Do you wants to know how to start developing a strategic business plan? First we must differentiate between business plan and strategic plan. A business plan is usually done for different reasons, such as investment research, and covers general concepts about the company such as business model, sales model, financing required and others, however, a strategic plan reflects the Strategy and operations to achieve specific objectives.
Finance is business field which deals with the study of investment in business. In business finance just like a blood running in our body, you may have ideas, but without finance you can not give them real shape. We may also say the way we handled the money in big organization, firms and companies is known as Finance. Public finance, corporate finance and personal finance all are the different types of finance.
Valuation of Companies:- Like any product we sell on the market, companies have value. Is the value of a company the same as the sum of the value of its assets?Is there any objective method that will help us in the task of determining the value of the company?
Strategic Marketing Functions and Examples:- Marketing is made up of two totally different but undoubtedly complementary aspects.On the one hand, we have a part focused on the medium and long term, such as strategic marketing ; and on the other hand we have a tactical part focused on the short term and create marketing actions, which is the operational marketing.
Companies require material or financial human resources, whether small, medium or large. Finance consists of three interrelated areas: The role of finance will be oriented to financial resources, because money is a resource to acquire assets, cancel immediate and long – term obligations.
Slack time: – It is necessary to remember that there occur only single longest path in the network and the other paths are being shorter than that length or equal to that length. Therefore, the activities and events should be finished before the actually required time. Slack time is referred as the time difference between the required date to fulfill critical path and the scheduled completion date. The event 4 is not on the crucial path in the following figure.
Statement of work definition: – The narrative specification of the needed work for the project is referred to as the Statement of Work (SOW). The desires of the top management, the customer, and/or the user group ascertain the complexity of the Statement of Work. Project office prepares the Statement of Work by taking input from the user groups in case the considered project is internal to the company. It is because the user groups try to write in some scientific terms whose meanings can only be understood by the user groups.
Feasibility is an analytical program through project manager determines the project success ratio. Through feasibility study project manager able to see either project will useful for us or not and how much time, it will take to get completed. Also feasibility study allows project manager to determine all positive and negative points of the project.
The business idea should be defined at the first step of the feasibility assessment, if it is a new product, service or project. The feasibility of the business idea or project can then be ascertained. The feasibility demands to account for the current conditions of the proponent. For example, the intender of the business should take into account the personal readiness, resources, knowledge, skills and objectives. For developed business, connections to current lines of business, employees, customers, suppliers and other stakeholders demand to be accounted for.
Feasibility Assessment process and project feasibility analysis both are interrelated with each other. Project feasibility analysis is an analytical tool employed during the project planning process which reflects how the company will function in the light of the clearly specified set of assumptions. The financial aspect (cost of goods, capital needs, volume, wages etc) of the project as well as the technology used (types of equipment, the facilities, manufacturing process etc) is included in these assumptions.
Program evaluation & review technique (PERT) was first build in 1958 and 1959 to fulfill the needs of the era of increased engineering where the techniques of Gantt and Taylor was not applicable. Program evaluation & review technique was introduced by US navy in 1958 on its Polaris Weapon System. The Booz, Allen and Hamilton are the management consulting firm that assists in the development of this useful program evaluation & review technique. At that time PERT was rapidly becoming famous in almost all the industries but at the at same moment, DuPont Company started a new project of similar technique called Critical Path Method (CPM) which also becomes famous in mostly process and construction industries.