Test Your Strategic Planning Skills
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Questions and Answers

What is the purpose of strategic planning?

  • To control the project portfolio
  • To review the mission statement and vision only
  • To assess where we are now and decide where we want to be (correct)
  • To involve all functions in the organization

    • What are the characteristics of SMART objectives?

  • Specific, Measurable, Assignable, Realistic, Time-bounded (correct)
  • Simple, Meaningful, Achievable, Relevant, Timed
  • Specific, Measurable, Ambitious, Realistic, Time-bounded
  • Strategic, Measurable, Ambitious, Relevant, Time-bound

    • What are the levels of objectives and planning in strategic planning?

  • Finance, marketing, and supply chain level
  • Internal, external, and stakeholder level
  • Corporate, business, and product level (correct)
  • Management, employee, and customer level

    • What is the purpose of a TOWS analysis?

    <p>To develop strategies based on combinations of SWOT factors</p> Signup and view all the answers

    Which of the following is an example of an opportunity in a SWOT analysis?

    <p>High cost of fossil fuel</p> Signup and view all the answers

    What is a weakness in a SWOT analysis?

    <p>Past corporate scandals</p> Signup and view all the answers

    Study Notes

    Strategic Planning

    • The purpose of strategic planning is to identify and prioritize an organization's objectives, allocate resources, and develop a plan to achieve those objectives.

    SMART Objectives

    • Characteristics of SMART objectives include: Specific, Measurable, Achievable, Relevant, and Time-bound.
    • SMART objectives provide clarity and direction, enabling organizations to focus their efforts and resources.

    Levels of Objectives and Planning

    • There are three levels of objectives and planning in strategic planning:
      • Corporate-level objectives (overall organization goals)
      • Business-level objectives (specific business unit or department goals)
      • Functional-level objectives (specific department or team goals)

    TOWS Analysis

    • The purpose of a TOWS analysis is to identify and match an organization's internal strengths and weaknesses with external opportunities and threats.

    SWOT Analysis

    • An opportunity in a SWOT analysis is an external factor that an organization can leverage to its advantage, such as a growing market or changes in government regulations.
    • A weakness in a SWOT analysis is an internal factor that an organization needs to improve, such as a lack of resources or inadequate technology.

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    Description

    Do you know what strategic planning is and how it can benefit your organization? Take this quiz to test your knowledge on the process of assessing where you are and deciding where you want to be, as well as understanding strategy and how it can help you compete in the future environment. Test your strategic planning skills now!

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