Manage business operational plans (Task-2)

Task summary

·         This is an open book knowledge test, to be completed in your own time.

·         You need to answer all the written questions correctly.

Required

·         Access to textbooks/other learning materials.

·         Access to a computer and Microsoft Office.

·         Access to the internet.

Timing

·         Your assessor will advise you of the due date of this assessment via Canvas.

Submit onto Canvas

·         This completed workbook

Assessment criteria

·         All questions must be answered correctly for you to be assessed as having completed the task satisfactorily.

Re-submission opportunities

·         You will be provided feedback on your performance by the Assessor via Canvas. The feedback will indicate if you have satisfactorily addressed the requirements of each part of this task.

·         If any parts of the task are not satisfactorily completed, the assessor will provide you written feedback along with guidance on what you must undertake to demonstrate satisfactory performance. Re-assessment attempt(s) will be arranged at a later time and date.

·         You have the right to appeal the outcome of assessment decisions if you feel that you have been dealt with unfairly or have other appropriate grounds for an appeal.

·         You are encouraged to consult with the assessor prior to attempting this task if you do not understand any part of this task or if you have any learning issues or needs that may hinder you when attempting any part of the assessment.

·         I have read and understood all the information provided in relation to the assessment requirements to complete this unit, the instructions and the purpose and processes of undertaking this assessment task

·         This assessment is my own work and where other’s works or ideas have been used, I have appropriately referenced or acknowledged them

·         I understand that plagiarism is a serious offence that may lead to disciplinary action.

Some of the policies, practices, and procedures which are related directly to an operation plan are-

1.      Origination policy and procedure.

2.      Human resource management policy

3.      Workplace health and safety policy and procedure

4.      Recruitment policy

5.      Employee training policy

6.      Grievance handling policy

7.      Discipline and termination policy (Hill, 2019).

Key performance sources for the proposal development are-

1.      Strategic plan of the organization

2.      Previous year operational plan of organization

3.      Organizational chart

4.      Organization structure

Some of the key sources for the presentation of the operational plan are-

1.      The Community

2.      Owners

3.      Customers

4.      Sponsors

5.      Employees

6.      Chief executives (Hill, 2019).

–          a resource requirements specialist

–          escalation points

–          colleagues

Role of each of the following in developing and managing the operation plan is-

1) Resource requirements specialist- helps in the development and management of the operation plan by providing guidance and instruction. They also help in monitoring the progress of the plan and various programs they are also suggested by them if required. They are also having the role of implementing the programs.

2) Escalating points- it defines the conditions which must be met for preparing the operational plan such as assets required, and assets required. Escalating points also clarify the boundaries and various channels which can be used for decision-making through business so that issues can be firstly resolved with clarity.

3) Colleagues- as they are the important 0part of the organization so they play a vital role in the development and operational plan management. They know well about the organization so they can have provided crucial information about where changes need to be made in the organization (Kareem, 2020).

The purpose of an operation plan is to identify which processes need to be done or finished so that the organization’s set goals can be achieved. An operation plan of an organization provides support to the strategic plan efforts and it also makes sure that all the roles and responsibilities are filled and each person within the organization do their daily- to daily task efficiently.

The role of the operational plan in achieving the objectives is to provide the framework. It outlines the target and activities which must be carried out by the organization so that work can be done to achieve the set objectives and aim in the strategic plan. Operation plan also provides the organisation day to day operations framework (Kareem, 2020).

The development and monitoring of the organization’s operational plan consultation process help in making sure that all the tasks and strategies are verified in terms of allocation of timeliness and responsibilities (Ganguly, & Rai, 2018).

The purpose of key performance indicators is to set and provide a target for the team members to shoot for, to provide the milestones so that their progress can be gauged and KPI also helps employees across the organization in making better decisions. It also helps the organization in evaluating the rate of success b7y reaching certain targets.

Three approaches that can be followed for developing the key performance indicator are-

1) KPIs must be defined upon the goals of the organisation.

2) Key data points are identified and intervals are set.

3) Data is centralized and visualized (Ganguly, & Rai, 2018).

The steps of the budgeting process are given below:

1. Buffer of the cost will be created

2. Budgets of expenditure and revenue will be prepared

3. Budgets of departments will be incorporated

4. Bonuses will be incorporated

5. Provision for mainly capital expenses

6. Changes will be made to the model of budget

7. Implementation and approval

8. Controls of the budget will be considered (Pearsall, 2016). 

1. The goals will be defined firstly

2. Responsibilities and roles will be communicated

3. Prioritization matrix will be prepared

4. Planning of capacity will be considered

5. Mapping of dependency will be prepared

The methods for preparing contingency planning are given below:

1. List of entire risks will be prepared

2. Risk will be weighed based on likelihood and severity

3. Essential risks will be identified

4. Contingency plans will be created for higher risks

5. Approval will be taken for these plans

6. The plan will be distributed (Pearsall, 2016). 

1. Format will be standardized – It is important to make the format standard in which we could input entire feedback, data and findings from the performance.

2. Remain flexible – The format for documentation of feedback must have the flexibility for recording each thing during the appraisal of performance.

3. Highlight the indicators of performance –It is the particular basis on which the employee’s performance is initially rated (Miller, et al., 2014). 

4. Provide complete, objective and fair feedback – When the document is reviewed, it should be ensured that all solutions from the performance review are accurately based on the criteria of review and facts.

1. Clear objectives – Having clear and accurate refers to having the view mainly about the desired results.

2. Quality standards –These are the documents that give characteristics, guidelines, specifications or requirements that could be utilized for ensuring that services, processes, products or materials are fit or not.

3. Plan of risk management – It is the last document that contains entire factors in actions of mitigation, tolerance, analysis, register of risk and management of risk.

4. Key performance indicators –These are calculable measures that mainly gauge the performance of an organization against the set of objectives or peers of the industry (Miller, et al., 2014).