GAP Analysis

The video tutorial explains gap analysis, a method used by organizations to compare actual performance against standards. It outlines the steps involved, starting with defining specific objectives, setting benchmarks, and identifying key performance indicators. The process includes analyzing past and current performance to identify variances, preparing a gap analysis report, and determining causes of any performance gaps. Finally, it emphasizes creating an action plan to address these gaps and achieve desired objectives.

What is the primary purpose of conducting a gap analysis in an organization?

• To compare employee satisfaction levels

• To assess market competition

• To evaluate the organization's financial status

• To compare actual performance with standards

What is the first step in conducting a gap analysis?

• Setting benchmarks

• Defining objectives

• Analyzing past performance

• Creating an action plan

What are key performance indicators used for in gap analysis?

• To determine market trends

• To set financial goals

• To identify activities related to output

• To measure employee satisfaction

What should be done if there are variances from past performance?

• Reduce operational costs

• Prepare a gap analysis report

• Ignore them

• Increase marketing efforts

What is the final step in addressing performance gaps identified in a gap analysis?

• Setting new objectives

• Conducting a financial audit

• Revising company policies

• Creating an action plan