Chapter 3.1 Business Insight Flashcards
Atown development professional and organization thinks the organization skills matrix needs to be revamped completely, as it is no longer a line to organizational needs. The town development professional create a document that includes the rationale and justification for initiating this project and present it to senior management. Which document has a talent development professional most likely created in this scenario?
A business case.
A general ledger.
An action plan.
An annual plan.
A business case.
A business case is a presentation at the rationale and justification for initiating a project or task. An annual plan is one that asked includes existing programs and services the talent development function will continue to provide as well as propose new programs. An action plan include steps that address how the strategic plan will be implemented, who was involved, the completion timeline, required resources, and how success will be measured. A general ledger is a document that contains all the accounts of an organization.
A talent development professional and an organization is creating a communication strategy for the next talent development project. What is the talent development professional most likely to include in the communication strategy?
Data related to previous initiatives undertaken by the town development team.
Information on the size of the town development team and the organization.
A detailed budget review for the new project.
The economic, financial, and organizational data necessary for buying
The economic, financial, and organizational data necessary for buying.
Talent development professionals should create communication strategies that incorporate the information about a program or initiative, determine the audience, identify methods available, and establish a timeline for delivering the information. A communication strategy will also include an action plan and the economic, financial, and organizational data necessary for buying. Information related to the size of the town development team will serve no purpose in this communication strategy document. Neither will data on previous initiatives, even if they were all successful Information should be included wisely and should serve the end goal the town development professional is trying to achieve. It is not possible for the town development professional to include a detailed budget review and the communication strategy because a project is yet to be considered.
A talent development professional believes in organization will benefit from learning platform. What should the talent development professionals first step be to initiate the program?
Present initiative to mid-level managers.
Create a business case for stakeholders.
Talk to employees about the how the initiative to help them.
Talk to IT about developing the platform.
Create a business case for stakeholders.
If a talent development professional wants to implement a learning initiative, the first step is to gain by in from stakeholders who will provide funding for the project. Once the project is approved, the talent development professional can begin talking to other departments and employees about the initiative.
A talent development professional is creating a business case for stakeholders to initiate a training program that uses virtual reality platforms. What is the first step the talent development professional should take to create the business case?
Check if the initiative aligns with the organization strategic priorities.
Create a case for the initiative based on how many competitors are doing something similar.
Select a low-cost solution to facilitate the buying of stakeholders.
Identifying information plan for the initiative.
Check if the initiative aligns with the organizations strategic priorities.
The first thing the talent development professional should do is check to see if initiative is aligned to the organization priorities. If it is not, it is unlikely to be excepted. Building a case based on what the competition is doing may not be effective. It is important to consider the competition, but major decision should be based on business needs. The talent development professional will need to identify an implementation plan, but not before checking for alignment to business goals. The talent development professional will also need to consider cost, but caution not be the only factor to making a choice. Additionally, there is no point in looking at budget without checking alignment business goals.
Stakeholders and an organization rejected a business case presented by a talent development professional because it primarily focused on the implementation plan and timeline. What should have been the main focus of the business case?
Current situation and initiative description. Environmental analysis and alternatives.
Preliminary risk assessment.
Business and operational impacts.
Business and operational impacts.
Business cases need to focus on how the initiative will create organizational value. The other options should also be included in a business case but are not the main focus.
A talent development professional wants to create an in-house repository of courses that would help employees to do their jobs better. How should the talent development professional build a business case for this?
Compile a list of employees who would like to be involved in the initiative.
Compile a list of senior managers who are in support of initiative.
Create a report on why previous initiatives failed and how it had an impact on the organization.
Gather data, define irrational, and deliver supporting arguments for the initiative.
Gather data, defined a rational, and deliver supporting arguments for the initiative.
A business case is primarily meant for stakeholders in an organization. It is important that a talent development professional gathers relevant data, defines a rational, and deliver supporting arguments for initiative before presenting it to stakeholders. Compiling a list of employees and managers who may support this initiative is unlikely to be an important criterion of acceptance or rejection. And understanding of why previous initiatives failed may help to avoid a similar situation for this initiative, but this cannot be the focus of a business case.
How should a talent about my professional convince the senior management of an organization that it should consider having an in-house talent development team?
By getting Bryan from the Frontline employees first. By identifying the organizations strategic goals.
By highlighting how quickly this can be achieved.
By presenting a cost benefit analysis for this
By presenting a cost benefit analysis.
The talent development professional should present a cost benefit analysis to convince senior management. While making a case for initiative, it is important to highlight how it aligns to the strategic goals and how it can benefit the organization. While it’s important to check in initiatives alignment with the organization strategic goals, the talent development professionals ability to identify these goals is unlikely to convince senior management for the need of the initiative. It’s important to gain the buying of senior management more than Frontline employees while deciding what initiatives are needed. How quickly an initiative can be implemented is a factor to be considered, but by itself, this is not sufficient to gain buy-in of senior management.
While creating a business case for a new initiative, a talent development professional has established how the initiative would be beneficial and is analyzing several potential solutions. What should the talent development professional consider while deciding which solution to select?
The impact on the organizations revenue and margin. The likelihood of the initiative being welcomed by employees.
Alignment of the initiative to business goals.
The number of organizations that have implemented similar solutions.
The impact on the organizations revenue and margin.
