PGA Level 1 Facility Management 2022 Verified 100%

T/F The process for developing a business plan starts before you establish the goals you would like to achieve for the shop's coming year. True Who should provide direction for creating the business plan at a golf operation Key Stakeholders T/F Long range planning should initially assume an adversarial relationship between neighboring facilities that directly compete with eachother True T/F According tho the Business Planning Model, a business plan should build on and refine the operational plan. False What is the usual business destination for long-range planning 3-5 Years; Achieve its vision What is the most significant benefit of strategic business planning provides a long term vision and destination T/F Helping establish a starting point for goals, objectives, and related strategies is an appropriate use of SWOT True T/F Financial forecasts should be based on historical data derivied from a linear trend analysis True You are in the process of completing a business plan for the golf shop. Initial forecasts of sales, expenses and profit have been made. Past data has been analyzed and important outside factors have been identified. What is the next step to be taken towards completing the plan. Monitor Performance A golf professional is purchasing a golf course. The Business plan he presented to his banker included his history of successfully operating similar facilities, budget projections for the first 5 years under his management, and objectives and strategies for reaching his goals. The banker rejected his loan application because of missing information. What important element is missing from the business plan? Current State of Business T/F A vision defines the short term objectives that must be accomplished in the upcoming year False T/F A facility profile defines the overall culture of the business True T/F The projected customer base of certain golf facilities located in the US could assume members drawn from international markets. True T/F A yield analysis is used to compile a facility's historical data on the number of rounds played True What is the process called when the manager reviews total rounds to determine who is playing and when? Yield Analysis T/F Mission Statements should include a definition of the facility's underlying financial model False T/F A sound mission statement defines the long-term vision and core values of a facility. True T/F It is appropriate to address the role of the employee in the mission statement True T/F The interpretation of quantitative data is less susceptible to differences of opinion than qualitative data. True T/F Customer demographics is an internal factor False What type of information is typically provided by qualitative data? Likes, Dislikes, Experiences What examples would be considered internal data sources for planning purposes Finances, cogs, etc. T/F COGS is an example of qualitative data False What information would be most useful to the planning team interested in measuring the facility's past or current success Historical, yield analysis T/F The utility of your business plan for for managing day-to-day operations in a golf shop depends on your ability to manage internal factors True T/F The SWOT analysis would treat opportunities and threats as factors that usually can be controlled by the facility False T/F The results of a SWOT analysis could be sufficient justification for the abandonment of a core business function. True T/F Staff Evaluations are a relevant data source for a SWOT analysis True How might revenues be affected at a nearby daily fee course if the local tire plant has major layoffs go down T/F lack of a mission statement is an example of a weakness that a SWOT analysis might disclose True T/F Trends in local consumer spending would be most useful for evaluation a core business function True What should govern the decision to pursue an oppurtunity Finances, barriers to entry, resources, opportunity cost. T/F Consider the following statement as part of a business plan: "improve range profits and customer satisfaction." According to the business planning course, this statement is an example of an objective True T/F The new manager of a 10 year old private course, currently doing an average of 5,000 tournament rounds per year, proposes to increase tournament rounds by 50% by the end of next year. This proposal meets the criteria for an effective business objective as presented in the Business Planning Course Manual True T/F "Develop and promote group programs aimed at women and juniors" is an example of an effective business objective. False What important characteristic is missing in the business objective;" increased pro shop sales next year" Measurable; how are you going to measure. which characteristic of goals and objectives is described as capable of being observed, recorded, and measured. Quantifiable what is the functionality significant difference between goals and objectives goals few clearly defined targets objectives how do we get to the goal T/F a facility's financial objectives could be achieved through operational strategies alone False What is an example of a financial strategy Borrowing Money, Debt, Reduce operating expenses T/F calculating yield involves knowing the relationship between the amount utilized and the amount available. True T/F Gross Profit is what remains after calculating the difference between revenue and cost of goods. True T/F linear trend analysis and base year analysis are examples of vertical analyses. False T/F the divisor in the linear trend formula-average percentage is the number of years of change being measured True T/F COnduting a base year analysis is a good choice for a facility that has just completed a projected that added 9 holes to the course True Golf shop sales of 100k and a gross margin of 30k what is the percentage of COGS? 70% Definition of COGS Cost used to buy stock if the gross target margin for your golf shop is 40% what would be the target COGS 60% According to the Business Planning Course Manual, what is usually the largest contributor to the bottom line profit of the facility Rounds What is the formula for merchandising net operating income Revenue Gen.-Operating Exp Events that would cause a change in the forecast for golf shop expenses. ... What metric should be part of every forecast regardless of the type of of the type of facility. ... You are concerned about a decline in business growth. What method would be effective in portraying your overall financial history. ...