Operational Planning And Financial Management Assessment – Tasks And Guidelines

Details to include in an operational plan

This Assessment Booklet provides you with information and your assessment tasks for this unit.  A requirement of your qualification, from which the unit of competence is taken, is the application of the concepts you have been learning.

The assessment activities are an important part of your course as they provide an opportunity to apply what you have been learning and they give both you and your trainer feedback on your progress.

Please read this section carefully before commencing the assessment tasks.

If you can demonstrate that you have the skills and knowledge within this unit, you should speak to a trainer/assessor about this and apply for recognition of prior learning.

You must be advised of your rights before and after the assessments including the right to appeal.

Assessors must provide you with all relevant information relating to the assessments prior to commencement and of the appeals procedure that can be utilised if you wish to appeal against the assessment outcome or make a complaint.

Submitting Assessments

Each part of this assessment booklet needs to be carefully completed and you are required to attain a ‘satisfactory’ mark for each of the assessment activities. Full details of what is required have been detailed in instructions before each assessment task.

You must submit assessment tasks with the cover sheet provided at the end of this Booklet.  You must attach one cover sheet per assessment upon submission, ticking the relevant assessment box.  Ensure you sign the form after completion.

Assessments should be submitted on or before their due date. Extensions for individual assessment tasks may be negotiated in specific circumstances. Consultation on this must occur prior to the due date and extensions due to illness will require a medical certificate. Extensions will be confirmed to you in writing.

Plagiarism and Referencing

You are reminded that plagiarism will not be tolerated. Information, ideas etc. quoted or paraphrased from another source, must be acknowledged with “quotation marks” around the relevant words/sentences or ideas and cited at the end of the document. Sources of information, ideas etc. must be provided in alphabetical order by author’s surname (including author’s full name, name of document/ book/internet etc. and year and place of publishing) or may be included in brackets in the text.

The evidence you submit will be assessed and you will be given written feedback. Each assessment task will be marked as either Satisfactory or Unsatisfactory and once all assessments have been marked you will be given an outcome of Competent or Not Competent for the unit of competence. Upon demonstrating competence, you will be awarded this unit.  If you are assessed as Not Competent, you will be given some suggestions for improvement and asked to redo your assessment.

Re-assessment

In the event you are deemed Unsatisfactory, you will be allowed two (2) further attempts at an assessment within the timeframe of this course.

As part of the assessment process, you must abide by any relevant assessment policies as provided to you. If you feel you are not yet ready to be assessed or this assessment is unfair, you should be offered the opportunity to discuss all options that are available to you to complete the assessment.

The importance of broad consultation in operational planning

RTOs and Trainers/Assessors are obliged by law to make reasonable adjustment to ensure maximum participation of students with disability in teaching, learning and assessment activities.

This includes:

• ensuring that course activities are sufficiently flexible;
• providing additional support where necessary; and
• offering a reasonable substitute within the context of the course where a student cannot participate.

Reasonable adjustment is defined in section 4(1) of the Employment and the Disability Discrimination Act as ‘an adjustment to be made by a person is a reasonable adjustment unless making the adjustment would impose an unjustifiable hardship on the person’. Reasonable adjustment as it applies to participation in learning and assessment activities may include:

• customising resources or activities within a training package or accredited course;
• modifying a presentation medium;
• providing additional support;
• providing assistive or adaptive technologies;
• making additional information accessible both before enrolment and during the course; and
• monitoring these adjustments to ensure that the student’s needs continue to be met.

An individual’s access to the assessment process should not be adversely affected by restrictions placed on the location or context of assessment beyond the requirements specified in the training package. Reasonable adjustments can be made to ensure equity in assessment for people with disabilities. Adjustments include any changes to the assessment process or context that meet the individual needs of the person with a disability, but do not change competency outcomes.

• Provide for valid, reliable, flexible and fair assessment
• Provide for judgement to be made on the basis of sufficient evidence
• Offer valid, authentic and current evidence.

Within this qualification are units of competency that form the basis of your assessments.  These can be located in your Unit Outline Booklet.

There are THREE forms of assessment or evidence gathering methods for this unit of competency. Students are required to submit them all.

1. Written Assessment – Theoretical Questions – Assessment 1

This assessment consists of 08 questions to assess the student’s knowledge of BSBMGT517 Manage operational plan.  These questions sufficiently cover the criteria set out under Performance Elements and Knowledge Evidence of this unit.

