BSBOPS502 Otgonbaatar Task 1

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Lonsdale Institute *

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538

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Management

Date

Feb 20, 2024

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docx

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6

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1. List the stakeholders and key information sources involved in development and management of operations plan. including, colleagues and specialist resource managers A stakeholder has a vested interest in a company and can either affect or be affected by a business' operations and performance. Typical stakeholders are   investors, employees, customers, suppliers, communities, governments, or trade associations. 2. In relation to stakeholders, what are escalation points? Escalation points are the components of an escalation that represent a monitored condition or threshold, such as measuring elapsed time. To activate an escalation, we must associate at least one action with an escalation point. 3. Explain consultation processes. The process of consultation is an extremely important concept in the context of managing an organisation. Organisations exist to create value for stakeholders and consultation is a process by which the management of the organisation aims to better understand the needs, wants and expectations of stakeholders, so that value can be created. Consultation is an active process in which organisation management opens formal and informal communication channels between the organisation and its stakeholders. These formal and informal communication channels might include: Open meetings e.g. stakeholders are invited to come to an open meeting or a series of meetings Surveys e.g. stakeholders are invited to complete a survey (paper or online type) Focus group e.g. a select cross-section of stakeholders, small in number, are invited to attend a meeting or series of meetings Invitation to send a written response e.g. stakeholders are invited to submit comments in writing on a proposal or plan Informal meetings e.g. organisation management might mingle with people at an event a canvass certain ideas and see what response they get The purpose of consultation is three-fold: To invite stakeholders to provide advice to the management of the organisation about their needs, wants and expectations. In other words, tell the organisation what value it wants and how it can provide this value. To invite stakeholders to comment on plans that have been created by organisation management to provide this value requested by stakeholders. To quell any criticism that organisation management have not taken account of, or are not listening to the needs of stakeholders in developing strategic and operational plans.
There is a widespread view that if a plan is conceived without proper consultation with stakeholders then it has far less chance of successful implementation. There is a clear need for anyone responsible for the formulation of a plan to consult with all persons who will be affected by the plan. For example, a budget for any area of organisation operation should not be set without consultation with people who work in that area of operation. Likewise, management should not construct a plan for a new sport program without consultation with people who likely be program users. Setting an Operational Plan without consultation disadvantages the organisation because: A lack of consultation fails to take advantage of all available knowledge and expertise A lack of consultation makes people feel left out and creates negativity toward the emerging plan. 4. Explain the content of operational plans. Operational planning is a key component of the annual strategic planning process that provides a link between the department’s strategy and the day- to-day efforts of its people. Operational Planning: Outlines the actions necessary to accomplish the goals and objectives in the Strategic Plan Creates a set of annual plans for governance, adjudication and administration entities Establishes performance measures to track progress against actions Aligns actions to budget Purpose of Operational Planning Helps managers identify organizational priorities and capabilities Establishes tasks, performance expectations, schedules, milestones, and resource needs Focuses departments to organize resources against performance targets Whatever operation needs a solid plan, there are five major components to focus on: Preparation, marketing, logistics, human resources (HR) and financial limits. 5. Explain the budget and the actual financial relating to profit and productivity.
A budget is a financial plan for a specified period. It is an estimate of expenses a party will incur, usually broken out by category, for the purpose of providing a roadmap that the party should follow. Budgets can be for a person or for a business. The former type of budget can be as easy as maintaining a daily tally of income and expenses. The latter can be a relatively complex construction, depending on the business establishment or company. Regardless of the budget type, the basic process to create one remains the same. It consists of analyzing expenses and matching them to existing or future income sources. While budgets are useful for individuals, they are necessary for larger entities such as corporations and governments which require coordination between multiple people and initiatives. Budgets are essential to goal setting. These goals can be personal or professional. 6. Reflect on the methods used for preparing operational plans and contingency plans. Contingency planning isn't just about major crises and natural disasters. It can also prepare us for more commonplace problems, such as the loss of data, staff, customers, or business relationships. That's why it's important to make contingency planning a routine part of the way we work. There are two types of operational plans: standing plans and single-use plans. A contingency plan is a plan for a “what if” scenario that could ruin your project or business. A simple example of a contingency plan is to back up all website data in case a website gets hacked. 7. Discuss the role of an operational plan in achieving an organisation’s objectives. An operational plan is a practical document which outlines the key activities and targets an organisation will undertake during a period of time, usually one year. It is often linked to funding agreements as well as being linked overall to the organisation’s strategic plan. An operational plan outlines the activities and targets which the organisation will carry out in order to work towards achieving the aims and objectives set out in the strategic plan. It provides the framework for an organisation’s day- to-day operations. An operational plan usually covers a one year period. Your strategic plan should be supported by annual operational plans which ensure the strategic plan is effectively delivered. These will often be developed by senior staff members (where there are paid staff) but must be approved by the management committee. On the basis of reports against the SMART
