Page 278 - E2 Integrated Workbook STUDENT 2018
P. 278
Subject E2: Project and Relationship Management
1.2 The complete diagram for the rational/formal approach to strategy
development is shown below:
Mission
Objectives
Internal External
analysis Corporate appraisal analysis
Strategy options
Evaluation and choice
Implementation
Review and control
1.3 The correct statements are B, D and E
The SMART acronym used when setting objectives stands for Specific,
Measureable, Accountable, Reliable and Timely is incorrect. SMART stands for
Specific, Measureable, Achievable, Relevant and Timely.
A company’s vision states its overall purpose and the reason for its existence.
This is incorrect as this is the definition of a mission. A vision describes a
company’s preferred future.
1.4 B Strengths
In a corporate appraisal, or SWOT analysis, there are strengths and
weaknesses which are internal factors and opportunities and threats which are
external factors. A diverse produce range is an internal factor as the company
produces the products. This may well lead to opportunities if ABC can use these
products to enhance its competitive position.
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