1. Project – Holistic Assessment 2

This Assessment gives students a chance to apply the principles learnt in the course by developing an Operational Plan for given scenario. This is a holistic assessment satisfying majority of the assessment requirements of this unit.

1. Project – Applicative Questions – Assessment 3

This assessment is particularly designed to test the various performance criteria set out under the third performance element of this unit.  Based on the given information, students are required to answer some five questions related to monitoring mechanism.

1. Written Assessment – Theoretical Questions – Assessment 1

Please answer all of the following questions:

Question 1.

The various operational plans have emerged as one of the most important frameworks for the majority of the business organisations of the present times and it is a reflection of this particular fact that the various organisations are taking the help of this particular tool for the implementation of any strategy or plan which is likely to further enhance the prospects of their organisation (White 2016). There are various kinds of details which needs to be outlines within a particular operational plan like clear objective about the organisation intends to do, the kind of activities which the organisation is looking to undertake, the quality standards, intended outcomes, the resources needed, implementation timetables, monitoring process and others (White 2016).  

Question 2

Broad consultation with other members of the organisation, from team members to senior management is a good way to contribute to the success of operational planning. When, in the planning cycle, should it be carried out? What outcomes would you hope to achieve from this process? Discuss in 80 to 100 words.

A consultation with the various important members related to the organisation is very important as it helps the organisation to know about the things on which they need to focus on and also helps the management to know about the opinion of the people about the strategy which they are about to implement (Bae, Lee and Moon 2014). Therefore, this will enable the organisation to implement the kind of strategies which is being supported by the important members related to the organisation and on whom lies the onus of the effective implementation of that particular strategy.

The role of the operational plan in meeting organisational objectives

Question 3.

What is the role of the operational plan in meeting organisational objectives? Discuss in 100 to 120 words.

The various operational plans which the business organisations take the help of are intended to further enhance the prospects of the business organisation and “to bring about the overall growth as well as the development of their business organisation” (Bae, Lee and Moon 2014). Therefore, it becomes of paramount importance for the various organisations to take into consideration the objectives or the goals which they are trying to achieve for the process of the formulation of the various kinds of operational plans (Bae, Lee and Moon 2014). Furthermore, the various operational plans also need to focus on the long term goals rather than on the short term goals or objectives which the organisation is trying to achieve. Thus, it can be said that the various operational plans which the organisations often take the help of needs to be in synchronisation with the objectives which the organisation is trying to achieve.

Question 4

Why do budgets need frequent reviews and adjustments? Who is responsible for ensuring that budgets and other financial documents are accurate? When creating financial reports, what sources of information need to be analysed? Discuss in 100 to 120 words.

The budgets are designed as per the performance level and also the needs of the organisation. Therefore, with the changing performance level of the various entities related to the organisation and the overall performance of the organisation it becomes important for the organisation to constantly review its budgets and make the necessary adjustments which is likely to enhance the performance level of the employees (Tapinos 2013). The main responsibility ensuring the accuracy of the budgets rests with the finance and the accounts team of the various organisations. Furthermore, the management team of the organisation also needs to periodically review the accuracy of these budgets (Tapinos 2013). During the creation of the financial reports the various financial details of the organisation generated by the finance team needs to be taken into consideration. Moreover, the results of the various market researches as well as analyses also need to be taken into consideration.    

Question 5.

Resources can mean many things when you are preparing an operational plan. What kinds of resources might you have to plan for? Give at least four examples.

The four kinds of resources which are required for the preparation of an operational plan are-

• Economic resource
• Labour capital
• Management resources
• Infrastructure

Question 6.

Today, more and more businesses understand that being successful is about more than just economic performance, but that it is also about their environmental and social performance.

They are aware that increasing use of the Earth’s natural resources places a strain on the planet. Responsible businesses are, therefore, making every effort to ensure that they use resources efficiently. What does the term resource efficiency refer to? Identify five things an organisation could do to reduce the amount of paper and energy used and wasted. Discuss in 150 to 180 words.

The concept of business ethics has gained a considerable amount of significance in the present day business world and it is a reflection of this particular fact that the concept of resource efficiency has gained a considerable amount of significance in the present times (Nofal and Yusof 2013). Therefore, the various organisations of the world try to take the help of ethical means for the use of the natural resources so that they can minimise the damage that they are causing to the environment by the constant overuse of the natural resources of the planet (Nofal and Yusof 2013). It is a reflection of this particular fact that the various organisations of the world try to follow the strategy of sustainable approach for the process of their business.

