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PGA PGM Level 1 Business Planning Practice Questions and Answers
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PGA PGM Level 1 Business Planning Practice Questions and Answers What will a well thought-out business plan provide? - Answer️️ -• Establish and achieve financial goals • Establish and achieve service improvement and other non-financial goals • Anticipate and address new trends in th...

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  • August 28, 2024
  • 34
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • pga pgm level 1 business planning practice questio

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©SOPHIABENNETT@2024-2025 Sunday, August 18, 2024 6:00 PM


PGA PGM Level 1 Business Planning
Practice Questions and Answers

What will a well thought-out business plan provide? - Answer✔️✔️-• 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? -

Answer✔️✔️-people, organization, & key info about facility




Page 1 of 34

,©SOPHIABENNETT@2024-2025 Sunday, August 18, 2024 6:00 PM

What is most significant advantage of strategic business planing? - Answer✔️✔️-

Provides long-term vision & destination, not just focus on current state of business


What are other added values of strategic business planning: - Answer✔️✔️-•

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: - Answer✔️✔️-Formal process of defining an

organization's future direction & destination
Page 2 of 34

,©SOPHIABENNETT@2024-2025 Sunday, August 18, 2024 6:00 PM

How long is a strategic business plan? - Answer✔️✔️-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? - Answer✔️✔️-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: - Answer✔️✔️-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? - Answer✔️✔️-• Gathering input from key stakeholders


• Framing business purpose and direction

• Identifying business assets

Page 3 of 34

, ©SOPHIABENNETT@2024-2025 Sunday, August 18, 2024 6:00 PM

• 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? - Answer✔️✔️-• 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? - Answer✔️✔️-• Updating the facility and business context


• Updating the market, customers, and competition
Page 4 of 34

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