Business Performance Management Strategic Planning and Goal Setting

Question 1

What is the primary purpose of a SWOT analysis in strategic planning?

Accepted Answer

To assess internal strengths and weaknesses alongside external opportunities and threats

Answer

To calculate financial ratios for investor reporting

Answer

To map customer journey touchpoints across channels

Answer

To evaluate employee performance against job descriptions

Question 2

Which strategic planning framework distinguishes between 'mission,' 'vision,' and 'values'?

Accepted Answer

Strategic management framework

Answer

Six Sigma DMAIC

Answer

OKR framework

Answer

PDCA cycle

Question 3

OKR stands for:

Accepted Answer

Objectives and Key Results

Answer

Operational Key Results

Answer

Organizational KPI Review

Answer

Output and Knowledge Resources

Question 4

In strategic planning, a 'PESTEL' analysis examines which factors?

Accepted Answer

Political, Economic, Social, Technological, Environmental, Legal

Answer

Personnel, Equipment, Systems, Training, Evaluation, Leadership

Answer

Profitability, Efficiency, Scalability, Transparency, Equity, Liquidity

Answer

Planning, Execution, Staffing, Tracking, Evaluation, Learning

Question 5

What is a 'strategic gap' in performance management?

Accepted Answer

The difference between desired future performance and current performance

Answer

The time between strategy formulation and first execution step

Answer

A missing KPI in the Balanced Scorecard

Answer

The variance between actual and budgeted costs

Question 6

Which of the following BEST describes a 'strategic initiative' versus an 'operational task'?

Accepted Answer

Strategic initiatives address long-term, cross-functional priorities that move the organization toward its vision

Answer

Strategic initiatives are daily operational activities; operational tasks are multi-year projects

Answer

Strategic initiatives are managed by individual employees; operational tasks involve teams

Answer

Strategic initiatives are always technology-related; operational tasks are people-related