Finance and Management

BSBOPS502 Manage business operational plans

01 July 2023 06:11 AM | UPDATED 10 months ago

BSBOPS502 Manage business operational plans :

BSBOPS502 Manage business operational plans
BSBOPS502 Manage business operational plans

Level 1, 37 – 39 George Street, Parramatta, NSW 2150 Australia

T: +61 2 8844 1000 | Email: [email protected] | RTO ID: 45432 | CRICOS Code: 03717E

                      Project Portfolio                 

BSBOPS502 – Manage business operational plans

Student name: 
Student number: 
Assessor: 
Date: 
Business this assessment is based on: 
Documentation reviewed as preparation: 

Table of Contents

Section 1: Planning for an operational plan                                                                  3

Section 2: Developing an operational plan                                                                   6

Section 3: Managing operational performance                                                             8

Section 1: Planning for an operational plan

About the organisation Provide an overview of the organisation and product/services/pr ograms. Describe the key functions and activities of the work area you will develop an operational plan for. Briefly describe at least two objectives outlined in the strategic plan (if there is  no strategic plan for your business, develop two objectives for your work area or business). Describe your job role. Explain how your job role contributes to the broader goals of the business or work area.About the organisation Provide an overview of the organisation and product/services/programs.   Worlducation is a social enterprise that produces tablet computers for elementary school students. They not only concentrate on hardware, but also have a competitive team that develops software, content, and activities to better engage and educate students. Worlducation aims to change the way children learn in school by implementing artificial intelligence technology that can track each child’s progress and adjust to their needs as they learn, resulting in the best possible learning path. So far, Worlducation has only sold their tablet computers to businesses (B2B) because they discovered that their content and hardware were most effective when used by an entire classroom with a teacher coordinating the activities. This also allowed the sales team to focus on larger sales while reducing the potential number of problems that could arise from individual customers. However, the long-term goal is to implement a business-to-consumer strategy (B2C). Describe the key functions and activities of the work area you will develop an operational plan for.   Key functions Activity 1: Create an online advertisement for the new product (quoted price of $25000).Activity 2: Schedule a live demonstration for current customers.
 Activity 3: Design a rewards programme to recognise schools based on
 the number of downloads.
 Among the activities related to the second goal are:
 Activity 1: Teach sales staff how to use the new product.
 Activity 2: Arrange for school visits
 Activity 3: A sponsorship programme to foster personal relationships
 among the less fortunate children and salespeople.
 Briefly describe at least two objectives outlined in
 the strategic plan
 The Marketplace
 Because of the rapid rate at which technology is updated, the technology
 market is a growing and ever-changing industry. Artificial intelligence and

the Internet of Things are examples of emerging technologies (IOT). Cyber security is becoming increasingly important.

Manufacturing industry issues have impacted the supply of hardware components as a result of the global pandemic.

Consumer spending has decreased during the pandemic, but this has not affected the ICT industry because, as more people work from home, consumer appetite for tablets has increased.

Situation Analysis

OpportunitiesThreats
  Schools in need of technological upgradesOpportunities to provide a variety of servicesSynergies opportunities across all services and products  High level of competitionEconomic downturn means less overall spendingFailing to meet client expectations

Marketing Techniques

Our marketing strategies aim to:

  • Build our brand

Our marketing strategies

 aim to: We intend to increase our market share by: We intend to increase our market share by: Maintaining effective communication channels with all stakeholders to ascertain industry requirements and then develop products and manage services accordingly.Constantly improving communication channels with all stakeholders, ensuring a flow of timely and accurate information to facilitate effective planning and decision making.Providing our clients with appealing fee structures. Job role. Increase our reach by expanding the range of products and services we offer in order to reach a larger target market. Increase sales in order to increase donations to underserved classrooms. Customer-centered practise with a focus on meeting their total needs for high-quality technology     Explain how your job role contributes to the broader goals of the business or work area.   Strengthen our people’s skills to better support customersDrive innovation to better meet customer demandsMaintaining the drive toward a customer-centric, high-performance workforce and culture; • enhancing our people’s skills to better support customer needs.Fostering innovation and adaptability to change;Increasing the diversity of our workforce.Investigating the use of technology in human resources.
Source information Identify stakeholders who will contribute to the operational plan and provide relevant approvals:Lucas Lopez CEO Worlducation Executive Synopsis Statement of Vision To see a world free of illiteracy.
Who are they (consider escalation, specialist resource manager, colleague, client)?What contribution will they make?What will they approve (if relevant)? Identify and summarise any legislation relevant to the operational plan you develop. Identify and summarise any organisational policies and procedures relevant to the operational plan you develop. (Attach proof to this section of your portfolio). Summarise the financial information (e.g. budget   and forecast) that will inform   spending and (attach proof to this section of your portfolio).  Statement of Purpose To be the change and help create a world free of illiteracy by changing the way children learn in school and increasing the number of schools with access to technology.     Our values are as follows: Our activities are guided by the following core values: • Ethical principles Innovation • Collaboration     Priorities for Strategic Planning To be well-led, productive, profitable, and accountable. Ensure that all financial operations, performance indicators, and outcomes are consistent with the strategic policies.Identify new and expanded revenue sources, as well as ways to assist more classrooms in need.Produce profits of at least 10% per year.     Increase our reach by expanding the range of products and services we offer in order to reach a larger target market. Increase sales in order to increase donations to underserved classrooms. Customer-centered practise with a focus on meeting their total needs for high-quality technologyStrengthen our people’s skills to better support customersDrive innovation to better meet customer demandsMaintaining the drive toward a customer-centric, high-performance workforce and culture; • enhancing our people’s skills to better support customer needs.Fostering innovation and adaptability to change;Increasing the diversity of our workforce.Investigating the use of technology in human resources. Policy and Procedures for Finance Authorization The Policy’s Goal All finance transactions outlined in this policy must be approved by the
BSBOPS502 Manage business operational plans

