Business Planning – NBC Institute

SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

Question

Approaches to risk management in BOGML – Advice to the board of directors

The following are the risk management approaches that the board of BOGML can adopt to manage the following risks identified in the company:

Risk A

Description: Low probability but high impact, e.g., pandemics, natural disasters.
Approach: Risk Transfer or Risk Sharing
Since this risk has a low likelihood of occurring but can result in severe financial losses, the company should consider transferring this risk or sharing risk. This can be done through the company taking full or partial (i.e. sharing of risk) insurance policies specifically designed for catastrophic events, such as business interruption insurance, pandemic insurance, or property insurance that covers natural disasters. Since the impact will be high when the risk occurs, the company can take insurance to pass on the high impact on the company to the insurance company which has to compensate BOGML in the event that the risk does occur.
The risk could also be shared through BOGML forming partnerships and collaborating with other OMCs to undertake investment in their oil stations.
The company should also develop a disaster recovery and business continuity plan to manage potential impacts effectively.

Risk B

Description: High likelihood but low financial impact, e.g., labor turnover and software downtime due to internet instability.

Answer

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Tags: Business Continuity, Business Planning, Disaster Recovery, Financial risk, Insurance, Risk Management, Strategic Risk
Level: Level 3

Topic: International financial management
Series: Nov 2024

BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

Question

Which of the following is NOT a feature of SWOT analysis?
A. Strategic gap
B. Competitive threats
C. Opportunities availability
D. Weaknesses
E. Competitive advantage

Answer

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Tags: Business Planning, Strategy, SWOT Analysis
Level: Level 1

Topic: Basic Management Functions
Series: NOV 2015

AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

Question

Your firm has been appointed as Auditor for Akanji Ltd for the year ended 31 December 2022. Akanji Ltd designs, manufactures, and retails traditional fabrics. In trying to understand Akanji Ltd’s business, you observed the following:

Inventory is held at the warehouse and at retail shops in three different locations.
Customers place orders online and review the designs before sales are made.
There was a sharp fall in revenue due to the influx of “pirated fabric” and the directors are uncertain whether this trend will stop.
One retail shop was closed during the year and the premises are still available for sale.
The Internal Auditor was dismissed in the course of the year and is pursuing a claim for unfair dismissal. The Finance Director currently doubles as the Internal Auditor.
The Managing Director is due to retire next year and is likely to request repayment of loans he advanced to the business. Negotiations with the bank in respect of a loan to repay the Managing Director have started.

Required:
Identify and explain FIVE (5) risks arising from the above that should be considered when planning the audit of Akanji Ltd.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit risks, Business Planning, Corporate Governance, Internal Controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: NOV 2023

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

Question

TestCo Company Ltd (TCL) introduced a product, YZ Sap, into the North East Region market and the patronage was very encouraging. In a conversation with a friend, the Managing Director of TCL, Asembibeba, made a strong case for taking risks without necessarily planning for the outcome. In his opinion, introducing YZ Sap into the North East Region without a formal planning process and its positive outcome suggests that planning is not necessary when entering a new untapped market.

Required:

a) Write a note to Asembibeba explaining clearly FIVE (5) reasons why there is the need for planning before embarking on a business venture. (10 marks)

b) Write a second note to Asembibeba explaining FIVE (5) advantages of a formal system of strategic planning when embarking on a business venture. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Decision Making, Risk Management, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: MAY 2019

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

Question

A Marketing Officer who has just been employed by NACAP Ltd has identified the need for a marketing plan for the company although the Managing Director and the wife, who own the business, do not share her view. She is convinced that there should be a corporate strategy to drive the marketing plan.

Required:

a) Explain FOUR (4) relationships between corporate planning and marketing strategy. (10 marks)

b) Identify FOUR (4) sections in the format of a marketing plan and describe the contents of the sections identified. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Corporate Planning, Marketing Strategy, Strategic Management
Level: Level 1

Topic: Introduction to Business Strategy
Series: NOV 2018

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

Question

The management of National Gas Ltd categorizes its plans into three, namely strategic, business, and operational. The categorization is done to enhance the operational efficiency of the company.