The need for frequent budget reviews and adjustments

The five things which an organisation can do to minimize the amount of paper as well as the energy which is being used by them are-

• Use of electronic media for the purpose of sending and receiving information.
• Limiting the use of artificial lights during day time
• Taking the help of energy conserving devices which would consume less amount of electricity.
• Switching off the power supply when the office hours are over.
• Promoting awareness among the people about the importance of conserving electricity and paper.

Question 7.

Why is it necessary to have a working knowledge of the legislation relating to operations and associated planning? You might have to undertake the appropriate research to answer this question. Discuss in 120 to 150 words.

The legislations provided by the various nations of the world are especially meant to safeguard the interests of all the people of the nation. Therefore, it is very important for the people as well as the business organizations to have a working knowledge of the legislations so that the business activities which they undertake are not only within the parameters of the legislations but at the same time they are not depriving the other individuals of their basic fundamental rights (Faludi 2013). Furthermore, it is also important for the organisations to have a working knowledge of the legislations so that while staying and complying with the legislations of the particular nation in which they are operational the organisation is able to effectively utilise the legislations for the improvement of the prospects of the concerned organisation (Faludi 2013).   

Question 8

What role do policies and procedures play in operational planning? Discuss in 120 to 150 words.

The policies as well as the procedures are the set of rules or the guiding principles by means of which the management of a particular organisation operates or conducts their business. The operational plans of a particular organisation therefore need to be in synchronisation with the policies as well as the procedures of the organisation (Wood and Wollenberg 2012). Furthermore the policies as well as the procedures of the organisation are the guiding principles according to which the operational planning that the organisation is undertaking should be designed. Thus, the operational planning undertaken by the organisation not only needs to be realistic but also as per the needs of the organisation concerned since sometimes it is seen that the organisations undertake an operational plan which is over ambitious and thereby they fail to achieve it (Wood and Wollenberg 2012).

1. Project – Holistic Assessment 2

PROJECT

You are responsible for developing an operational plan for your organisation. The strategic plan has already been written and sets the following direction for the coming year.

Company A strategic plan

Our strategic goals for the coming year are to:

1. Expand our market share in the high-end, high-price point, luxury goods market.
2. Increase the proportion of our productive capacity devoted to the manufacture of luxury goods.
3. Become known as the premium luxury goods manufacturer in our product category.
4. Become known as an employer of choice for highly skilled people.

TASK 1

Based on the broad statements of strategic intent, you are charged with developing an operational plan.

For each strategy goal outlined, come up with two short statements describing an operational activity that could be implemented to achieve this. Your operational activities should reflect an understanding of the types of details included in an operational plan.

Your operational activities should be accompanied by a:

• resource requirements
• budget,
• responsible person (for example job title)
• KPIs
• contingency plans, and

Your activities might encompass manufacturing, sales, marketing, HR, or administrative responsibilities

You can use the table below to complete the plan.

STRATEGIC GOAL	OPERATIONAL ACTIVITY	MEASUREMENT /KPI	PERSON / TITLE	TIMELINE	BUDGET	CONTINGENCY PLAN
To expand the market share in the high-end, high-price point, luxury goods market	Manufacture of high quality products which would be appreciated by the affluent customers	To sell at least 1000 units of goods per annum.	Sales Manager	Six months	$50,000-$90,000	Emphasis on effective promotional strategies
Increase the production of luxury products	Focus on the use of innovative methods for the production of high quality products	To sell at least 750 units of goods per annum.	Production Manager	Six months	$50,000-$70,000	Emphasis on effective marketing strategies.
To become a premium luxury goods manufacturer	Focus on the manufacture of high quality products	To sell at least 1500 units of high quality products within six months	General Manager	Six months	$100,000-$150,000	Emphasis of the concept of cost leadership
To become known as an employer of choice for highly skilled people	To recruit highly skilled individuals who would enhance the reputation  of the organisation	To recruit 50 skilled individuals	HR Manager	Six months	$30,000-$40,000	Taking the help of the services provided by the various recruitment consultancy services.

Explain how would you go about communicating effectively with relevant stakeholders to explain your operational plan?