 designated authorised person prior to the transaction taking place This policy should be read in conjunction with any other relevant finance policies. Procedures Anna Armstrong must approve any finance transactions before they can be carried out. Utilization of a Business Credit Card The Policy’s Goal This policy outlines the procedures for issuing and using business credit cards. Procedures Only after the Credit Card Authorisation Form has been completed will an employee be issued a credit card completed. The business credit card can only be used for travel, approved entertainment, and small purchases up to the value of expenses or equipment. Cash advances on the business credit card are not permitted unless approved by Anna Armstrong. When a business credit card is lost or stolen, the owner must notify the Business Manager, who is responsible for notifying the issuing agency and cancelling the card. The business credit card should not be used for personal expenses. All business credit card holders are required to reconcile the monthly credit card statement to the expense form, attach all receipts for credit card payments, and have the expense statement approved by Anna Armstrong. These documents are to be forwarded to the Business Manager for payment of the credit card once the monthly expense statement has been completed and authorised. Supplier policy change The Policy’s Goal To ensure that the supplier service is aligned with the business objectives, all new suppliers to the business must be reviewed and accepted in accordance with this policy.
Identify potential activities What potential activities are required to address the objectives (at least three per objective)? What are your suggested time frames for each activity? Who will be responsible for the completion of each activity?  Individualized training plans Employees who have been with the company for more than four months are eligible to participate in external training programmes, either individually or in groups. Employees may attend as many training programmes as they wish, as long as they do not exceed the budget and day limit. All trainings should take into account what employees require and how they learn best. As a result, we encourage employees and managers to consider a variety of training methods, such as workshops, e-learning, lectures, and others.     Corporate education programmes: Expert instruction At times, experts (internal or external) may be required, such as: Equal employment opportunity trainingDiversity trainingLeadership training for managersConflict resolution training for employeesTraining new employeesTraining teams in company-related issues (e.g., new systems or policy changes)     Policy on Social Networking Employees of Worlducation must use these forums appropriately and responsibly, particularly when discussing or disclosing any information about Worlducation or their employment at Worlducation. While social networking provides new opportunities to positively impact our brand’s reputation and business growth, it also poses significant business risks when used incorrectly. Failure to adhere to Worlducation’s social media and networking policy, as well as other forms of abuse of social media and networking tools, may result in disciplinary action, up to and including termination of employment. If anything in the policy contradicts local law regarding internet use and data privacy, the interpretation and application of the policy will be governed by local law. Other methods of training Employees and supervisors are both accountable for ongoing education.
 Employees should demonstrate a willingness to develop by seeking instruction and assistance from their bosses. Managers should do the same for their superiors, while also supporting and guiding their subordinates. Employees and supervisors are accountable for determining the most effective approaches to learning. They can experiment with work rotation, job shadowing, and other sorts of on-the-job training (without disrupting daily operations). We also urge employees to exercise their rights to self-paced learning by requesting educational materials and access to other resources within the limits of their budget.
Establish potential human resource requirements For each potential activity in the operational plan, list the human resources required (at least one new human resource should be required). For each human resource: research and summarise information on resource options  and how the resource  may be  sourced (e.g. can internal staff do the job, are consultants required etc.?). analyse options and choose one.explain how the resource will be recruited and inducted following policy and procedure.explain any financial implicationsPolicy and Procedures for Hiring The Employees Recruitment Policy was created to guarantee that Worlducation has the best available staff and volunteers for all open positions. This policy applies to all employees and volunteers other than the CEO. Worlducation is dedicated to serving our community with high-quality activities and services. To assist the fulfilment of this goal, we recognise the necessity of hiring the best candidate for all open roles. Principles Worlducation will ensure that it has the best opportunity to attract the best available workers by extensively promoting any vacant remunerated posts and volunteer opportunities (internally and externally as considered suitable).Worlducation will take all reasonable means to ensure that candidates can be securely entrusted with the tasks of their job. • Worlducation will internally promote any available positions to current employees and volunteers in order to encourage career progression and engagement.Worlducation is committed to providing a harassment and discrimination-free workplace. • All recruitment and selection procedures and decisions will reflect Worlducation’s commitment to equal opportunity by assessing all potential candidates based on their skills, knowledge, qualifications, and capabilities.Age, gender, and marital status will not be considered status, race, religion, physical impairment or political opinions. Responsibilities The CEO (or a delegated authority) is in charge of implementing this policy and monitoring its effectiveness.Managers and supervisors are responsible for ensuring:
(e.g. approval required, amount to be budgeted for etc.). explain any Intellectual Property (IP) requirements, rights and responsibilities linked to the resource.They are aware of and adhere to the recruitment rules and processes;The department’s staffing numbers are set and authorised;Current position descriptions that explain role requirements and selection criteria are available for all roles. It is the Human Resources Department’s job to ensure:All Managers understand their roles in the recruiting and selection process.Managers receive ongoing assistance and direction on recruiting and selection concerns.
 Procedures
 Managers should carefully analyse the position’s needs as well as the main selection factors such as skills, experience, and credentials.
 It is the duty of the relevant Manager if no position description exists for the open post or if it has to be revised.
 Once the new position description or amendments are completed, they should be forwarded to Human Resources and, if necessary, approved by the CEO and/or Board.
 Prior to beginning the recruitment process, the responsible Manager must obtain approval from the CEO / Board or delegated authority and forward it to the Human Resources Officer.
 When a Manager intends to promote an employee who fits the specified selection criteria for the vacant job into an internal vacancy, the appointment must be made in writing.
 Where suitable, Worlducation will publish all positions internally. • If a post cannot be filled internally, it should be marketed through relevant networks, websites, and local employment agencies. The CEO must authorise all advertising. If necessary, the Human Resources Department will create a suitable recruiting advertising for the post and send it to the relevant Manager for assessment and approval. The Human Resources Department will manage the advertising placement and applications received.
 Resumes must be reviewed against the position description by appropriate management so that judgements of suitability for the specific function may be made.
 Applicants who are deemed appropriate will be invited to an interview.
 Former employers and referees must be contacted, and transcripts, credentials, publications, and other certification or documents must be checked.
 If an internal applicant is chosen, the Manager must tell both the
 successful candidate and their manager. If an external applicant is chosen, the Manager must give the candidate a verbal offer. For the winning candidate, the Human Resources Department will create a formal letter of offer.After receiving the candidate’s signed letter of offer, the Human Resources Department is to contact all failed candidates.The Manager is in charge of coordinating with the Human Resources Department to ensure that the essential documents, equipment, and access credentials are provided for the new employee.The Human Resources Department Department will forward an induction kit to the new employee for their completion.
Establish potential physical resource requirements Use the information from your research and knowledge of your work area. For each potential activity in the operational plan, list the physical resources required (identify at least one). For each physical resource: research and summarise information on resource alternatives (e.g. RPA vs human input) analyse options and choose best oneexplain how the resource will be obtained/purch ased following policy and proceduresexplain any financial implications (e.g. approval required, amount to be budgeted for  All of it is changing thanks to robotic process automation (RPA). RPA is assisting IT Ops in dramatically reducing expenses while boosting the quality of service that IT gives customers by replacing older automation technologies and automating the remaining tedious manual operations. Policy and Procedures for Procurement This policy describes how Worlducation conducts its buying operations in order to maximise value, reduce costs, and support corporate initiatives. The policy applies to all personnel who have been assigned the power to buy products, services, and/or work on the company’s behalf. The word “supplier” refers to all suppliers, contractors, and consultants hired by the firm to deliver goods, services, and/or work. Procurement Procedures Goods, services, and/or works must be procured in accordance with the Health and Safety Policy.All procurement operations must examine the environmental effect and value for money over the life of the products and/or services.Ongoing operating expenses, such as the consumption of water and energy, must be considered.   The CFO is in charge of overall procurement, including compliance, and leads business strategies that aid in risk management, optimal spend control, vendor consolidation, and cost effectiveness.Procurement operations should be delivered or managed by the position or Business Unit with the relevant knowledge in that subject, in accordance with the company’s Delegation and Sub-Delegation of Authority.   Principles of Procurement Employees should first determine whether the products and/or services can be obtained through one of the firm’s current preferred or contractual suppliers, or from a
      etc.)supplier who has previously been established to do business with the company. Rather of adding a new provider to the financial system, credit cards are a low-cost and effective way to make one- time or simple price-based transactions with a supplier.Prior to committing the company to the purchase, employees should confirm with the supplier that a credit card is an appropriate means of payment.Consider the aggregate spend throughout the year – if the procurement is for recurring volumes, a fixed term contract should be negotiated to assure favourable pricing, service, and conditions over the long run.
explain any
Intellectual
Property (IP)
requirements,
rights and
responsibilities
linked to the
        
