Management Ch. 4 Planning and Organizing

Define business plan: a written document that describes the ______ __ ___ _______, its goals and objectives, and how they will be achieved.

Strategic planning is a short-term planning that identifies specific activities for each area of the business

• True

• False

Answer explanation

This is actually operational planning

Operational planning is a long-term planning that provides broad goals and directions for the entire business.

• True

• False

Answer explanation

This is actually strategic planning

SWOT analysis is an examination of an organization's internal Strengths and Weaknesses as well as external Opportunities and Threats.

• True

• False

Mission: a short, specific statement of the business's _______ and direction.

• reason

• vision

• purpose

• analysis

Vision: a broad, lasting, and often _____________ view of a company's reason for existing.

• specific

• special

• confidential

• inspirational

Failure to properly plan leads to high success.

• True

• False

SWOT Analysis, SWOT stands for Strengths, Weaknesses, Opportunities, and what?

• Treasure

• Thoughts

• Threats

• Treats

Operational planning determines ___ work will be done, ___ will do it, and ___ resources will be needed to get the work done in each area of the business.

• who

  what

  how

• what

  how

  who

• what

  who

  how

• how

  who

  what

A goal is a specific statement of a result the business expects to achieve.

• true

• false