Types of resources to plan for in operational planning

The stakeholders in the present times have emerged as one of the most important parts of the various business organisations and it is a reflection of this particular fact that the various organisations of the present times try to take the help of the strategy of stakeholders approach (Wood and Wollenberg 2012). This particular strategy believes in maximising the interests of the various stakeholders related to a particular organisation. The stakeholders because of the considerable amount of importance which they hold within the framework of the various organisations have come to wield a considerable amount of influence on the decisions as well as the strategies formulated by them (Wood and Wollenberg 2012). Therefore, it becomes very important for the organisation to effectively convey the strategies and the policies adopted by them for the process of their business.

The organisation can go take the help of various kinds of methods for the process of communicating effectively with the various stakeholders who are related to the organisation (Jacobs, Chase and Lummus 2014). The use of the electronic media is one of the most important ones by means of which the particular organisation can communicate effectively with the various stakeholders who are related to the organisation (Jacobs, Chase and Lummus 2014). The use of electronic media for the process of communicating with the various stakeholders of the organisation has gained a considerable amount of significance in the recent times and it is a reflection of this particular fact that the various organisations are increasingly taking the help of this particular method to communicate effectively with the stakeholders. It is also seen that the various organisations take the help of the traditional methods of communication for the process of communicating with the stakeholders. The traditional methods generally include seminars, meetings, written documents, memos and others which are delivered to the concerned individuals by the organisation (Jacobs, Chase and Lummus 2014).  Furthermore, regular meetings during which the various important agendas related to the organisation are discussed have also emerged as one of the important methods of conveying the relevant information to the stakeholders.

To what extent do you agree that setting SMART goals can help you get your work teams engaged? Explain in 300-400 words.

The concept of team work has gained a considerable amount of significance in the present times and thus the various organisations are increasingly taking the help of this particular to not only enhance the performance level of the individual employees but also to enhance the overall performance of the organisation as well (Burke 2013). However, it is seen that the capability as well as the skills of all the individuals related to the team are not on the same plane. Thus, the various individuals related to the team needs to work on their weakness so that they are being able to contribute in a positive manner towards the cause of the team. It is here that the framework of SMART goals becomes very important. It is a framework which enables the individuals to achieve the goals or the objectives outlined by them in the most effective manner. The five important attributes of this particular tool are “specific, measureable, achievable, relevant and time frame” (Burke 2013). An individual can outline the means to attain the goal set by him or her on the basis of these particular parameters. Therefore, it is generally seen that the various individuals of the team take the help of this particular framework to effectively overcome the weaknesses of the team. Furthermore, it is generally seen that there are various individuals within the team who are introvert and do not like to interact much with the other members of the team which adversely affects the prospects of the team. Therefore, the best thing which these individuals can do is to take the help of this particular tool to develop their communication skills. The other members of the team can also take the help of this particular framework for the purpose of overcoming the weaknesses which they have and which is affecting the overall performance level of the team.

The growing importance of environmental and social performance for businesses

Discuss briefly how would you obtain approval for your above operational plan? Explain in 200-300 words

The various business organisations develop several operational plans however it is generally seen that the majority of them gets rejected by the higher authorities of the organisation. Therefore, taking the approval of the higher authorities of the organisation has become very important in the preset day context of the business world (González-Ferrer, Fernández-Olivares and Castillo 2013). Furthermore, there are various kinds of official ways in which an approval can be taken from the higher authorities regarding a particular operational plan. First of all a formal written proposal needs to be sent to the higher regarding the plan, the reasons for the change, the actions which will be taken for the implementation of that particular plan, the likely benefits or the advantages which the plan is going to provide to the organisation, its implementation cost, the resources needed for the implementation of that particular plan and others. Formal business meetings are another means of explaining to the management team as well as the higher authorities of the organisation about the operational plan and getting their approval. However, it is significant to note during both these process the importance and the other related aspects of the intended operational plan should be clearly explained to the management team, the higher authorities and all other important individuals who are related to the organisation.

