BSBOPS601 Develop and Implement Business Plans - Assessment Task 1: Knowledge questions

Information for students

Knowledge questions are designed to help you demonstrate the knowledge which you have acquired during the learning phase of this unit. Ensure that you:

• review the advice to students regarding answering knowledge questions in the Business Works Student User Guide
• comply with the due date for assessment which your assessor will provide
• adhere with your RTO’s submission guidelines
• answer all questions completely and correctly
• submit work which is original and, where necessary, properly referenced
• submit a completed cover sheet with your work
• avoid sharing your answers with other students.

Assessment information

Information about how you should complete this assessment can be found in Appendix A of the Business Works Student User Guide. Refer to the appendix for information on:

• where this task should be completed
• the maximum time allowed for completing this assessment task
• whether or not this task is open-book.

Note: You must complete and submit an assessment cover sheet with your work. A template is provided in Appendix C of the Student User Guide. However, if your RTO has provided you with an assessment cover sheet, please ensure that you use that.

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Questions

Provide answers to all of the questions below:

1. Outline three reasons why a company may choose to develop a business plan. 
2. Outline the key steps involved in developing a business plan.  
3. Outline five common components/items of a business plan. 
4. Outline three areas that the initial/first business planning process may address.
5. Outline the purpose of a SWOT [1] analysis in a business planning process.  
6. Describe the relationship between performance objectives and key performance indicators [2] in a business plan.  
7. Explain why it is important for a business to use a range of performance measures [3] within its business plan.  
8. If a business plan has an objective of improving customer satisfaction, describe three performance measures that could be used to measure customer satisfaction.  
9. Outline key stakeholders who may be involved in business planning.  
10. List the information that can be obtained from pre-existing strategic, business and operational plans when writing a new business plan (include at least 5).
11. Identify at least three regulations/permits requirements/licence requirements to consider when initiating a new business activity that may require a permit or licence.