Business Planning Quiz

It is making predictions of what is likely to happen in the future. It shows that the managers know something of future happenings even before things actually happen.

• Contingency

• Forecasting

• Scenario

• Benchmarking

It is a course of action that your organization would take if an unexpected event or situation occurs.

• Contingency

• Forecasting

• Scenario

• Benchmarking

Why contingency planning is important in overall business continuity.

• helps to ensure you are prepared for what may come

• making assumptions of what future is.

• It is an active strategy.

• It relates to future events.

Which of the following statements explain forecasting.

• the process of assessing the future normally using calculations and projections that take account of the past performance, current trends, and anticipated changes in the foreseeable period ahead.

• It offers alternative courses of action when the unexpected happens or when things go wrong

• It is finding out what other people and organizations do well and then plan how to incorporate these practices in the company’s operations.

• It is to understand what strategies underpin successful companies

It refers to another planning technique that generally involves external comparisons of a company’s practices and technologies with those of other companies.

• Contingency

• Forecasting

• Scenario

• Benchmarking

The future estimates of various business operations will have to be based on the results obtainable through systematic investigation of the economy, products and industry.

• Estimation of Future Operations

• Regulation of Forecasts

• Developing the Basis

• Review of the Forecasting Process

They have to constantly compare the actual operations with the forecasts prepared in order to find out the reasons for any deviations from forecasts.

• Estimation of Future Operations

• Regulation of Forecasts

• Developing the Basis

• Review of the Forecasting Process

On the basis of the data collected through systematic investigation into the economy and industry situation, the manager has to prepare quantitative estimates of the future scale of business operations.

• Estimation of Future Operations

• Regulation of Forecasts

• Developing the Basis

• Review of the Forecasting Process

Farmers use scenarios to predict whether the harvest will be good or bad, depending on the weather. It helps them forecast their sales but also their future investments. This illustration shows?

• Forecasting

• Scenario

• Benchmarking

• Contingency

This involves collecting information on how well you’re doing in terms of outcomes and comparing these outcomes internally or externally.

• Participatory Benchmarking

• Performance Benchmarking

• Strategic Benchmarking

• Process Benchmarking