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CAIB 4 Exam | 105 Questions With100%Verified Solutions(Guaranteed Success)A+GRADED
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CAIB 4 Exam | 105 Questions With100%Verified Solutions(Guaranteed Success)A+GRADED What are the similarities between a strategic plan and an action plan? - correct answer...They are both critical steps in the success of a brokerage They both flow from the mission statement They both use th...

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  • August 1, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
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  • caib 4 exam 105 questions with100verified solut

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CAIB 4 Exam | 105 Questions With100%Verified
Solutions(Guaranteed Success)A+GRADED

What are the similarities between a strategic plan and an action plan? - correct
answer...✔✔They are both critical steps in the success of a brokerage
They both flow from the mission statement
They both use the same process (top down/bottom up)

What are the differences between a strategic plan and an action plan? - correct
answer...✔✔strategic plans are for three to five years;
action plans are for one year

strategic plans apply to the brokerage as a whole; action plans apply to a particular
business unit

action plans are much more detailed than strategic plans

Explain the advantages and disadvantages of top-down and bottom-up approaches to
planning. - correct answer...✔✔Top-Down Approach
o Management is firmly in control
o May fail because employees don't buy into it

Bottom-Up Approach
o Employees set the plan - buy-in
o Management feel that they are not in control

The combination of both approaches, with open communication throughout the process,
is the key to effective and successful planning.

When evaluating an operating affiliation why would the following be an important
consideration?
a) Exclusivity
b) Fees - correct answer...✔✔Exclusivity;

Many of the organizations with which a brokerage can affiliate are in one way or another
exclusive. Often it is this exclusivity that makes the organization attractive to the
brokerage.

It is important that the following questions be asked;
How many other brokerages in the immediate marketing area will be permitted to join?
What is the legal nature of the exclusivity?
How tight is the contract in describing the rights of an affiliated brokerage to a particular
territory?
What is the reputation of those brokerages already participating in the program?


A GRADESOLUTIONS

, If the brokerage is seeking prestige and image from the affiliation, this can be derived
only if others participating are up to the standards described by the sponsoring
organization.

When evaluating an operating affiliation why would the following be an important
consideration?
a) Exclusivity
b) Fees - correct answer...✔✔Fees;
A major factor in determining whether to affiliate is the cost of the affiliation and whether
the services offered are worth the price being charged.

All costs should be known in advance so that there will be no surprises once the
affiliation has been formed.

Some brokerages effectively structure their brokerages as a functional organization.
Discuss why it is a difficult form to implement effectively - correct answer...✔✔
Employees will find that they have more than one boss, so that in areas of overlapping
authority they may be given conflicting or inconsistent instructions.

When a decision is required that does not firmly belong to any manager, decision-
making can be slow. Employees may be referred by one manager to another without
any decision being made.

When there are too many managers giving instructions, employees are frequently
distracted from their primary roles of serving their clients.

The first activity in human resources management is planning. Discuss three areas
involved - correct answer...✔✔Evaluate its existing ability to generate sales and
premium growth, and determine whether the existing human resources are capable of
producing the levels anticipated in the strategic plan. If they are not, a plan must be
established to obtain the necessary human resources and to revise the organization
structure to accommodate the anticipated growth.

Estimate human resource needs as early in the planning process as possible, to permit
time for a professional approach to selecting new employees and to avoid the pitfalls of
a crash hiring process. The human resource plan should include an evaluation of the
skills the new employees need to have, the hiring timetable, and a contingency plan in
the event candidates with the required skills cannot be found in a timely manner.

Prepare a position description containing position qualifications and specifications for
each position to be filled. This will enable the brokerage to determine the kind of
experience, knowledge, attitude and behaviors which will be required of the candidates.

Allow for contingencies and be capable of mid-course correction should the reality of the
business conditions diverge from the plan.


A GRADESOLUTIONS

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