What will a well thought-out business plan provide? - • Establish and achieve financial
goals
• Establish and achieve service improvement and other non-financial goals
• Anticipate and address new trends in the industry
• Position a facility to attract and retain customers
• Motivate...
PGA PGM Level 1 Business Planning -Questions with Correct Answers/
Verified/ Latest Update 2024/2025
What will a well thought-out business plan provide? - ✔✔• Establish and achieve financial
goals
• Establish and achieve service improvement and other non-financial goals
• Anticipate and address new trends in the industry
• Position a facility to attract and retain customers
• Motivate employees by involving them in the business planning process and giving them a
stake in the facility's success
• Entice investors, sponsors, and financial institutions to work with a facility
• Keep owners and/or board members informed and active in business decisions and
progress
Who must the team responsible for creating the plan be familiar with? - ✔✔people,
organization, & key info about facility
What is most significant advantage of strategic business planing? - ✔✔Provides long-term
vision & destination, not just focus on current state of business
What are other added values of strategic business planning: - ✔✔• Establishing priorities
and the future destination for the business
• Thoroughly and systematically analyzing each aspect of the business
• Researching and studying data that support strategic decisions
• Providing a foundation and road map to guide business decisions over time
• Linking long-term goals and short-term objectives
• Improving team commitment, buy-in, and fostering a common purpose
• Promoting proactive problem solving
• Enabling the business to readily adapt to change
• Providing a basis for systematic monitoring and correction of objectives, forecasts, and
performance
• Increasing the probability of long-term success
,Strategic business planning: - ✔✔Formal process of defining an organization's future
direction & destination
How long is a strategic business plan? - ✔✔usually 3-5 year plan that identifies a futures
"destination" for a business
-includes long-term goals and a financial forecast to help a business achieve its vision
What are annual business plans? - ✔✔Shot-term, one year, or one business-cycle plans with
specific objectives & budgets created to help a business achieve measurable growth toward
long-term goals & vision
What are the five phases of the PGA business planning model: - ✔✔1. Define the Business
2. Assess the Current State of the Business
3. Develop Business Goals, Objectives, and Related Strategies
4. Prepare Financial Forecasts and Budgets
5. Monitor Performance
What process or activities are involved in Defining the business for strategic planning
considerations? - ✔✔• Gathering input from key stakeholders
• Framing business purpose and direction
• Identifying business assets
• Identifying core business areas
• Describing the facility and business context
• Defining the market, customers, and competition
• Reaching consensus and commitment related to business purpose and direction
What are normal outcomes when defining the business for strategic planning
considerations? - ✔✔• Concise mission statement
• Vision statement
• List of core values or foundation principles
• Facility description
, • A systematic process for evaluating core business areas
• Description of potential market, targeted customer segments, and specific competition
• Team buy-in and commitment
• General, long-term financial forecast
What are process or activities when defining the business for annual business planning
considerations? - ✔✔• Updating the facility and business context
• Updating the market, customers, and competition
• Adapting core business areas
• Reaching consensus on annual business focus
What are the outcomes when defining the business for annual business planning? - ✔✔•
Revised facility description
• Revised description of potential market, targeted customer segments, and specific
competition
• Necessary modification to core business areas
• Team buy-in
How can quantitative and qualitative data be complied when assess the current state of the
business? - ✔✔Using a SWOT analysis to determine strength's, weaknesses, opportunities,
& threats
-can do specific departments or business as a whole
What are activities involved in assessing the current state of the business? - ✔✔• Gathering
information about past and current performance from multiple sources inside and outside
the business
• Analyzing and evaluating data to indicate strengths and weaknesses
• Conducting a SWOT analysis
What are general outcomes when assessing the current state of the business? - ✔✔•
Statement of past & current financial performance
• Other ratings of success obtaining to business objectives
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MikeHarris. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
