Describe a decision-making process using the notes below. Write at least 100 words.

· identify the problem

· identify the objectives with respect to the problem

· search for alternative courses of action

· objectively evaluate the alternatives

· select an alternative most likely to achieve the objectives

· implement the chosen course of action

· monitor consequences with respect to objectives

· if unsatisfactory, repeat the process.

2. Write about the following topic: If you make poor decisions, your time as a leader will be brutally short. Do you agree or disagree? Why? Give reasons for your opinion and include any relevant examples. Write at least 250 words.

UNIT 2. Business Planning

Lead in: starting your own business

Vocabulary: key terms

Reading: business plan mistakes and integrated business planning

Speaking: business plan

Grammar: Past forms

Case Study: strategic planning

Translation: key terms

Writing: business planning pyramid and write an essay

Culture: cultural practices around the world

Lead in

Interview your partner in class and report what you have learnt.

1. What kind of business would you start if your family lent you $5000 to get it started?
2. What kind of business would you start if you and two your group mates had access to a loan for $100,000?
3. What kind of business could you start if you want to do business with another country?
4. What type of business could you start while still studying at university?
5. What type of business could you start using the skills you have now?
6. What type of business could you run while also working in a part time job to provide the security of a salary while the business grows?
7. How could you start a business and then later make it into your own franchising business for purposes of expansion?

Answer the following questions to make a decision about your own business idea. Compare and discuss your answers with the rest of the group.

1. How can you describe your business in only one paragraph?

2. What is your product, or service?

3. Who will buy it?

4. Where should you locate the business?

5. How can you attract customers?

6. What is your competition?

7. How much should you charge for the products or service?

8. What advice do you need and who can provide it?

9. How will you organize the managers and/or workers of the business?

10. How will you split the profits? Who is responsible for the losses?

11. What should you consider to be able to produce the product and get it to the customer/ provide this service?

12. How much money is needed to get the business started?

13. How many customers/clients will you have per month and how much will they buy/apply to you per month?

14. How much does it cost to make the product or provide the service?

15. What are your operating costs? (Include your own salary)

16. How much money will your business earn each month by selling your product or service?

17. How much investment will you need to keep the business going until you make a profit?

18. What is your potential profit per month for Month I, Month II… / year for Year I, Year II, and Year III?

19. How much money do you need to borrow to start this business?

20. How will you make the business grow in the future?

Vocabulary

These are the terms for you to learn.

A. Make sentences with them.

B. Translate them.

1. benchmarking	2. business planning	3. annual report	4. corporate government
key performance indicators	6. long-range planning	7. operational planning	performance management
PEST analysis	10. planning	11. strategic planning	SWOT analysis
13. department/ board/ office Plan	14. divisional/ operational or service plan	15. excellence model	16. gap analysis
17. long-range objectives	18. managerial strategy	19. organizational purpose	mission
21. polices	22. objective standards	23. strategy	24. objective
25. electronic commerce	26. product-market growth matrix	27. management by objectives	28. innovative objectives
29. improvement objectives	30. standards of performance

2. Match definitions 1- 10 with terms a- j:

The process of arriving at a business plan for a department, section, function etc.	a) Strategic Planning
The process of determining organizational goals and how to achieve them.	b) Long-range planning
Planning for the direction of the organization and all its components. It addresses the mission of the organization in terms of its main business.	c) Management by objectives
Day-to-day planning, addresses specific timetables and measurable targets.	d) Department/Board/ Office Plan
Analyses alternatives to achieving the mission; outputs are usually targets of opportunity within the industry or market.	e) Managerial Strategy
Plan prepared for publication detailing the Aims/Objectives, Actions and Key Performance Indicators of the Department, Board or Office concerned.	f) Planning
A strategic and integrated approach to delivering sustained success in organizations by improving the performance of the people who work in them.	g) Annual Report
A systematic and organized approach that allows management to focus on achievable goals and to attain the best possible results from available resources.	h) Business Planning
The long-term goal and objectives of the enterprise, the allocation of resources, and the adoption of appropriate courses of action to carry out these goals.	i) Performance Management
Document produced for reporting on progress towards the achievement of business plans and highlighting future priorities of the organization.	j) Operational planning