<$2000$2000 – $5000$5000 – $15000$15000 – $30000>$30000
resource (other than those already considered).Value
MethodDirect purchasingWritten quoteMore than one written quote3 or more writtenProposal or tender 
     quotesrequired
 Approva lTeam leaderTeam managerDepartment managerSenior executivCFO 
     e 
Establish potential KPIs For each activity, establish measurable KPIs. Show how you approached establishing the KPIs in a mathematical way using problem- solving. How do the KPIs reflect financial requirements? List ways to monitor the KPIs.A key performance indicator, or KPI, is a quantitative value used to assess how effective an individual or organisation is in meeting a goal. You can have high-level KPIs that look at your company’s overall performance, as well as KPIs that drill down into individual or departmental activities. A key performance indicator (or KPI) is a measure that is one of the most essential indications of an individual’s, department’s, or company’s current performance level in attaining goals. To put it simply, KPI is a measurable indicator that will assist us in determining whether or not we are meeting our objectives.   KPIs give goals for teams to strive towards, milestones to track progress, and insights to assist individuals throughout the business make better decisions.   Measuring and regularly monitoring key performance indicators (KPIs) is best practise for running a successful organisation. The list below discusses 30 of the most regularly used financial measures and KPIs, including formulae and other information for each.   Return on Sales (ROS)/Operating Margin Net Profit Margin Operating Margin Ratio of Cash Flows (OCF) The Current RatioQuick Ratio of Working Capital/Acid Test     The Gross Burn RateAccounts Payable Current Accounts Receivable Payable\sAccountsAverage Invoice Processing Cost Days Payable Outstanding
BSBOPS502 Manage business operational plans

