1. In most hotel companies, strategic planning is a series of tasks carried out by the GM and ownership working together to set long-term objectives, and the ways in which these objectives can be achieved by the management team. What is the missing step in this list of steps in the process of linking strategic plans to operational plans? Current Performance ; Market Potential ; _________; Baseline Financial Plan; Tactical Plan; Operating Budget; Funding plan.
a) Economic Forecast
b) Risk Assessment
c) Cash Flow Forecast
d) Strategy Impact Projects
2. Select the group of words that is missing from the following statement. “Corporate culture is established at the _____ of an organization and can have a significant impact on the ability of managers to ensure that there is a link between strategy and every day _______ actions. Without such a link, there is a risk that _______ will be seen as only relevant to ______ and _____ ___________. They in turn may be accused of not knowing what is going on in the day to day operations of the business.”
a) Head Office, Departmental, Management, Shareholders, Financial Institutions
b) Top, Customer, Strategy; Owners, Senior Management
c) Head Office, Departmental, Strategy, Owners, Financial Institutions
d) Top, Departmental, Strategy, Owners, Senior Management
3. Complete this list of the types of data that a hotel business will need in order to be able to plan effectively: target, budget, actual, _____, benchmark
a) Estimated
b) Historical
c) Forecast
d) Real
4. Select the group of words missing from this summary of what represents a good business plan: It provides ownership or their representatives with a clear, whole business view of what needs to be managed. It provides a _______ view of the business within an adaptable planning horizon. It helps operational managers to ______ a short-sighted, departmental view of the business. It achieves a more effective use of ________, including working capital. It provides a framework for _____ management. It also identifies the planning systems and technology required to support performance management and _________.
a) Birdseye, Avoid, Capital, Risk, Budgeting
b) Strategic, Create, Capital, Risk, Budgeting
c) Strategic, Avoid, Capital, Risk, Measurement
d) Forecast, Avoid, Capital, Risk, Measurement