National Camper Trailers provide customized trailers for camping. After consulting with the management about the objective of the organization the operational plan in this document has been prepared. The document will help us to evaluate the various elements which must be present in an effective operational plan.
The key performance indicators for the organization are as following:
The revenue generation capacity of the organization:
The organization shall be able to maintainable a sustainable growth in generating revenue in the future. Sustainable growth in revenue will indicate that the organization is operating efficiently and making effective use of its resources to generate revenue for the organization (Rushton et al. 2014).
Profitability of the organization in the future will be another important performance indicator to assess the financial performance of the organization.
Financial position:
The organization should be in better financial position in the future than it is at the moment. Better profitability ratios, better liquidity ratio, better capital gearing ratios will indicate that the financial position of an organization has improved (Laudon and Laudon 2015).
Physical resources and service requirements:
The physical resources and services required shall be obtained at reduced cost in the future to enhance the efficiency of the organization.
Employee policy:
The employees shall be recruited by following a standard recruitment policy to ensure that the employees are capable of providing the necessary services to the organization. Necessary development and training shall be provided to develop the skills and knowledge required employees (Oakland 2014).
The management should acquire intellectual property rights after conducting necessary due diligence on the intellectual properties to make sure that the organization will be able to extract financial benefit from the intellectual properties in the future by making use the property in running the day to day operations of the organizations. In case the intellectual properties are acquired then the amount paid shall be stated at the balance sheet under non-current assets and annual amortization shall be provided in the profit and loss account over the useful life of the intellectual property (Kazmi et al. 2016).
The National Camper Trailers needs to comply with legislative and regulatory requirements in the country while conducting the day to day affairs in the country. The Corporations Act, 2001 governs the functions and operations of companies in Australia and thus, the companies must comply with the provisions of the Corporations Act, 2001 to ensure there is no contravention with the legislative and regulatory requirements of the country (Boyes et al. 2017). The organization must fulfil its responsibilities towards the different stakeholders of the organization which include the owners, the employees, the workers, the environment, the customers, the debtors, the creditors, the financial institutions, the government and various agencies of the government and the society as a whole. The interests of different stakeholders are completely different from each other and the organization must take into consideration the interests of each and every single stakeholder of the organization while adhering and complying with the provisions of the Corporations Act, 2001.
Along with the provisions of the Corporations Act, 2001 the organization also requires to fulfil the requirements of various provisions of Income Tax Assessment act, 1936 and Income Tax Assessment Act, 1997 to pay the income tax liabilities correctly and filing the income tax returns regularly to avoid penal provisions of these acts (Laudon and Laudon 2016).
The organization will follow a standard policy to ensure that the operations within the organization are within the limits and bounds of the operational policies and procedures. The organization will follow the following policies to ensure that the operations of the organization will help it to achieve better operating and financial results in the future (Ho et al. 2015).
I.Employee reward system: The organization will reward employees on annual basis based on their performance to encourage them to perform better in the future.
II.Top quality products: The customize trailer which are manufactured by the organization shall be of great quality to ensure customer satisfaction. The trailers must be in accordance with specifications given by the customers to ensure they are satisfied and happy with the products.
III.Periodic verification of the workplace: The workplace shall be investigated periodically to check whether the work place have all the required tools and resources to continue operations for the organization.
IV.Internal audit system: The organization will have a standard internal audit program to ensure that the organization is using its resources properly in its operations.
The organization shall institute a standard motioning process to monitor the regular operations of the organizations. The monitoring process shall include the following:
I.To have a supervisor for each departments of the organization.
II.To prepare periodical budgets.
III.To compare the actual performance with the budgeted statements.
Considering that an organization operates in an environment full of uncertainties it must have necessary plans to deal with adverse and complex situations in the future. Contingency plans for the organization shall include the following:
Flexible budget: The organization shall have flexible budget to deal with situations which might throw unwarranted circumstances. Flexible budget will help an organization to deal with unwarranted situations by dealing such circumstances effectively.
Forecasting: The organization shall forecast possible complicated scenarios in the future to prepare itself for such complicated situations. It is always better to be prepared than not. Hence, if the management is prepare for any untoward incident of the future then it will be easier for the management to deal with such circumstances in the future (Michalak 2017).