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objectives in the operational plan, the management committee can then review progress towards meeting the strategic aims and objectives. The organisation’s budget should also link closely to the operational plan. There is no point in having a very ambitious operational plan in place without the resources to deliver it. The organisation’s budget and cash flow should be closely managed throughout the year to make sure that income and expenditure are on track and that the organisation can meet its targets and its financial commitments 8. What procedures and records are associated with documenting performance? Systems, procedures and records associated with documenting performance are monitored in accordance with organisational requirements. The procedures for documenting performance of machinery, a service, or employees should be available to all staff and be located in a central place. This information is usually available via an Intranet or stored somewhere on each individual’s PC. Training or information sessions should occur regularly on these procedures to ensure that everyone in the organisation is carrying out tasks as outlined and expected. In addition the content of the procedures should also be updated regularly. The performance of machinery, services and employees should be documented and updated by managers. The information recorded pertaining to the performance of machinery and services should be made available to anyone within the organisation who would benefit from such information. This includes other departments who you are in contact with or departments who are searching for ideas. A library of this information should be duplicated and held in the manger’s possession for future reference. The performance of employees is documented by managers and by the Human Resources department, if your company has one. Employee records are highly confidential and should be kept under lock and key, usually by Human Resources. The privacy law should be taken into account when storing information about individuals. 9. Outline the approaches for developing key performance indicators to meet business objectives 1. Start with strategy You should always start with strategy. Without a firm stake in the ground around what your business is seeking to achieve, it’s incredibly easy to end up with a dauntingly long list of possible indicators that you feel you could or should measure. Your strategy therefore acts as a starting point for designing appropriate KPIs – but only if it’s clear! All too often companies create a 30–40-page strategy document that no one ever reads or understands. A great way around this is to create a simple one-page strategy. This will help you clearly define your objectives, and help you work out what you need to put in place to achieve them. 2. Define the questions you need answers to
Linking your KPIs to your strategy will immediately sharpen your focus and make the relevant KPIs more obvious. Identifying the questions you need answers to will further narrow your focus, because questions give the indicators context. For example, if you plan on executing a simple strategy to increase your income by focusing on the most profitable areas of your business, you could ask “Where are we making profit and which processes are most costly compared to the returns we receive?” Once you are clear on the questions you need to answer, you can make sure that every indicator you subsequently choose or design is relevant not only to your strategy, but also provides the answers to very specific questions that will guide your strategy and inform your decision making. 3. Identify your data needs Once you know what questions you’re trying to answer, you need to define your data needs to establish what KPIs, metrics or data you need in order to answer those questions. In this phase, forget about reality for a moment and consider what information and knowledge you want to have in an ideal world. After all, everything can be measured! 4. Evaluate all existing data Having worked out your ideal data in the previous step, perform a gap analysis by comparing what data you would ideally like to have with what you already have – that way you can easily see what’s missing. Ask yourself what you need to change, tweak or implement to ensure the data collection is completely aligned with the strategy and will fully answer the questions you need answered. And then come up with the right indicators to deliver those objectives. Remember, most companies are full of data. Often KPIs are already being collected for all sorts of different reasons by different divisions and different managers. It makes sense, therefore, to determine whether what you need is already being gathered by someone somewhere in the business, or perhaps it’s almost being collected and a few tweaks to the collection process would deliver exactly what you need. 10. Discuss fair trading laws, including how they relate to the development and implementation of an organisation operational plan. The Competition and Consumer Act 2010 (the Act) is a national law that regulates fair trading in Australia and governs how all businesses in Australia must deal with their customers, competitors and suppliers. The Act promotes fair trading between competitors while also ensuring that consumers are
treated fairly. The Australian Competition and Consumer Commission (ACCC) administers and enforces the Act along with state and territory regulators. The Act broadly covers: unfair market practices industry codes mergers and acquisitions of companies product safety collective bargaining product labelling price monitoring industry regulation – airports, electricity, gas, telecommunications. While the Act is a national law, each state and territory also provides additional consumer protections within their own fair trading legislation. 11. How does the legislative and regulatory framework of work health and safety relate to the development and implementation of operational plan of the organisation?       The best   operational plans   have a clearly articulated objective that everyone in your company is focused on achieving. Your operational plan will, therefore, be a useful document for your investors. However, it can also help you and your employees by encouraging you to think carefully about deadlines and tactics. 12. What are organisational policies, practices and procedures? Organisational policies and procedures   provide guidelines for decision-making processes and the way that works in an organisation should be carried out. The result of having clear, well- written policies and procedures are increased transparency, accountability, uniformity and stability. An organization policy is   a configuration of restrictions. You, as the organization policy administrator, define an organization policy, and you set that organization policy on organizations, folders, and projects in order to enforce the restrictions on that resource and its descendants.
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