Identify three types of IPs that might apply to your operational plan. Explain in 300-400 words

The concept of Intellectual Property has gained a considerable amount of significance not only in the everyday of the individuals but also in the business field as well  (Kjellsdotter  and Jonsson 2014). It is significant to note that the concept of Intellectual Property gains prominence within the specific framework of the operational plan as well. There are various kinds of Intellectual Properties which the various organisations need to take into consideration for the operational plan developed by them-

• Examination of the feasibility of the operational plan is an important Intellectual Property which is often over looked within the framework of the present day. It is significant to note that the various organisations of the present times often fail to take to take into effective consideration for the development of their operational plan.
• Strategic guidance is another Intellectual Property” which is often overlooked in the context of the present day business world and therefore the majority of the business organisations fail to effective implement the operational plans formulated by them. Thus, the organisations along with the development of the operational plans also need to develop various kinds of strategies for the effective implementation of these operational plans.
• Start-up and financial considerations are another “Intellectual Property” factors which needs to be taken into effective consideration the formulation of the various kinds of operational plans. However, it is generally seen that the various organisations just focus on the benefits which the proposed operational plan is likely to render to the organisation and do not take into effective consideration the financial and other factors. It is significant to note that the overlooking of these factors often affects the prospects of the operational plan in a significant manner.

Outline the things that organisational policies on documenting performance should cover? Explain in 300-400 words

The documentation of the organisational policies is very important as they serve as an official record of the policies which have been formulated as well as implemented by them (Massa and Tucci 2013). Therefore, these documents can be seen as future records which the organisation can reflect back in the future times. Furthermore, these written documents also help the organisations to things which formed an important part of that particular operational plan and also the benefits which the operational plan sought to provide the organisation. The organisational policies on documenting performance therefore need to cover not only the individual performances of the various employees who are related to the organisation and serve as an important part of the organisation. In addition to these the documentation also needs to cover the overall performance of the organisation as well (Massa and Tucci 2013). Furthermore, the documentation also needs to specify the key factors which had an impact on the performance level of the organisation and the factors which have decreased the performance level of the employees. The documentation also needs to outline the key initiatives or the steps taken by the organisation to enhance the performance level of the employees and should also try to document the role played by the leaders as well as the managers in enhancing the performance level of the employees. Moreover, the documentation also needs to specify the ways or the means by means of which the organisation can further enhance the performance level of the employees who are related to the organisation.

The significance of having working knowledge of legislation in operational planning

Briefly summarize the legislative and regulatory context relevant to your operational plan. Explain in 300-400 words

The legal as well as the regulatory factors affects the business of a particular organisation in a significant manner and therefore it becomes very important for the organisation to take into effective consideration these factors for the not only for the process of their business operational but also for the formulation as well as the implementation of the various operational plans which have come to form an important part of the business operations of the concerned business organisation (Shimoda et al. 2012). The organisation needs to take into effective consideration the legislative as well as regulatory factors since if they develop their operational plans without taking into consideration the legislative and the regulatory factors into consideration and even if it is approved by the management teams and the higher authorities of the organisation then it will be rejected by the government of the nation in which the organisation is operational since they would be against the legal precepts of the nation (Shimoda et al. 2012). Furthermore, in many cases it is seen that various kinds of penalties as well as restrictions have been placed on the organisations which do not take into consideration the legislative as well as regulatory measures provided by the national governments of those nations. Therefore, the entire effort, resources and the time which the organisation had spent on the formulation as well as the implementation of that particular operational plan would be a complete waste. Furthermore, the emergence of the concept of corporate governance has made it imperative for the various organisations to take into effective consideration the various legislations and the regulatory policies.

The most important legislative plan which is likely to affect the operational plan is the dictum of the fair trade policy (Shimoda et al. 2012). This policy states that the various organisations should try to take the help of ethical as well as fair means for the operation of their business. Furthermore, the operational plan will also have to take into consideration the Anti-Discrimination policy and the Equality Act for the process of providing equal opportunity to all the employees related to the organisation for the process of the implementation of the operational plan (Shimoda et al. 2012).

Imagine at some stage of the plan, you were left with no option than to introduce some variations to your original plan. Describe briefly how would you go about negotiating recommendations for variations to your original operational plan? Explain in 400-500 words.

It is often seen that the operational plans developed by the various organisations often require modifications during the course of their implementation. The operational plans which are formulated by the organisations are totally on the basis of the needs and the requirements of the organisations and therefore often fail to take into effective consideration the needs and the requirements of the customer or the condition of the market (Nofal and Yusof 2013). Therefore, the approved operational plans during the process of their implementation often require various kinds of adjustments to enhance their effectiveness. Therefore, it becomes very important for the project manager to effectively convey the modifications which are required and the reasons for which the modifications are required. Furthermore, the project manager also needs to effectively convey the likely benefits which the adjustments are likely to provide to the organisation. The project manager can take the help of the traditional forms of communication or the electronic ones for the process of effectively communicating the modifications to the higher authorities so that he or she can get the approval from the authorities so that he or she can carry out the operational plan in the most effective manner (Nofal and Yusof 2013). The manager can take the help of the traditional means of communication and send a written proposal to the concerned authorities stating the nature of the change which is required, the reasons for the change, the likely benefits and other important details to the higher authorities and then wait for the response of the authorities to get the go ahead approval from the people concerned. The manager can also take the help of the modern methods of communication and arrange a video conference with the people concerned and try to explain the reasons for the change which is being made to the initially operational plan. It is important to note in this particular context that these modern methods have gained a considerable amount of significance in the recent times as they are not only cost effective but at the same are very fast means through which the matter can be resolved within a very short time.