Variation shall be made with the effective use of flexible budgets and the dynamic decision making process of the management.
The approval of the top executive and owners of the organization shall be taken to put into effect to achieve the underlying objectives.
Analyse and interpret budget and actual financial information provided. Use this information to answer the following questions.
Question 1
Describe how you can use budgets and financial information to monitor and review profit and productively performance
The financials outcomes achieved shall be compared with the budgeted figures to monitor the actual financial performance. This will help to evaluate the profit and productivity performance of an organization effectively.
Question 2A
Identify and list at least two (2) areas of under-performance.
The two areas of underperformance are:
I.The lack of growth in the overall revenue of the organizations.
II.The increase in the cost of operating from business.
Question 2B
Recommend solutions to take prompt action to rectify the above areas of under-performance.
The solution of the two underperformed area
I.Improving the quality of products offered by the organization to increase the amount of sales in the future. This will help to increase the overall revenue of the organization in the future.
II.Reducing the overall cost of operations and expenditures for doing business will help the organization achieve higher profit in the future (Van et al. 2016).
The objective of this section is to demonstrate BSBMGT517 Manage operational plan
Question 1
Briefly describe how you would effectively implement contingency plans for the operational plan.
A contingency plan is that kind of plan which is developed for the purpose of mitigating the effect of any abnormal situation that could have in its absence halted the operations of the business. In order to make any contingency effectively operational it must be firstly communicated to all the key members. The job of implementing a contingency plan can be delegated to a particular team of employees. The members of the contingent team will have all the contact details of such persons or institutions that can bring back the normal state of operation in the business. For e.g. mechanical engineer in case of breakdown of machinery (Hopkin 2017).
Question 2
Describe why it is important during the development and presentation of proposal for resources requirements is supported by a variety of information sources and why you should seek specialist advice as required.
In the case of forming a proposal or presenting the resource requirement any entity should consider information from various sources. This is because of the fact that though the resources available in the market may be scarce in terms of quantity but there can be numerous sources of the same resource. If the decision is made without the availability of various information sources and advise from a qualified expert the entity might end up choosing the wrong, costly or unreliable resource. An expert can not only suggest the entity about the best sources of resources but also help it in assessing the requirement of the resources for its operations.
Question 3
Describe how you would effectively explain/communicate the contingency plan and support information to relevant work teams and stakeholders.
In the pursuance of communicating the work teams and the stakeholders about the contingency plan effectively and efficiently, they must be made aware about their duties and roles. The implication of their failure to act timely and efficiently on the operations of the entity must also be communicated to them (Hahn and Packowski 2015). This will help them understand how the contingency is going to affect them and the entity in case of carelessness on their part.
Question 4
Describe how you would negotiate recommendations for variation/s to the operational plan and again approval from designated persons/ group.
Prior to suggesting any changes to the present operational plan, the propriety of the reasons for the change and the method suggested should be considered judiciously. The new variation suggested should be capable of improving the present operational capacity or ability of the entity. In order to gain the approval of the designated person/ group the variation along with the corresponding reasons should be communicated to them in an effective manner. The communication should be done is such a way that the tangible effect of the variations suggested is visible to the concerned person/ group.
Question 5
Describe two (2) models and methods for operational plans
Two models/methods of operational plan are mentioned below:
a)Single-use plan:
A single use plan is such a plan which is formulated for the purpose of accomplishing a particular task. After the completion of the task the plan is no longer useful. For e.g. a plan for a specific project the entity is carrying out for a particular client.
b)Standing plan:
It is that kind of plan which is formulated for carrying out the routine or repetitive activities of the entity for e.g. planning for proper storage of stocks in the godown of the entity as and when they are received.
Question 6
Explain the role of an operational plan in achieving organisational objectives
In order to achieve any sort of organisational plans need or importance of an operational plan is immense. In absence of a basic operational plan the entity will be unable to carry out even the basic routine activities due to confusion among the employees regarding their roles and responsibilities. Further if the entity starts operating without any plan in hand it will soon lose the end for which all the activities are being carried out. Presence of an operational plan improves both the effectiveness as well as efficiency of the employees and the entity (Finch 2016).
