|BSBOPS502 Manage business operational plans
|Task 2 – Knowledge Questions
· This is an open book knowledge test, to be completed in your own time.
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|Assessment Cover Sheet
|I declare that:
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Task 1: Knowledge Questions
|List examples of policies, practices and procedures that directly relate to an operational plan.
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).
|Who are the key information sources for proposal development and presentation of operational plans?
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
6. Chief executives (Hill, 2019).
|Outline the role of each of the following in the development and management of operational plans
– a resource requirements specialist
– escalation points
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).
|Explain the purpose of an Operational Plan, and the role it has in achieving the organisation’s objectives.
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).
|Explain how consultation process is helpful in the development and monitoring ofthe operational plan
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).
|Explain the purpose of key performance indicators and outline three (3) approaches to developing them.
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).
|Describe legislative and regulatory context relevant to the operational plan of the organisation.
|Answer: All procedures and policies give the roadmap for regular operations. They make sure compliance with regulations and laws, provide guidance for the process of decision-making and also streamline interior procedures. But procedures and policies would not do the organization any better thing if the employees do not accurately follow them (Davis, 2016).
|What are Fair Trading Laws and what is their role within the development and implementation of an operational plan?
|Answer: The consumer and competition act 2010 is the fair trading law that mainly regulates and controls fair trading in Australia and also administers how entire business operations should deal with and handle their suppliers, competitors and consumers. Fair trade is mainly concerned with making sure that all producers are given fair and equal wages and that all fair prices are charged to customers in a significant bid to promote the equal agreement of trading (Davis, 2016).
|Explain a typical budgeting process.
|Answer: The process of budgeting is the process that put the budget in an accurate place. This process includes forecasting and planning, controlling, monitoring and implementing and lastly assessing the budget performance.
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).
|What are the methods of preparing operational and contingency plans?
|Answer: The methods for preparing operational planning are given below:
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).
|What procedures and records are associated with documenting performance?
|Answer: The procedures that are related to documenting the performance are given below:
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.
|What are the key components of an operational plan? Given a brief explanation of each.
|Answer: The key components of the operational plan are given below:
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).
Davis, K. (2016). How will extension contribute to the sustainable development goals? A global strategy and operational plan. Journal of International Agricultural and Extension Education, 23(1), 1-7.
Ganguly, K., & Rai, S. S. (2018). Evaluating the key performance indicators for supply chain information system implementation using IPA model. Benchmarking: An International Journal.
Hill, L. (2019). Operational planning. How can we maximize efficiency and improve our dairy businesses by utilizing our current resources?.
Kareem, J. A. H. (2020). The Role of Optimized Operational Planning in Optimal Production Control Toward Defective Production Reduction. The Scientific Journal of Cihan University–Sulaimaniya, 4(2), 162-180.
Miller, S. A., Driver, T., Velasquez, N., & Saunders, C. M. (2014). Maximising Export Returns (MER): Consumer behaviour and trends for credence attributes in key markets and a review of how these may be communicated. AERU.
Pearsall, D. M. (2016). Paleoethnobotany: a handbook of procedures. Routledge.