Required:
Describe the three categories of the company’s plans.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Operational Planning, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: JULY 2023

SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

Question

Approaches to risk management in BOGML – Advice to the board of directors

The following are the risk management approaches that the board of BOGML can adopt to manage the following risks identified in the company:

Risk A

Description: Low probability but high impact, e.g., pandemics, natural disasters.
Approach: Risk Transfer or Risk Sharing
Since this risk has a low likelihood of occurring but can result in severe financial losses, the company should consider transferring this risk or sharing risk. This can be done through the company taking full or partial (i.e. sharing of risk) insurance policies specifically designed for catastrophic events, such as business interruption insurance, pandemic insurance, or property insurance that covers natural disasters. Since the impact will be high when the risk occurs, the company can take insurance to pass on the high impact on the company to the insurance company which has to compensate BOGML in the event that the risk does occur.
The risk could also be shared through BOGML forming partnerships and collaborating with other OMCs to undertake investment in their oil stations.
The company should also develop a disaster recovery and business continuity plan to manage potential impacts effectively.

Risk B

Description: High likelihood but low financial impact, e.g., labor turnover and software downtime due to internet instability.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Continuity, Business Planning, Disaster Recovery, Financial risk, Insurance, Risk Management, Strategic Risk
Level: Level 3

Topic: International financial management
Series: Nov 2024

BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

Question

Which of the following is NOT a feature of SWOT analysis?
A. Strategic gap
B. Competitive threats
C. Opportunities availability
D. Weaknesses
E. Competitive advantage

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Strategy, SWOT Analysis
Level: Level 1

Topic: Basic Management Functions
Series: NOV 2015

AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

Question

Inventory is held at the warehouse and at retail shops in three different locations.
Customers place orders online and review the designs before sales are made.
There was a sharp fall in revenue due to the influx of “pirated fabric” and the directors are uncertain whether this trend will stop.
One retail shop was closed during the year and the premises are still available for sale.
The Internal Auditor was dismissed in the course of the year and is pursuing a claim for unfair dismissal. The Finance Director currently doubles as the Internal Auditor.
The Managing Director is due to retire next year and is likely to request repayment of loans he advanced to the business. Negotiations with the bank in respect of a loan to repay the Managing Director have started.

Required:
Identify and explain FIVE (5) risks arising from the above that should be considered when planning the audit of Akanji Ltd.
(10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Planning, Audit risks, Business Planning, Corporate Governance, Internal Controls
Level: Level 2

Topic: Planning and Approach for Audit and Assurance Engagements
Series: NOV 2023

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

Question

Required:

a) Write a note to Asembibeba explaining clearly FIVE (5) reasons why there is the need for planning before embarking on a business venture. (10 marks)

b) Write a second note to Asembibeba explaining FIVE (5) advantages of a formal system of strategic planning when embarking on a business venture. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Decision Making, Risk Management, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: MAY 2019

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

Question

Required:

a) Explain FOUR (4) relationships between corporate planning and marketing strategy. (10 marks)

b) Identify FOUR (4) sections in the format of a marketing plan and describe the contents of the sections identified. (10 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Corporate Planning, Marketing Strategy, Strategic Management
Level: Level 1

Topic: Introduction to Business Strategy
Series: NOV 2018

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

Question

The management of National Gas Ltd categorizes its plans into three, namely strategic, business, and operational. The categorization is done to enhance the operational efficiency of the company.

Required:
Describe the three categories of the company’s plans.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Planning, Operational Planning, Strategic Planning
Level: Level 1

Topic: Introduction to Business Strategy
Series: JULY 2023

Question Tag: Business Planning

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SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

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SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

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BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

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AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

You're reporting an error for "AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

You're reporting an error for "BMIS – May 2019 – L1 – Q2 – Introduction to business strategy"

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

You're reporting an error for "BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy"

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

You're reporting an error for "BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy"

SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management

Discusses risk management approaches to address identified risks in BOGML.

You're reporting an error for "SCS – Nov 2024 – L3 – Q2a – Approaches to Risk Management"

BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions

dentifying what is NOT a feature of SWOT analysis.

You're reporting an error for "BF – Nov 2015 – L1 – SA – Q9 – Investment Decisions"

AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements

Identify and explain five risks that should be considered when planning an audit for Akanji Ltd.

You're reporting an error for "AA – Nov 2023 – L2 – Q1b – Planning and Approach for Audit and Assurance Engagements"

BMIS – May 2019 – L1 – Q2 – Introduction to business strategy

Explain the need for planning before embarking on a business venture and the advantages of a formal system of strategic planning.

You're reporting an error for "BMIS – May 2019 – L1 – Q2 – Introduction to business strategy"

BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy

Explain the relationship between corporate planning and marketing strategy and identify sections in a marketing plan.

You're reporting an error for "BMIS – Nov 2018 – L1 – Q6 – Introduction to business strategy"

BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy

Describes the three categories of a company’s plans: strategic, business, and operational.

You're reporting an error for "BMIS – Jul 2023 – L1 – Q2c – Introduction to business strategy"

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