Certification in Supplier Diversity Practice Exam

What does an operating plan typically include?

1. A list of potential new suppliers

2. A detailed schedule of actions to achieve strategic goals

3. A summary of past supplier performance

4. A budget proposal for future purchases

The correct answer is: A detailed schedule of actions to achieve strategic goals

An operating plan is essential for any organization, as it outlines the specific actions needed to achieve the strategic goals set forth by the organization. By providing a detailed schedule of actions, the operating plan serves as a roadmap for the implementation of strategies. This involves defining key tasks, timelines, responsible parties, and milestones, which collectively ensure that the organization remains focused and on track towards achieving its broader objectives. In contrast, while other options may provide valuable information or contribute to overall planning, they do not encapsulate the comprehensive nature of an operating plan. A list of potential new suppliers can be part of sourcing strategies but does not indicate the specific actions required to implement them. A summary of past supplier performance offers insights into historical data, but it does not guide future actions. Additionally, a budget proposal for future purchases is important for financial planning but does not encompass the operational steps necessary to achieve strategic aims.