A Business Plan (Scenario)

question 5

Multiple Choice

A Business Plan (Scenario)
Imagine that you are the owner of a small company that sells typewriters, business equipment, and computer hardware. You employ about 40 people. You know that the organization needs to move in a different direction, and you want to set some long-term goals for the company. You want to write a plan that will cover the next three years only, knowing that business needs change somewhat frequently. Your goal is to write a plan that provides direction but does not contain extremely well-defined, potentially restrictive objectives.
-Your plan will cover the entire organization. This characteristic is most consistent with what type of plan?

• A) Long term
• B) Strategic
• C) Standard
• D) Specific

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Definitions:

P Chart

Also known as a proportion chart, it tracks the fraction of nonconforming units in process quality control.

Control Limits

Pre-determined lines on a statistical process control chart that mark the boundaries of allowable variation.

Standard Deviation

A gauge of the spread or scatter of numbers in a collection.

Lower Control Limit

The lower control limit is the statistical lower boundary on a control chart, helping to identify process variation or signal the need for corrective action if data points fall beyond this limit.