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CAIB 4 Exam | 105 Questions and Answers with Complete Solutions
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CAIB 4 Exam | 105 Questions and Answers with Complete Solutions
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CAIB 4 Exam | 132 Questions and Answers with Complete Solutions 2023-2024
What are the two approaches to planning? Explain each - Correct Answer-1) Top Down Planning - Management provides the mission, strategies, and objectives for the brokerage
2) Bottom Up Planning - Management provides the mission and broad strategies. Leaves the objectives, goals and activities to business units.
What are the advantages and disadvantages of top down planning? - Correct Answer-
Advantages: Management feels in control and in charge of decision making.
Disadvantages: hard to get buy-in from employees
What are the advantages and disadvantages of bottom up planning? - Correct Answer-
Advantages: business units have ownership and buy in.
Disadvantages: Management feels less in control, there may be resistance to changes made to the plan by management.
Why is Top Down planning not suitable for a small organization. - Correct Answer-
Stifles innovation, slows decisions, managers need to know too much,
What are the four characteristics of a plan? - Correct Answer-1) Simplicity
2) Practicability
3) Severability
4) Flexibility
Explain Simplicity (2 points) - Correct Answer-The plan should be explainable in simple terms.
The plan should be implemented without extensive training while employees continue their day to day operations.
Explain Practicability - Correct Answer-The plan must be realistic
Explain severability (2 points) - Correct Answer-The parts of a plan must be separate and identifiable.
Each business unit must see how to apply it to their area
Explain flexibility - Correct Answer-A good plan must allow for modification as it is implemented. Explain the difference between a strategic plan and an action plan - Correct Answer-
Strategic plans are broad and cover 3-5 years.
Action plans give specific activities to support SP. They apply to a particular unit and cover 1-3 years, typically one year.
How many components of a strategic plan are there? - Correct Answer-Seven.
What are the first three components of a strategic plan? - Correct Answer-a) Scanning the external environment.
b) Scanning the Internal Environment
c) Matching strengths and weaknesses to opportunities and threats.
Explain "scanning the external environment" and its two sub categories. - Correct Answer-Scanning the external environment looks at the competitive environment and attempts to identify opportunities and threats.
They look at the distant environment and near environments.
Explain the distant environment. - Correct Answer-Factors that are critical to the survival
of the brokerage, but over which it has no control. Example: Hard and soft markets. Changes to laws. Technology.
Explain the near environment. - Correct Answer-Factors over which a brokerage does have control. Example: Clients and prospects, market segment targeted, direct competitors.
What are the three types of profiling within Near environment scans? - Correct Answer-
Competitor, market, and client profiling.
Competitor: Size, financial condition, and location of head office.
Market: Total market, market segments where they compete, and the market portion that they serve.
Client: Find a clear understanding of the nature and characteristics of a brokerage's clients.
Explain SWOT and the needed actions given the four scenarios - Correct Answer-If there is a weakness where there is a threat - Immediate Attention
If there is a weakness where there is an opportunity - Resources should be allocated to capitalize later.
If there is a strength where they is a threat - No action needed
If there is a strength where there is an opportunity - it should be immediately capitalized on
Recite the vision statement - Correct Answer-Protection of assets by protecting what is near and dear to our clients
Recite the value statement - Correct Answer-We seek and encourage innovative solutions to problems that deliver results for our clients.
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