Unit 1 AOS 2 KK9

Question 1

Planning

Answer 1

A formalised process involving a series of decisions that are aimed at assisting a business to achieve it objectives

Question 2

Objective

Answer 2

steps/actions in which a business intends to achieve.

Question 3

Levels of Planning

Answer 3

Strategic
Tactical
Operational

Question 4

Strategic- long term planning (2-5 years)

Answer 4

• Establishes overall direction of the business
• Usually undertaken by the owner of senior management of a larger company

Question 5

Tactical medium term planning (1-2 years)

Answer 5

• Used do implement the strategic plan of the business
  
  • Level of planning occurs within each department
  • Its aim is to bring the objectives of the business into reality

Question 6

Operational up to 1 year

Answer 6

• Usually involves planning of operations on daily, monthly or up to one year basis by front line managers or supervisors.

Question 7

SWOT analysis

Answer 7

Planning tool that identifies the business’s internal strengths and weaknesses, as well as any opportunities and threats from the external environment.

Question 8

SWOT

Answer 8

strengths, Weaknesses, opportunities, threats

Question 9

Internal environment?

Answer 9

Strength, weaknesses

Question 10

External environment?

Answer 10

Opportunities and threats