Question 1 Not yet answeredMarked out of 1.00Question text What should you review and evaluate before starting the development of a new business plan? Select one:a. Existing mission and milestone statements.b. Pre-existing strategic, business and operational plans.c. Ongoing directives from management relating to the achievement of goals and objectives.d. The business’s values and vision statements as these provide details of the goals and objectives to be included in the business plan. Question 2 Not yet answeredMarked out of 1.00Question text Why should you analyse and interpret the business’s vision, mission, values and objectives before developing a business plan? Select one:a. These outline the business’s goals. The business plan interprets these goals so everyone in the business clearly understands them.b. They should be reviewed and analysed beforehand to ensure they are still relevant to today’s marketplace.c. These statements outline where the business sees itself in the next year or two. The business plan interprets these and expands them into long-term objectives.d. It helps you clearly understand the business’s long-term goals and objectives, resulting in an effective, target-focused plan. Question 3 Not yet answeredMarked out of 1.00Question text Why are employees key stakeholders who should be consulted when a business plan is being developed? Select one:a. They can provide valuable advice and information and it gives them a sense of ownership which can increase the likelihood of success.b. They must be informed of the goals and objectives to be achieved and a consultation process is the most effective method.c. Employees should be involved in all aspects of business planning, including the development of business plans.d. Employees implement the plan’s objectives, so they are more likely to anticipate problems than other stakeholders. Question 4 Not yet answeredMarked out of 1.00Question text What are three techniques you can use to profile customer needs? Select one:a. Use demographic, psychographic and survey information to build a customer needs analysis.b. Market research, customer needs analysis and develop customer profiles.c. Use focus groups, surveys and internal sales data to determine spending patterns and gaps in the market.d. All of these answers are methods of profiling customer needs. Question 5 Not yet answeredMarked out of 1.00Question text Which of the following are methods of measuring performance? Select one:a. Qualitative indicators such as feedback from customers.b. Quantitative indicators such as numbers produced or sold.c. Key performance indicators.d. All of these answers are methods of measuring performance. Question 6 Not yet answeredMarked out of 1.00Question text Why should financial, human and physical resource requirements be identified during the development process? Select one:a. Identifying resources early shows where the gaps between existing and necessary resources are, allowing the business to source cheaper alternatives.b. The development phase shows which purchases of resources may need to be prioritised.c. Resources can be expensive, so requirements and costs involved should be identified before committing the business to a new goal.d. Identifying financial resources available to the business determines the physical and human resources required. Question 7 Not yet answeredMarked out of 1.00Question text What legal requirements do you need to consider when researching a new activity, product or service? Select one:a. Food safety and workplace health and safety legislation.b. If any permits or licences are required.c. What financial commitments the business is legally required to agree to.d. The terms and conditions of any contracts with suppliers. Question 8 Not yet answeredMarked out of 1.00Question text How should a business plan be written and formatted? Select one:a. Goals, objectives and activities outlined in a logical sequence with the relationship between them clearly articulated.b. It should be written by an external specialist advisor to ensure it is clear, well written and understood by all.c. A business plan is a formal document and should reflect the structure and aims of the business.d. All of these answers are correct. Question 9 Not yet answeredMarked out of 1.00Question text When communicating a business plan, who is the most important internal stakeholder? Select one:a. The board of directors.b. The managing director or chief operating officer (CEO).c. The management team.d. Employees. Question 10 Not yet answeredMarked out of 1.00Question text Why is it important that the business plan is communicated to employees in a way that ensures understanding? Select one:a. Business plans are written using very formal terminology, so it must be simplified and made less technical in order for the staff to understand the business’s goals.b. Employees are one of the business’s stakeholders and, as with all stakeholders, they must be given a copy of the business plan.c. Employees are going to complete the activities required to achieve the objectives, so they must understand what is expected of them.d. So that employees can convey the business plan information to other stakeholders as they see fit. Question 11 Not yet answeredMarked out of 1.00Question text How can you ensure skilled and specialist labour is available when required by the business plan? Select one:a. Identify gaps and labour needs as early as possible during the planning and development stage.b. Develop and update job and person descriptions and keep a skills inventory or skills database.c. Establish timelines for HR staff to ensure recruitment and training processes are completed on time.d. All of these answers are methods of ensuring skilled labour is available when required. Question 12 Not yet answeredMarked out of 1.00Question text When is the best time for performance management systems to be tested and refined? Select one:a. During the initial planning and development of the plan.b. Prior to implementation.c. Once the business plan has been implemented for some time.d. When it has been identified you are receiving inaccurate data. Question 13 Not yet answeredMarked out of 1.00Question text What should you consider when preparing reports on performance measure outcomes for internal or external stakeholders? Select one:a. The reports should be timely, appropriate to the audience’s needs, user-friendly and provide both financial and non-financial information.b. All reports should include financial information, such as budgets, so stakeholders can assess the success of the business plan.c. Two reports should be developed: one for internal stakeholders and one for external as confidential financial information should not be distributed.d. Performance measure outcomes should be expressed visually using graphs and include a detailed analysis of outcomes for greater understanding. Question 14 Not yet answeredMarked out of 1.00Question text Why should system or product failures and variances be reported as soon as they occur? Select one:a. If they are not reported promptly it could lead to long-term and irreversible damage to the business plan.b. System and product failures must be reported immediately as they can become workplace health and safety issues.c. The earlier they are recognised and reported, the faster action can be taken to identify causes and take corrective action.d. Fast reporting allows goals and objectives to be modified and financial stakeholders warned of changed business expectations. Question 15 Not yet answeredMarked out of 1.00Question text Why should you analyse the data and information provided in performance reports before taking any corrective action? Select one:a. Sometimes a direct comparison of results against targets does not give a true indication of performance.b. Analysis provides greater insight into how performance measurement systems are working and if they are providing accurate data.c. Performance reports can be biased as the person or team preparing the report may have a vested interest in only providing positive data.d. All of these answers are reasons why performance reports should be analysed. Question 16 Not yet answeredMarked out of 1.00Question text Why should performance indicators be reviewed and refined? Select one:a. To determine if you are using suitable methods of measuring objectives.b. To ensure there are adequate resources available to meet objectives.c. To ensure that performance measurement systems are being implemented correctly.d. All of these answers are correct. Question 17 Not yet answeredMarked out of 1.00Question text What are two effective methods of providing coaching and training to underperforming groups and individuals? Select one:a. Holding team performance appraisals followed up with individual KPIs.b. Conducting departmental staff meetings and team-building sessions.c. One-on-one mentoring and hands-on, on-the-job training.d. All of these answers are methods of providing coaching and training. Question 18 Not yet answeredMarked out of 1.00Question text Why should system processes and work methods be reviewed regularly? Select one:a. It is a legal requirement of continuous improvement programs.b. Reviewing processes and procedures ensures everyone understands what has to be done and how to do it.c. It increases efficiency and consistency within the business and its ability to achieve its goals and objectives.d. Regular reviews keep employees on the ball, as they know their efficiency and productivity are being monitored.