1.  Applicative Questions – Assessment 3

BIFI Hardware Store Income statement variance report for December quarter
	Budget $	Actual $	Variance $	%
Sales Revenue	500,000	400,000	100,000	20
Less Cost of Goods Sold
Stock as at Oct 1
Add purchases	150,000	150,000	0	0
Sub total	150,000	150,000	0	0
Less stock as at Dec30	25,000	50,000	(25,000)	(100)
Cost of Goods Sold	125,000	100,000	25,000	20
Gross Profit	375,000	300,000	75,000	28
Less Operating Expenses
Advertising	25,000	15,000	10,000	40
Accounting fees	250	250	0	0
Bank fees	250	250	0	0
Postage	750	1000	(250)	(33)
Power	11,250	12,000	(750)	(7)
Insurance	3,750	3,750	0	0
Motor vehicle	10,000	4,000	6,000	60
Lease	62,500	62,500	0	0
Salary Costs
Wages	125,000	125,000	0	0
Superannuation	11,250	11,250	0	0
Total Expenses	250,000	235,000	15,000	6
Operating Profit*	125,000	65,000	60,000	48

The role of policies and procedures in operational planning

 The following questions are based on the above Budget Variance Report scenario for Build It Fix Hardware Store.

Q.1

What is this report telling you? Max: 400 words

The above report gives an overview of the financial details of the concerned organisation, the net amount of expenses incurred by them, the amount of salaries which they have provided to the various employees of the organisation, the actual amount of investments made by the organisation and the other important details of the organisation. The report clearly indicates that the actual performance level of the organisation is far below the expected performance level of the organisation. For example, there is a variance of almost 20% between the expected performance and the actual performance level which the organisation has been able to deliver in the fiscal year. In addition to this, it is also seen that the actual amount of investment is lesser than the amount of investment which the organisation was supposed to invest for the cause of their business process. Therefore, the report clearly indicates that the variance percentage between the actual investment and the expected investment made by the organisation for the purpose of their business. Furthermore, there is a discrepancy between the sales margin and the sales profit predicted by the organisation and the difference margin is around 28% which is very high for any organisation. It is significant to note that this can be as a reflection of the ineffective operational plans followed by the organisation for the process of their marketing as well as sales. Therefore, it would be advisable that the organisation takes the help of various kinds of effective strategies to further enhance the prospects of their business. In addition to these it is seen that the organisation spends a considerable amount of revenue on the various kinds of things like power, wages and others. In addition to this, the report also makes it clear that the organisation is spending a lot of capital on the wages of the employees although it is not being able to give a good performance. Therefore, the organisation needs to take the help of various kinds of strategies like “total quality management” and others for the purpose of enhancing the performance level of the employees.

Q.2

What strategies would you recommend for the next three months? Max: 500 words

The first strategy which the organisation can take the help of is the concept of “total quality management”. The organisation can improve the performance level of the employees related to the organisation by taking the help of this strategy to maximise the performance level of the employees related to them (Tapinos 2013). The enhancement of the performance of the employees will enable the employees to deliver better quality of products to the customers which will in turn help the organisation to enhance the profit of the organisation. Another strategy which the organisation can take the help of is the strategy of product differentiation which will enable the organisation to provide better quality products to the customers which are different from the products services or products offered by the other organisations of the region (Tapinos 2013). Another strategy which the organisation can take the help of is cost leadership. The organisation can deliver high quality products to the customers at very affordable prices using this particular strategy. The organisation can also take the help of the concept of “innovative value chain” for the generation of ideas that are likely to help the organisation not only to provide better quality of services to the customers but will enable the organisation in the effective management of the organisation (Tapinos 2013). A thorough analysis of the market is also likely to help the organisation in a significant manner to understand the needs and the requirements of the customers and then design the products or the services provided by them. These in short are some of the strategies which the organisation can take the help of to “bring about the overall growth as well as the development of their business process” (Tapinos 2013).

