CM 443 Final Exam Questions With 100% Solved Solutions Scored A+
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Course
CM 443
Institution
CM 443
What Is Strategic Planning? - CORRECT ANSWER-A systematic approach through which an organization agrees on priorities that are essential to its mission and responsive to its environment.
3 elements of strategic planning - CORRECT ANSWER-Data based
Guides resource acquisition & allocation
Build...
CM 443 Final Exam Questions With
100% Solved Solutions Scored A+
What Is Strategic Planning? - CORRECT ANSWER-A systematic approach through
which an organization agrees on priorities that are essential to its mission and
responsive to its environment.
3 elements of strategic planning - CORRECT ANSWER-Data based
Guides resource acquisition & allocation
Builds commitment
The Strategic Plan - CORRECT ANSWER-The strategic plan is the "master plan" for
your organization
-A working document that will chart your company course
-Identifies your company goals for a certain time period (3 years)
-paragraphs and few pages in length
Basic Strategic Planning is done by..?
elements in the plan - CORRECT ANSWER-Typically done by small, busy firms
Define the business and its mission
Translate the mission into goals
Identify approaches or strategies needed to reach goals
Implement the strategies
Evaluate outcomes, monitor and update the plan
Comprehensive Strategic Planning - CORRECT ANSWER--Update Mission/Vision and
Values
,-SWOT analysis
-goals
-action plan
-budget
Build your company mission statement around the answers to these questions: -
CORRECT ANSWER-◦What do we do?
◦How do we do it?
◦Whom do we do it for?
◦What value are we bringing?
SWOT Analysis - Internal Factors - CORRECT ANSWER-Strengths and Weaknesses
-finances
-physical resources
-human resources
-current processes
SWOT Analysis - External Factors - CORRECT ANSWER-Opportunities and threats
-Market trends
◦Economic trends
◦Political trends
◦Demographics
elements to include in goals - CORRECT ANSWER--internal structure (jobs)
Getting financial statement information - CORRECT ANSWER-All publicly traded
companies fall under the jurisdiction of the SEC (Securities and Exchange Commission)
and must make quarterly and annual statements available to the public:
Balance Sheet - CORRECT ANSWER--The balance sheet is a roll-up of every financial
transaction in the company from day one to the present
-Financial health of the company on a specific date
main components of a balance sheet - CORRECT ANSWER--assets:what you own
-liabilities: what you owe
-equity: owner share of assets
assets - CORRECT ANSWER--listed in order of liquidity
-current assets: Cash or assets that will be converted to cash within a year
-accounts receivable (money owed to you)
-contract assets like retention
-under billing: poor billing or cost shifting which can be error or fraud
-long term assets:
-Property & Equipment - Depreciable items (Machinery, buildings, computers, vehicles,
etc.) with a life-span greater than 1 year
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