PGA LEVEL 1 QUESTIONS AND ANSWERS ALREADY PASSED

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PGA LEVEL 1 QUESTIONS AND ANSWERS ALREADY PASSED BUSINESS PLANNING ✔✔ Business planning process ✔✔organized plan that clearly describes explicit goals and objectives and strategy for accomplishing them PGA Business Planning Model (5 phases) ✔✔1. Define the business 2. Assess current state of the business 3. Develop business goals, objectives, and strategies 4. Prepare financial forecasts/budgets 5. Monitor performance Long term vs short term ✔✔Long term = 3-5 years Short term = less than 1 year Mission (define the business) ✔✔purpose Vision (define the business) ✔✔phrase that paints a picture where want to be in future core values (define the business) ✔✔individual words that shape the mission, vision assess the current state of the business... ✔✔understanding and utilizing performance data, assessing core areas, SWOT, and prioritizing findings Goals vs. Objectives ✔✔goals intend to be accomplished 3-5 years objectives within 1 year help to accomplish goal SMART goals and objectives ✔✔Specific Meaningful Achievable Realistic Time-oriented Strategies define what your going to to do to achieve objectives Action plans define... ✔✔specific "how to" strategies Horizontal analysis ✔✔usually centers on a specific revenue or expense metric -Linear trend = evaluates positive and negative trends over time -Base year analysis = categories values are compared to one benchmark year Linear trend formula - percentage change ✔✔(Later Year - Previous Year)/Previous year = % Change Linear trend formula - Average percentage change ✔✔(sum of all linear trend calculations)/Number of calculations Base year analysis formula ✔✔((comparison year)/Base year) x 100% usually used after a major change at facility Vertical analysis ✔✔compares values in the same column of forecast or budget ex. COGS compared to total sales COGS as % of Sales ✔✔COGS/Total Merchandise sales gross margin as a percentage of sales ✔✔Gross margin/total merchandise sales operating budget ✔✔take figures from forecast and realistically estimate when revenues and expenses will occur over the year cash flow budgets ✔✔Projects how much money a facility will have in bank at end of every month or week - actual dollars in and out capital budget ✔✔projects the expenses associated with those purchases and large scale projects monitor performance ✔✔systematically tracking performance and key metrics to objectives, strategies and budget variances monitored and analyzed constantly CUSTOMER RELATIONS ✔✔ customer relations model ✔✔- Moments of truth - Resources, staffing, systems - Interaction strategies - Interpersonal skills - Positive engagement routines Four Interaction Strategies ✔✔1) Di

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