Assessment Task Cover Sheet Student detailsStudent Name:Student IDAssessment detailsUnit of Competency:BSBMGT517 – Manage operational plan Assessment Task:Part B – ProjectDate of Submission:Assessment Outcome: Satisfactory Not SatisfactoryAssessor Signature:Assessor Name:Feedback:Student Plagiarism Declaration: By submitting this assessment to the college, I declare that this assessment task is original and has not been copied or taken from another source except where this work has been correctly acknowledged. I have made a photocopy or electronic copy or photograph of my assessment task, which I can produce if the original is lost.Assessor: I declare that I have conducted a fair, valid, reliable and flexible assessment of this student, and I have provided appropriate feedback. I also declare that I have undertaken the indicated assessment integrity checks Google check for plagiarism Yes No Check for copying/collusion Yes No Check for authenticity (own work) Yes No Cheating or use of model answers Yes NoStudent: I have received, discussed and accepted my result as above for this assessment and I am aware of my appeal rights.Signature: …………………………………………………Signature:…………………………………………..Date:………………………………………………………..Date:…………………………………………………. Assessment Task Part A: Written Knowledge Questions Question 1 An operational plan is developed for outlining the major activities that need to be performed for enabling an organization to achieve its business goals and objectives. It helps in setting a relevant framework for an organization to carry out the daily activities such that the organization can head towards the fulfillment of its strategic plan (Towbin, Perry, Moskovitz & OConnor, 2018). An operational plan covers the activities associated with all the essential areas of business such as sales and marketing, human resource management and finance. It also helps an organization to identify the potential risks and develop contingency plans. The organization gets an opportunity to set Key Performance Indicators (KPIs) for measuring the overall performance of its business (Silvia-Elena & Georgiana, 2015). Thus, the development of an operational plan can assist an organization to achieve both its short-term and long-term objectives within the set time and budget. Question 2 The basic strategic planning approach involves the identification of the purpose or business goal, identification of specific strategies required to fulfill the purpose, development of action plans to achieve the strategies and monitoring and upgrading the action plans in accordance with business situations and needs. Using the basic strategic planning approach, an organization can determine the key activities that it needs to perform in the various operational areas for achieving its business goals (Wolf & Floyd, 2017). Thus, organizations can develop operational plans using the basic strategic planning approach. Question 3 A goal-based planning enables an organization to identify and prioritize a set of goals that it needs to achieve for improving its business. Goal-based planning is also referred to as vision-based planning and it helps in gaining an insight to the planned goals of the past which can be improved in the future. The goal-based planning can be used for developing the operational plan by means of SMART method. In other words, the operation plan can be focused on the attainment of specific, measurable, attainable, relevant, and time-bound goals set by an organization (Odeh, 2018). Thus, it can assist in shaping the operational plan such as the organization can achieve the SMART goals in the key functional areas. Question 4 The alignment planning approach can be used for aligning an organization’s overall mission with the operational plan. involves the outlining of the mission, resources, and programs of an organization. It is intended at identifying the areas which are working well and the areas that need variations or adjustments, thereby enabling the organization to identify and develop strategies through which the variations can be made. These variations or changes can be included in the operational plan (Street, Gallupe & Baker, 2017). Question 5 The scenario planning approach involves creating assumptions on the future state of an organization. It helps in determining how the business environment of an organization can change in future. In this sense, the use of the scenario planning approach can help in identifying the potential risks and opportunities in business for developing the operational plan (Lehr, Lorenz, Willert & Rohrbeck, 2017). Question 6 Three different approaches to developing key performance indicators (KPIs) to meet business objectives are: Determining the primary strategic objectives of an organization based on which the overall performance of the organization can be measuredUsing the SMART goals associated with the key functional areasUsing the scenario-based approach and assessing the potential business environment of the organization (Wolf & Floyd, 2017) Question 7 The budgeting term ‘forecast income’ refers to an estimation of the profit and loss of an organization. It helps in determining the potential financial health or performance of an organization over a period of accounting. The estimation of income helps in setting the operating expenses of an organization (Lehr et al. 2017). Question 8 The main expenditure categories that should be included in a budget are: Acquisition of physical resourcesAcquisition of human resourcesTraining of human resourcesEmployee benefitsMarketing and sales expensesTransportation costsOffice Supplies and expensesUtility expenses Question 9 The process to be followed for preparing a budget is: Identifying the financial goals of the organizationForecasting and evaluating the financial goalsAssessing the financial resources of the organization over a certain periodDetermining the key expenses of the organization over that periodDetermining ways of spending money by reviewing the previous financial records and statementsCreating the budget (Shim, Siegel & Shim, 2011) References Lehr, T., Lorenz, U., Willert, M., & Rohrbeck, R. (2017). Scenario-based strategizing: Advancing the applicability in strategists’ teams. Technological Forecasting and Social Change, 124, 214-224. Retrieved from: https://www.sciencedirect.com/science/article/pii/S004016251730848X Odeh, Y. (2018, September). Deriving a Goal-based Use Case Model from Business Goals and Process Model. In Proceedings of the 2018 10th International Conference on Information Management and Engineering (pp. 16-20). Retrieved from: https://www.researchgate.net/profile/Drmuhammad-Zaman/publication/330489513_Quantifying_the_Irrigation_Performance_of_Newly_Developed_Solar_Sprinkler_Irrigation_System/links/5d9b10b1458515c1d39c8143/Quantifying-the-Irrigation-Performance-of-Newly-Developed-Solar-Sprinkler-Irrigation-System.pdf#page=28 Shim, J. K., Siegel, J. G., & Shim, A. I. (2011). Budgeting basics and beyond (Vol. 574). John Wiley & Sons. Retrieved from: http://www.untag-smd.ac.id/files/Perpustakaan_Digital_1/BUDGET%20Budgeting%20Basics%20and%20Beyond.pdf Silvia-Elena, I., & Georgiana, C. (2015). The Operational Plan And The Importance Of Management On Business Environment. Management Strategies Journal, 30(4), 41-47. Retrieved from: http://www.strategiimanageriale.ro/papers/150404.pdf Street, C. T., Gallupe, B., & Baker, J. (2017). Strategic alignment in SMEs: Strengthening theoretical foundations. Communications of the Association for Information Systems, 40(1), 20. Retrieved from: https://www.semanticscholar.org/paper/Strategic-Alignment-in-SMEs%3A-Strengthening-Street-Gallupe/b05467969a2021fd2227b0ef7a12f67541801d18?p2df Towbin, A. J., Perry, L. A., Moskovitz, J. A., & OConnor, T. J. (2018). Building and implementing an operational plan. Radiographics, 38(6), 1694-1704. Retrieved from: https://pubs.rsna.org/doi/pdf/10.1148/rg.2018180027 Wolf, C., & Floyd, S. W. (2017). Strategic planning research: Toward a theory-driven agenda. Journal of Management, 43(6), 1754-1788. Retrieved from: https://publications.aston.ac.uk/id/eprint/27155/1/Strategic_planning_research_theory_driven_agenda.pdf
