1. Explain the purpose of a Strategic Plan and an Operational Plan, and the role of an Operational
Strategic plan defines the business purpose, describes the goals to be achieved and outlines the strategies to achieve the set objectives (Bryson, 2018). Purpose and role of operational plan- it gives a clear picture about the goals and the plans implemented to achieve these goals. It focuses on the strategies to be undertaken, person responsible for each task, timelines and the budgeting.
2. Outline the information that is usually included in an Operational Plan.
Operational plan provides a clear picture of how a department and a team will contribute to the success of the company’s strategic goals (Hawkey, 2017). Strategic plan identifies weaknesses and strengths of the organization, its position in the market, potential growth areas and area of vulnerability. Operational plan aligns with the objectives set in an organizations strategic plan. Operational plan identifies goals of the team and department, how these goals will be achieved and resources that are required to meet those goals.
3. Explain a typical process for developing an Operational Plan.
Steps included in developing an operational plan-
Start with the strategic plan- strategic plan should be strong and all the members involved should understand it.
Focus on the important goals- follow achievable and the goals that are not complex enough to be understood by the team.
Use the leading indicators- KPIs plays an important in the success of the organization.
Develop the KPIs- choose the right KPIs as they guide the work for the next one year.
Communication is important- sharing and discussing the KPIs with everyone so they can know their role and responsibilities in the success of the organization (Sekaran & Bougie, 2016).
4. Explain the purpose of a budget.
Purpose of budgeting provides the model that shows how the business might perform financially including all the strategies, plans and events. While making the business plan, manager aims to predict the income, expenditure and profitability (Francesco, 2016). It is mainly used as a tool for decision making and to monitor business performance.
5. Explain a typical budgeting process
Steps involved in the budgeting process-
6. Explain the purpose of key performance indicators.
Key performance indicators are the business metric that estimates the performance and development of a business and its objectives (Strelnik et al., 2015). It helps to evaluate the success and the reaching targets. It shows how effectually and organization is achieving the key objectives. It helps in understanding whether the company is on the right track or not. It brings about improvement and recognizes the areas that don’t meet the KPI goals.
7. Discuss four approaches to developing key performance indicators.
Approaches to develop key performances indicators-
8. Discuss the concept of a balanced scorecard as an alternative approach to measuring business performance through key performance indicators.
Balanced scorecard is the model developed by Robert Kaplan and David Norton to measure the strategic performance. Its main objective is to translate the mission and vision of the organization into action (Noe et al., 2015). It tracks the KPIs and helps in providing a framework for managing resources. Four basic perspectives to be taken with the KPI balance scorecard-
9. Explain the concept of benchmarking as a way of assessing business performance.
Benchmarking involves the process of measuring the performance of the business against other competitors in the market (Alegre et al., 2016). It helps in understanding customer needs and identifies the strengths and weaknesses. Mangers systematically benchmark the results and costs of the small values activities against the competitors. It has found as an effective to continuously upgrade that activity.
10. Provide a definition of a PCBU and outline their key responsibilities
PCBU means a Person Conducting a Business or Undertaking. A PCBU can be sole trader, an employer, association, corporation, state or commonwealth government, partnership local government, volunteer organization and trustee of a trust (Horton et al., 2018). Primary duties of a PCBU are ensuring the health and safety of workers and other employees are not put at risk at any time at the workplace. The duties to be maintained are –
11. Outline the aim and scope of the Fair Work Act 2009.
Fair Work Act 2009 is the key governing the employment of mature age workers. It provides the terms and conditions for the workers and sets responsibilities and rights for employees, employers and the organizations that in relation f that employment. It regulated national system (Ford & Novitz, 2015). The Act also establishes an enforcement and compliance system and establishes several bodies to administer the Act (Thornthwaite, 2016). Aspects of fair work act includes-
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Hawkey, J. (2017). Exit Strategy Planning: Grooming your business for sale or succession. Routledge.
Horton, J., Cameron, A., Devaraj, D., Hanson, R. T., & Hajkowicz, S. A. (2018). Workplace Safety Futures: The impact of emerging technologies and platforms on work health and safety and workers’ compensation over the next 20 years. Retrieved from: https://www.inxsoftware.com/media/transfer/doc/workplacesafety.pdf
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Noe, R. A., Hollenbeck, J. R., Gerhart, B., & Wright, P. M. (2017). Human resource management: Gaining a competitive advantage. New York, NY: McGraw-Hill Education.
Parmenter, D. (2015). Key performance indicators: developing, implementing, and using winning KPIs. John Wiley & Sons.
Sekaran, U., & Bougie, R. (2016). Research methods for business: A skill building approach. John Wiley & Sons.
Strelnik, E. U., Usanova, D. S., & Khairullin, I. G. (2015). Key performance indicators in corporate finance. Asian Social Science, 11(11), 369.
Thornthwaite, L. (2016). Chilling times: social media policies, labour law and employment relations. Asia Pacific Journal of Human Resources, 54(3), 332-351.
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