Question 7
The primary objective of preparation of a budget is to set an acceptable level of performance. In the process of setting up a budget the entity has to firstly determine the desired result, then it measures the current level of performance and finally a comparison is done between the desired result and the actual result. The result helps the management in finding the deviations if any and subsequently the reasons for the deviation. Timely discovery of the deviations enable the management to take appropriate and just measures in order to mitigate them (Hopkin 2017).
Question 8
List two (2) alternative approaches to developing KPI’s to meet business objectives
The two alternative approaches in developing KPIs in order to meet the business objectives are as follows:
a)Useful and Actionable KPIs:
These are those kinds of KPIs which not only gives relevant and useful insights about the operational position and performance of the entity but also are the most actionable in the short term. This means their effects can be seen in the short period.
b)Use of metrics:
Various metrics such as Outcome, Diagnostic, Smoke Alarm etc. help the entity to answer questions like How well it is doing, how can it do better, what is that it is doing poorly etc.
Question 9
Describe how you would implement mentoring/ coaching systems to assist with the success of the operational plan
The coaching systems must possess some key qualities like effective communication, visual aids, and fun activities like role playing and questionnaire. The coaching sessions should not be a one way conversation, rather it should engage the members to ask questions or query about the usefulness of the proposed plan and the part they have to play in it (Michalak 2017). The classes should be designed keeping in mind that they should be able to influence the members positively in adopting the proposed plan by clarifying their various issues and solving their grievances if any through effective communication.
Question 10
Describe how you would monitor and review performance systems within the operational plan
The monitoring and review of any operational plan is very crucial for its success in terms of attainment of the desired level of performance or results. The person responsible for conducting the review and monitoring should keep in mind the requirements the operational plan is supposed to fulfil in order to be termed as a successful plan. He should clearly chalk out the acceptable results or performance and then measure the corresponding results obtained by the plan. This would enable him to make comparison of the desired results with the actual results achieved by the operational plan (Hopkin 2017).
Question 11
Describe how you would develop and implement systems to ensure that procedures and records associated with documenting performance are managed in accordance with organisational requirements.
In ensuring that the records and procedure related to the documenting of the performance is carried out as per the requirements of the organisation a team would be created who will be given the following task. For the purpose of ensuring effective carrying out of the job assigned to it the team will be given an layout of the records it has to maintain along with soft copies of sample data and the corresponding treatment in the records of the entity. this would clearly help them to understand the kind of records the entity wants them to maintain failing which the appraisal of the plan won’t be possible.
Reference
Boyes, G.A., Ellul, C. and Irwin, D., 2017. EXPLORING BIM FOR OPERATIONAL INTEGRATED ASSET MANAGEMENT–A PRELIMINARY STUDY UTILISING REAL-WORLD INFRASTRUCTURE DATA. ISPRS Annals of the Photogrammetry, Remote Sensing and Spatial Information Sciences, 4, p.49.
Finch, B., 2016. How to write a business plan. Kogan Page Publishers.
Hahn, G.J. and Packowski, J., 2015. A perspective on applications of in-memory analytics in supply chain management. Decision Support Systems, 76, pp.45-52.
Ho, W., Zheng, T., Yildiz, H. and Talluri, S., 2015. Supply chain risk management: a literature review. International Journal of Production Research, 53(16), pp.5031-5069.
Hopkin, P., 2017. Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.
Kazmi, M. and Axmon, J., Telefonaktiebolaget LM Ericsson, 2016. Methods, network node and wireless device for managing operational behavior of wireless device after measurement gap. U.S. Patent Application 14/380,280.
Laudon, K.C. and Laudon, J.P., 2015. Management Information Systems: Managing the Digital Firm Plus MyMISLab with Pearson eText–Access Card Package. Prentice Hall Press.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education India.
Michalak, W.P., 2017. Application of information technology tools to improve the effectiveness operational processes in the scaffold rental company (Doctoral dissertation, Katedra Systemów Zarz?dzania).
Oakland, J.S., 2014. Total quality management and operational excellence: text with cases. Routledge.
Rushton, A., Croucher, P. and Baker, P., 2014. The handbook of logistics and distribution management: Understanding the supply chain. Kogan Page Publishers.
Van Der Aalst, W.M., La Rosa, M. and Santoro, F.M., 2016. Business process management.
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