Finance and Management

BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING

30 June 2023 06:56 AM | UPDATED 11 months ago

BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING :

BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING
BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING

PROJECT PORTFOLIO

STUDENT VERSION

BSBCRT611

APPLYCRITICAL THINKING FOR COMPLEX PROBLEM SOLVING

Section 1: Defining the complex issue                                                                                                        4

Section 2: Systematic decision-making                                                                                                      6

Section 3: Decision review                                                                                                                             8

Student name: 
Assessor: 
Date: 
Documentation reviewed as preparation: 
Job role:Business Manager
Stakeholders:CEO, Senior Executive, Suppliers
Numeric/Financial data: 

Section 1: Defining the complex issue

Provide business overview Provide an overview of the business, including: name of businessdescription of what the business does (e.g. key functions, vision)your job role within the business (or the role you’re assuming if you are basing this assessment on the case study).The organization that will be examined is WORLDUCATION. The company aims to empower all children around the world with access to education by providing tablets, PC’s, equipment and software for the purpose of improving education.   The vision of the company is to provide all children with the opportunity to read and write without lack of access to education. The mission of the company is to provide tablet PCs for the education and inspiration of children and to use tablet sales as a means to create more classrooms around the world.   As a Senior Financial Analyst at WORLDUCATION, my job responsibilities include managing revenue, preparing budgets, collaborating with sales and operations teams to understand the business pipeline and achieving company financial objectives independently.
Outline complex issue Describe the complex issue associated with the business, including: a brief outline of the issuewho the stakeholders are and how they are associated with the issueanalysis                             and presentation of numeric and financial data illustrating the complex issue (attach to this section of the portfolio)two objectives when pursuing solutionsthree advantages of solving the issue.three risks involved in pursuing solutions.The complex issues facing the organization, WORLDUCATION, are the need to determine a new business model in response to the changes in the market caused by the COVID-19 pandemic and the strain between China and Hong Kong impacting their manufacturing processes. The stakeholders involved in these issues include the suppliers who provide goods and services to the company, the finance manager responsible for financial aspects of the organization, and the CEO who makes top-level managerial decisions that directly impact the organization.   The objectives of addressing these issues include creating a new business model that meets the health requirements set by the government during COVID-19, developing deeper relationships with customers, and increasing reach in the market.   Advantages of addressing these complex issues include high employee commitment to solving professional problems, reducing bias by viewing problem-solving as a team effort, and an increase in productivity and profit margins. Risks associated with addressing these issues include lack of resources, difficulty in implementing changes due to company policies, and limited objectivity in decision making.
  
Legislative and organisational requirements Establish the legislative and organisational requirementsrelated    to                                 the complex issue, including: a     summary     of       the relevant legislationa     summary    of       the associated organisational           policies and procedures Attach any relevant policies to your portfolio.Legislation Corporation Act 2001 which will be Act in Commonwealth Australia that characterize the law managing business in Australia. It manage matters like development and activity of the organization, obligation of representative, takeover and gathering pledges. Health and Safety Act which give fair and successful work environment, participation and arrangement connected with chances emerge in work and urge bosses to take job in further developing the work well-being and security practices and help individuals in leading business and representatives to accomplish sound and security working climate Australian Consumer Act advancing fair exchange and contest and giving customer security. It connected with the item security, item naming, out of line rehearses happen in market, cost, industry guideline, and consolidations/procurement.
 Fair Work Act set least agreements for business standard and least wages to advance efficiency and Australia monetary development later on
   Organizational Policy and Procedure
 Privacy Policy feature the system in gathering, putting away and utilizing private information from our client. This incorporate information that the organization accumulates, for example, buying truck checkout page, charge card information, and so on. In such manner it screen the program snap and time spend connecting with advertisements.
 While approval is fundamental stages to settle on finishing the various strides of exchange process. This means contains the method involved with recording, for example, get going, submit and process. Support (per-endorsement, section survey) and
 oblige.   Supplier Policy which consists of rules, terms and conditions that suppliers need adhere for defined goods and services.
Calculate resources Calculate the resources required for the solution development processResources require for development process: People (Work Resources)Capital (Monetary Resources)Materials (Materials Resources)
Prepare presentation Use the work done in this section to prepare a presentation of scope of your issue to present to relevant stakeholders. Use any appropriate format (e.g. MS PowerPoint). Attach the presentation to your portfolio.    PPT Attached
Attach:Organisational policies and procedures                               ☐   Legislation                                                                         ☐   Presentation                                                                       ☐   Financial analysis and presentation                                     ☐