While selecting the appropriate implementation solution, the talent development professional should consider the impact each option has on the organizations revenue and margin. Each solution will have an associated costs, but the implementation will bring in some benefits that will have an impact on either the top line or the bottom line, or both. the solution with a maximum impact is likely to be the best one. The number of organizations that have implemented similar solutions is irrelevant to this business case. Alignment of goals has already been established. While it may be important to consider how employees will react to the initiative, the primary point to consider while selecting an option is the initiatives impact on the business.
What do stakeholders look for when they evaluate a business case?
Learning culture in the organization.
Contribution to organizational value.
Potential popularity of the initiative.
Success rate of past initiatives.
Contribution to organizational value.
Once stakeholders evaluate a business case, the primary thing that they look for is contribution to organizational value. Potential popularity is unlikely to be a major consideration if there is a serious business need for the initiative, nor is the success rate of past initiatives. This will help to replicate successes or avoid the same pitfalls.
A talent development professional is building a business case for creating a new graphic design team with an e-learning organization. What is the best way to begin the presentation?
With an environmental analysis and alternatives. With a risk evaluation.
With a cost benefit analysis.
With an executive summary.
With an executive summary.
The best way to begin the presentation is with an executive summary that outlines what the business case will cover. All the other options will be included in the business case, but they are unlikely to be the first component.
A talent development professional is developing a Strategic plan to establish the budget for the talent development department. As part of the planning process, the professional draft the mission statement to indicate the talent development departments relevance and achieving organizational goals. What information is a talent development professional most likely to include in this element of strategic planning?
Description of a value the talent development function brings or proposes to bring to the organization.
Statements that define broad talent development accomplishments.
Statements that identify how to achieve the strategic goals by dividing them into sets of specific task.
A definition of the purpose of the talent development function, it’s reason for existing, and direction.
A definition of the purpose of a talent development function, it’s reason
for existing, and direction.
The mission statement defines the purpose of the talent development function, it’s reason for existing, and its direction. The value statements describe the value of the talent development function brings or proposes to bring to the organization. The strategic goals include statements that define broad talent development accomplishments, based on the organizations needs. The objectives include statements that identify how to achieve the strategic goals by dividing them into sets a specific task.
A talent development professional joints an organization as a senior manager. The talent development professional is involved and strategic planning for an organization. The talent development professional draft a document that includes steps that address how the plan will be implemented, the people involved, and the completion timeline. Which element of the strategic planning process is a talent development professional drafting in this scenario?
Strategic goals.
Value statement.
Action plans.
Mission statement.
Action plans.
Action plans include steps that address how the strategic plan will be implemented, who is involved, the completion timeline, required resources, and how success will be measured. The mission statement defines the purpose of a talent development function, it’s reason for existing, it’s purpose, and its direction. The value statement describes the value of the town development function brings or proposes to bring to the organization. Strategic goals are statements that define broad talent development accomplishments, based on the organizations needs.
A talent development professional is a senior manager in an organization and is involved and budget management for the organization. The talent development professional designs the budget based on the business plan. What is most likely to be an assumption made by the talent development professional while designing the budget?
Revisions and cuts to the budget can be eliminated if the funding need is critical.
The budget process is driven by talent development. Organization goals justify expenditures.
Once the budget is approved deviations from the budget no longer need to be documented.
Organizational goals justify expenditures.
In an optimal planning process, talent development professionals design budget based on the business plan to find the plan or previous spending levels. The assumption is the business bowls justify the expenditures. Talent development professionals should remember that the budget process is driven by finance rather than talent development. It does not matter how critical the funding need; unless a talent development professional presents the proposed budget in a logical, concise manner that shows how projects and programs link directly to the organization success, the budget will be subject to revisions and cuts. When a budget is approved, talent development professionals need to track expenses, document deviations from the budget, and perform periodic budget reviews.
Which step of budget management includes benchmark data and success rationale for previous projects?
Budget management.
Budget review.
Analysis and research.
Planning.
Analysis and research.
Analysis and research includes but is not limited to The past talent development plan, historical records, baseline funds, the previous year’s budget accuracy, benchmark data, and the success rationale for previous projects. Budget review comes after a budget draft is complete and when the budget is shared with the talent development professionals immediate supervisor up to various senior levels, depending on the organization size, for review and approval. Budget management requires a talent development professional to track and manage budget on an ongoing basis. Planning determines programs, Projects, and activities for the upcoming year. Talent development professionals prayed an annual plan that includes existing programs and services a talent development function will continue to provide as well as proposed new programs.
In the context of the strategic planning process, which statement accurately indicates the difference between a mission statement and an action plan?
A mission statement identifies how to achieve strategic goals, whereas an action plan defines broad talent development accomplishments based on the organizations needs.
A mission statement includes steps that address how our strategic plan will be implemented, whereas an action plan to find the reason for the existence of a talent development function.
A mission statement defines the purpose of a talent development function, where as an action plan includes steps that address how the strategic plan will be implemented.
A mission statement includes steps that address how success will be measured, whereas an action plan includes steps that address the completion timeline for the plan.
A mission statement defines the purpose of the talent development function, whereas an action plan includes steps that address how the strategic plan will be implemented.
A mission statement to find the purpose of a talent development function. Action plans include steps that address how the strategic plan will be implemented, who is involved, the completion timeline, required resources, and how success will be measured. A value statement describes a value the talent development function brings to the organization. Strategic goals include statements that define broad talent development accomplishments, based on the organizations needs. Objectives include statements that identify how to achieve the strategic goals by dividing them into sets a specific task.
