Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is the purpose of strategic planning?
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?
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?
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?
What is the purpose of a TOWS analysis?
Signup and view all the answers
Which of the following is an example of an opportunity in a SWOT analysis?
Which of the following is an example of an opportunity in a SWOT analysis?
Signup and view all the answers
What is a weakness in a SWOT analysis?
What is a weakness in a SWOT analysis?
Signup and view all the answers
Flashcards are hidden until you start studying
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