Section 2: Systematic decision-making

Generate alternative solutions for your issueTwo Critical Thinking Techniques: – Observation: analyze something, whether it is an issue, a bunch of information, or a text. Individuals with insightful abilities can look at data, comprehend what it implies, and appropriately make sense of for others the ramifications of that data.
Summarise the outcomes of your meeting with               the stakeholder, including:Problem-Solving: Critical thinking is another decisive reasoning ability that includes breaking down an issue, creating and carrying out an answer, and evaluating the progress of the arrangement Alternative Solutions: Increase value of tablets
an outline of       two critical thinking techniqu es usedto generat e solution alternati ves with other stakehol ders (attach proof e.g. mind map       to this section of      your portfolio )Increment cost for applicationOffer markdown to extend dealsOffer markdown for person who paid earlier
List     of four    to six alternati ve solution s. 
Evaluate alternative solutions Evaluate each identified solution      to establish their feasibility. Include: success criteriaconstrai ntsevaluati on      of each alternati ve against the criteria and constrai ntsList     of all feasible options                                                    Feasible Solution: Offering discount for those who made paid earlierIncrease value of tablets
Compare feasible solutions Use        one appropriate tool/techniqu e to compare all        feasible alternatives with        one another. Include: a descripti on      of the tool or techniqu    Techniques that will be used to compare any feasible alternative are Performance Monitoring and Compliance Monitoring Performance monitoring involves measuring the company key performance indicator (KPI) to ensure the activities are comparable, consistent and data are valid. While Compliance Monitoring involves process to make sure staff are following the rules and procedure set by the company. For example: reviewing the company operations logs and records, process assessment, and process rates.
 SolutionsCustomer Satisfacti onSharehold er Satisfacti onSupplier relations hipMeeti ng Budg etContin ue Liquidi tyTot al 
Offer discou nt for thoseYesNoNoYesYes3 
Solutions Customer Satisfactio n Shareholde r Satisfaction Supplier relationshi p Meeting Budget Continue Liquidity Increase value of tablets No No No No Yes Increase cost for application No Yes Yes Yes Yes Offer markdow n to extend sales Yes No No Yes Yes Offer markdow n for person who paid earlier Yes Yes Yes Yes Yes  
e used proof of your compari son (e.g. table, financial analysis etc)   an assess ment of bias    in your decision -making (actual or perceive d) who paid earlier       
Increa se value of tabletsNoYesNoYesNo2 
 
Choose    the best solution for          your complex issue Choose    the best alternative and explain: Why did you choose it?How does       it meet the legislati on    and organis ational policy require ments?Are there anyTo resolve the issues at present looked by WORLDUCATION right currently has changed the ongoing plans of action because of COVID-19 pandemic that had change the organization inventory network. Consequently, organization need to grow new model via looking for different choices, for example, tracking down new financial backer to monetarily uphold WORLDUCATION. This choices is plausible as contrast with other. The explanation of picking this arrangement is on the grounds that I accept that WORLDUCATION need to change their plan of action to get by through the ongoing pandemic COVID-19 that happen around the world. The organization need to work and endeavor from the extraordinary occasion. The advantages of the solutions: Ready to make and foster plan of action that get by in any condition and rival current pandemic circumstanceDraw in more client and financial backer to trust WORLDUCATION ready to conquer what is going onEach challenge comprise of new dangers. Subsequently I accept we ready to beat the difficulties and the best test is to follow up the dangers later on and have plan to work past the obscure gamble.
risks associat ed with your solution ? What are        the advanta ges     of the chosen solution ? Resourc es required 
Prepare       a brief 
Use the work done in this section to prepare       a brief to share your proposed solution withkey stakeholders (use     “Brief outline” template     if applicable).BSBCRT611 Brief out         BSBCRT611 Brief org
Attach      the organisation policies that guide     brief writing to this section of the portfolio. 
  Attach:Brief Feedback register Organisational policies – brief  
Date Project No. Name of Reviewe r Person receiving feedback Comments Action Required 9 May 2022 051 CEO Financial Analyst The risks recognize by CEO as misfortune in provider Update on solution brief         or reduction relationship with provider   9 May 2022 052 CEO Sales Manager Upgrade deals and continue to             further develop benefit and deals Customer Service Training 9 May 2022 053 CEO Production Manager Develop new product Meeting    to discuss on new product or product replacement  

Section 3: Decision review

Develop                      a feedback register 
Develop                             a feedback register                     to record feedback from stakeholders. 
Attach                          the organisation policies                  that guide recording of feedback. 
               Recording Feedback Policy
 Type of criticism:
 – Praises
 Assuming there are time where organization administration and item arrive at client assumption, we would like client to impart their positive experience to us. We are satisfied to get positive criticism as it was helpful as far as we were concerned to realize that we had succeed and advance great practice for organization future.
 – Protest
 We might want to determine the protest at primary resource, whether the individual is at the hour of episode or the protest is being made after the occasion. All client input will be recorded for nonstop improvement.
 Protest will be recognize in the span of 2 days and our representative will examine it as fast as conceivable in 10 days or less.
 In the event that the objection doesn’t determine inside 10days, our worker will make sense of why and give you precise date for you to get the full reaction. We will help you further assuming that the after effect of your objection is unacceptable as per your assumption.     Remarks   Client should pass remarks with respect to our items and administrations. Hence, the organizations are generally free to get these remarks as it will direct us further on item advancement. All input will be kept in our client criticism recording framework and be dealt with privately as indicated by organization protection strategy. It will be screen month to month by the board to execute improvement for our partner.
Incorporate feedback Use             the feedback from your     meeting with stakeholders to refine                your project brief.      BSBCRT611 Refine Bri
Attach         the refined                 brief and completed feedback register to this section of your portfolio. 
Seek approval 
Use              an appropriate format to seek approval                        to implement your proposed solution                 (e.g. draft an email, complete      an application form ready to be lodged etc.)Date: 9th May 2022 To : CEO From: Financial Analyst Subject: Seek Approval Dear CEO, Wish you are doing well and stay healthy during this pandemic of COVID- 19. In this email, I would like to seek your approval on Refined Proposal on the implementation on offering discount for those who paid earlier. Please kindly review back on Refined Proposal and looking further on your feedback and approval. Please do contact me if you have any questions regarding the attachment below. Thank You and have a nice day Regards,
Attach proof to this section of your portfolio.Financial Analyst
BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING

Self-evaluate your performance    BSBCRT611
Perform a self- evaluation:Self-eval
Complete the          self- evaluation checklist (add as an attachmen t). 
List          your strengths and weakness es. 
Identify areas needing improvem ent. 
Attach the completed self- evaluation (Self- Evaluation checklist)                     to this section of your portfolio. 
Attach:      Self-evaluation checklist Refined brief Completed feedback register and related organisational policies   Proof to seek approval   
BSBCRT611 APPLY CRITICAL THINKING FOR COMPLEX PROBLEM SOLVING

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