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Topic 8 Business Planning and the Balanced Scorecard
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Flashcards in this deck (22)

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  • What is a business plan described as?

    A 'blueprint' of the business.

    business_plan definition

  • What does a business plan provide?

    Vision of the business, goals, operations, and likely outcomes.

    business_plan vision goals

  • What are key components of a business plan?

    • Background
    • Marketing
    • Operations
    • Financial projections
    • Timetable
    business_plan components

  • What are the benefits of business planning?

    • Provides direction and purpose
    • Evaluates performance
    • Improves coordination and communication
    • Develops skills
    business_planning benefits

  • What are some drawbacks of planning?

    • Plans may not guarantee success
    • Need to adapt to changes
    • May lack detail or market research
    business_planning drawbacks

  • What is the first step after having a business plan?

    Develop strategies to reach business goals.

    business_planning strategies

  • What is essential after preparing business plans?

    Monitor performance against those plans.

    performance_measurement monitoring

  • What types of performance measurements exist?

    • Financial statements
    • Non-financial measures
    • Short and long-term assessments
    performance_measurement types

  • How can performance be analyzed?

    • By the entity as a whole
    • By divisions or segments
    • By individual managers or employees
    • by customer, product or service
    • by the processes followed
    performance_analysis methods

  • What does assessing performance in financial terms provide?

    Insight into the overall business, but limited scope.

    performance_assessment financial_terms

  • What is the Balanced Scorecard?

    A system for strategic planning and management used to track execution of activities.

    business management

  • What is the balanced scorecard used for?

    • communicate desired results
    • align work in accordance with those desired goals
    • prioritise and monitor projects and progress to achieve strategic targets
    business communication

  • What are the four perspectives of the Balanced Scorecard?

    • Financial perspective
    • Customer perspective
    • Internal business perspective
    • Innovation and learning perspective
    business perspectives

  • What does the financial perspective focus on?

    Financial aspects to promote positive performance, returns, cash flow and risk managment

    business finance

  • What metrics are included in the financial perspective?

    Profitability, cash flow, risk management.

    business metrics

  • What does the customer perspective acknowledge?

    The importance of customers and customer satisfaction.

    business customers

  • What common areas does the customer perspective focus on?

    • New customers
    • Repeat customers
    • Customer satisfaction
    • Customer complaints
    business customer_service

  • What does the internal business perspective evaluate?

    Operational performance and efficiency of processes.

    business operations

  • What operational issues does the internal business perspective look for?

    Order/delivery time, faulty products, operational interruptions.

    business efficiency

  • What is the innovation and learning perspective also known as?

    Learning and growth.

    business innovation

  • What does the innovation and learning perspective consider?

    Resource use for improvement, innovation, and adaptation.

    business growth

  • What should you do if you are uncertain about the Balanced Scorecard?

    Research performance measurement.

    business research