that help to formalise key criteria in this process, these include identifying:

Answer 8

1. barriers to setting up or growing a business
2. those whom you need to collaborate with and their level of commitment
3. a specific pathway for achieving set targets and aims
4. how to attain profitability and growth
5. where you can acquire finance and investment funds
6. how to minimise the risk of failure and limit liability
7. how to build in flexibility to contend with a dynamic environment
8. how to align goals and objectives with strategy

Question 9

Components of a business plan:

Answer 9

1. Executive summary
2. Business description
3. Market analysis and strategy
4. Marketing and sales plan
5. Competitive analysis
6. Management and organization description
7. Products and services description
8. Operating plan
9. Financial projection and needs
10. Exhibits and appendices

Question 10

Business continuity planning

Types of continuity plans:

Answer 10

1. Contingency planning: Contingencies constitute a ‘Plan B’ for when ‘Plan A’ fails
2. Scenario planning: Planning for imagined sequence of future events
3. Succession planning: Planning for the pass over of power and authority from one person to another

Question 11

Management skills in the planning process

Answer 11

1. Organisational skills = Resource allocation
2. Technical skills =
   Project management
3. Analytical skills =
   Meaning of data trends
4. Conceptual skills = Vision of outcome
5. Communications skills = “Selling” the plan to stakeholders