Resource Plan
What are the three main types of resources needed for a business to operate?
Human, physical, and financial resources.
What is an operations plan?
It details the day-to-day processes and activities required to run the business.
What does HR stand for in business?
Human Resources.
What is an example of equipment needed for a bakery?
Ovens, mixers, display cases, etc.
How many players are on a soccer team on the field at once?
11 players per team.
What is the purpose of a resource plan in a business plan?
To identify and allocate all resources needed to launch and operate the business.
Which section of a business plan outlines production, delivery, and quality control?
The operations plan section.
Name one responsibility of the HR department.
Hiring, training, payroll, employee relations, etc.
Why is it important to list all equipment in a business plan?
To ensure all necessary tools are budgeted for and acquired.
Which country has won the most Olympic gold medals in hockey?
Canada
Name one example of a physical resource in a retail business.
Storefront, shelves, cash register, etc.
Describe one key component of an operations plan.
Production process, inventory management, supplier relationships, etc.
Why is staff training important in a new business?
Ensures employees have skills needed to perform their jobs effectively.
How can a business decide between buying or leasing equipment?
By comparing costs, usage needs, and long-term plans.
What is the only Grand Slam tennis tournament played on clay?
The French Open.
Why is resource planning important for start-ups?
It helps prevent shortages, control costs, and ensures smooth operations.
Why should a business describe its location and layout in the operations plan?
It affects workflow, customer experience, and operational efficiency.
What is a job description and why is it important?
A list of duties and responsibilities for a position; helps with hiring and performance evaluation.
What factors should be considered when choosing a facility?
Location, size, cost, accessibility, and compliance with regulations.
In basketball, how many points is a shot made from behind the three-point line worth?
3 points
How can a business determine if it is using resources efficiently?
By comparing resource input to output, tracking key performance indicators, and minimizing waste.
Give an example of a risk that could affect operations and how to address it.
Supplier delays—solution: have multiple suppliers or backup inventory.
Explain the difference between full-time and part-time employees in staffing plans.
Full-time employees work more hours (often with benefits); part-time work fewer hours, often with more flexibility.
What is depreciation, and why is it important for equipment planning?
The loss of value over time; impacts budgeting and financial planning.
What sport uses the terms ‘scrum’, ‘try’, and ‘line-out’?
Rugby