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What are the three most likely situations which arise before any firm while preparing the production plan?
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What is the meaning of shipping in the process of operational plan?
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Name the factors which affect the operational plan.
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Briefly, explain the objectives of operational plan.
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What is an operational plan? Discuss its blue print.
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You are an entrepreneur who is deciding the operational plan for your business.
While deciding the technology to be used, you come across three alternatives:
a) Use a cheaper technology which lets you dispose of the waste water and lets
you fix the price of your product low.
b) Use a technology that is a little expensive as it lets you recycle that waste water
into water fit for drinking. In this case, you will have to fix the price a little
higher in order to earn profits.
c) Use the technology that recycles the waste, do not change the price. And go
about cost cutting though efficient utilization of resources.
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How is vendor management done?
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The production plan aims at "plan your work", whereas operations plan ensures "work your plan". In the light of the given statement, examine the relevance of a operational plan for an entrepreneur.
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Describe the different elements of an operational plan.
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When do we conclude that a business has failed? When do we conclude that a business has failed?
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Explain the reasons for business failures.
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Aarushi finished her Bachelors degree in Management and decided to join Paras Pharmaceuticals. She was placed under the department which oversaw the exact route of each individual item. Her supervisor Kumar explained that their department plays a very important function of looking into the movement of material, performance of machines and operations of labour. She was surprised and asked Kumar the reason and he further explained that the department makes a plan for every item which will ensure the orderly flow of materials from the raw material stage to the finished product stage and this will enable continuous production always.
He further elaborated on various systems used for quality control. Kumar showed her an existing plan and asked Aarushi to devise a plan incorporating all that he had explained.
Explain the first five elements involved in this plan.
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Describe the contents of organizational plan.
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Define organisational plan? A business can be classified in how many categories?
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Identify the various factors which will help the entrepreneur as well as the potential investor from the organisational plan.
- Long-term effectiveness of the enterprise
- Profitability
- Specifying the types of skills needed and the roles that must be filled by the members
- The attitudes, behaviours, dress, communication styles etc., thus chalking out informal organisation
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What is a proforma income statement?
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What are the key areas, for a sound financial plan to work?
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What are the major financial items that should be included in the financial plan?
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