CAIB 4 Exam Questions with Correct Answers
What are the two approaches to planning? Explain each - 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 th...
CAIB 4 Exam Questions with Correct Answers What are the two approaches to planning? Explain each - 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? - 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? - 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. - Answer -Stifles innovation, slows decisions, managers need to know too much, What are the four characteristics of a plan? - Answer -1) Simplicity 2) Practicability 3) Severability 4) Flexibility Explain Simplicity (2 points) - 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 - Answer -The plan must be realistic Explain severability (2 points) - 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 - Answer -A good plan must allow for modification as it is implemented. Explain the difference between a strategic plan and an action plan - 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? - Answer -Seven. What are the first three components of a strategic plan? - 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. - 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. - 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. - 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? - 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 - 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 - Answer -Protection of assets by protecting what is near and dear to our clients Recite the value statement - Answer -We seek and encourage innovative solutions to problems that deliver results for our clients.
Voordelen van het kopen van samenvattingen bij Stuvia op een rij:
Verzekerd van kwaliteit door reviews
Stuvia-klanten hebben meer dan 700.000 samenvattingen beoordeeld. Zo weet je zeker dat je de beste documenten koopt!
Snel en makkelijk kopen
Je betaalt supersnel en eenmalig met iDeal, creditcard of Stuvia-tegoed voor de samenvatting. Zonder lidmaatschap.
Focus op de essentie
Samenvattingen worden geschreven voor en door anderen. Daarom zijn de samenvattingen altijd betrouwbaar en actueel. Zo kom je snel tot de kern!
Veelgestelde vragen
Wat krijg ik als ik dit document koop?
Je krijgt een PDF, die direct beschikbaar is na je aankoop. Het gekochte document is altijd, overal en oneindig toegankelijk via je profiel.
Tevredenheidsgarantie: hoe werkt dat?
Onze tevredenheidsgarantie zorgt ervoor dat je altijd een studiedocument vindt dat goed bij je past. Je vult een formulier in en onze klantenservice regelt de rest.
Van wie koop ik deze samenvatting?
Stuvia is een marktplaats, je koop dit document dus niet van ons, maar van verkoper Perfectscorer. Stuvia faciliteert de betaling aan de verkoper.
Zit ik meteen vast aan een abonnement?
Nee, je koopt alleen deze samenvatting voor €13,15. Je zit daarna nergens aan vast.
