Strategy and the Role of Metrics

Question 1

The plan for how to marshal and determine actions to support the mission, goals, and objectives of an organization. General includes an organization’s explicit mission, goals, and objectives and the specific actions needed to achieve those goals and objectives.

Answer 1

Strategic Plan

Question 2

A strategy of making a product distinct from the competition on a non price basis such as availability, durability, quality, or reliability.

Answer 2

Product Differentiation

Question 3

1) A statement of long-range strategy and revenue, cost, and profit objectives usually accompanied by budgets, a projected balance sheet, and a cash flow (source and application of funds) statement. A business plan is usually stated in terms of dollars and grouped by product family. The business plan is then translated into synchronized tactical functional plans through the production planning process (or the sales and operations planning process). Although frequently stated in different terms (dollars versus units), these tactical plans should agree with each other and with the business plan. 2) A document consisting of the business details (organization, strategy, and financing tactics) prepared by an entrepreneur to plan for a new business.

Answer 3

Business Plan

Question 4

The process of evaluating alternative strategies by answering the consequences of changes to forecasts, manufacturing plans, inventory levels, and so forth.

Answer 4

What-if Analysis