Q.3

Identify and describe the systems you will put in place to monitor this business performance. Max: 750 words

The assessment of the performance level of the employees is very important for the organisations is provides the organisations with various kinds of information which is important for the process of their business. Firstly, the results of the assessments reveals on the areas on which the organisation needs to work on and the on the areas on which it does not (Jacobs, Chase and Lummus 2014). Furthermore, the results of these assessments also provide the organisation the relevant information on the basis of which they need to formulate their strategies. Therefore, a system needs to put in place wherein the organisation will be able to measure the performance level of the different entities who are related to the organisation and also the different departments of the organisation (Jacobs, Chase and Lummus 2014). This particular system therefore needs to access the performance level of the organisation on a regular basis. The authorities need to create certain parameters on the basis of which the performance level of the individuals and the departments will be measured. Therefore, the most important parameter will be individual performance of the employees. However, in addition to the individual performance the organisation also needs to access the contribution made by the different entities to the overall performance of the organisation. It is significant to note that there are various employees related to a particular organisation and not all the employees are doing the same kind of work. The work done by a particular individual can be easy whereas the work done by another individual might not be that easy and therefore it becomes very important for the organisation to not only measure the individual performances of the employees but also the contribution made by them towards the team or the organisation in general (Jacobs, Chase and Lummus 2014). The same concept can be applied to the different departments of the organisation and the performance level of the individuals related to these departments should also be measured on the basis of this particular factor. Therefore, a manager might seem to be doing no work in comparison to the other people of the organisation however in practise that individual is doing a lot of work. Furthermore, the regular assessment of the performance level of the employees and the organisation is necessary as it gives an idea to the organisation whether they heading towards the right direction or not and if not what are the strategies which they need to take the help of to further enhance the performance level of the individual employees and also the overall performance level of the overall organisation. Therefore, the system which will be constructed to measure the performance level of the organisation should take these aspects into consideration.  

Q.4

Besides Budget Variance report what other financial reports can you use to track progress and monitor the performance of this new business?

The “Budget Variance report” provides very significant information about information not only about the financial undertakings of the organisations but also about the performance level of the organisations. The various organisations of the present times in addition to these also take the help of various other kinds of reports to analyse their financial as well as general performance. One of the most important ones in this particular context is the Annual Reports used by the various organisations. The annual reports of the various organisations give a lot of information not only about the annual financial performance of the organisation but also about the overall performance level of the organisation (Burke 2013). In addition to these, the annual reports also provide a lot of information about the strategies adopted by the organisation and the other undertakings of the organisation. The “Corporate Social Responsibility” reports or more commonly called by the name of CSR reports also provides a lot of information about the various kinds of CSR activities undertaken by the organisation and the performance level of the individual employees who are related to the organisation (Burke 2013). These CSR reports have gained a considerable amount of significance in the recent times and it is a reflection of this particular fact that the various business organisations take the help of these reports to show the performance of their organisation and also the contribution made by them towards the cause of the environment. In addition to these, the quarterly performance reports released by the various organisations also provides a lot of information about the performance level of the organisation and their performance for the overall performance on the basis of their current performance. In the present times it is seen that the organisations take the help of other kinds of assessment reports to analyse the performance level of the employees related to them.

Q.5

Imagine after three months you discover that the above business needs planning for professional development activities as the current team members lack relevant competencies and capacities required to make the operational plans successful. Identify and discuss any two professional development activities that could be used to address this issue. Max: 400 words

The first activity which I would like to undertake is the development of my leadership skills which would help me motivate the various team members are working with me in the effective manner so that they are able to achieve the goals and the objectives set out by me. I personally believe that leadership is required in almost every sphere of life and therefore if I had shown the relevant leadership skills I would have been able to not only motivate but also lead my team members in a much better and this issue would not have arisen in the first place.

The second personal development activity which I would like to take the help of is the skill of critical decision making. I would like to comment in this particular context that critical decision making is one of the most important skills required in the genre of business and the various professionals are required to possess this particular skill so that they can deal with the various kinds of critical situations which they are bound to encounter during the course of their professional activities. In this particular context I would like to comment that if I had developed this particular ability in the first place itself then the team would not have been facing this particular problem. Therefore, this is a skill which I would like to have.

References  

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