 Accounts Payable Turnover Days of Receivable Turnover Outstanding sales (DSO)Days of Inventory Turnover Outstanding Inventory (DIO)Cycle of Cash ConversionBudget VariationBudget Cycle Time Line Budget Items Number of Budget IterationsRatio of Payroll HeadcountFixed Asset Turnover Return on Assets Sales Growth (ROA)General and SellingInterest CoverageEarnings Per Share (EPS)Debt-to-Equity Ratio List ways to monitor the KPIs. Step 1: Select one or two measurements that directly contribute to each of your objectives.Step 2: Ensure that your metrics match the requirements for a solid KPI.Step 3: Assign accountability for each KPI to particular personnel. Step 4: Monitor and report on the KPIs.
Identify data security issues Identify any data security requirements or issues associated with the activities.This policy complies with national laws and regulations in the countries where Worlducation operates. It is applicable to any material and proprietary information. Information is considered significant if it has the potential to affect financial performance. If information gives Worlducation a competitive edge, it is considered proprietary. This comprises yearly and quarterly reports, press releases, oral communication (with external parties such as analysts, investors, and the media), senior management presentations, and information on the company’s website and intranet. Employees are not permitted to discuss sensitive, non-public issues or developments with outsiders (including family members, relatives, or acquaintances).
 Policy on social networking sites Employees of Worlducation must use these forums professionally and appropriately, especially when discussing or releasing any information about Worlducation or their job at Worlducation. While social networking provides new potential to improve our brand reputation and commercial success, it also poses substantial business risks when handled incorrectly. Failure to observe Worlducation’s social media and networking policy, as well as other forms of misuse of
BSBOPS502 Manage business operational plans

 social media and networking technologies, may result in disciplinary action, including termination of employment. If anything in the policy conflicts with local legislation regarding internet usage and data privacy, the interpretation and execution of the policy shall be governed by local law.
Attach:Proof of policies and procedures relevant to work area and/or operational plan
Proof of financial information and relevant calculations (e.g. budget, graphs)
BSBOPS502 Manage business operational plans

Section 2: Developing an operational plan

Consult with others Summarise the outcomes of your meeting with relevant stakeholders:

  • Which stakeholders did you consult with?
  • Why were these stakeholders part of the consultation process?
  • Were any changes to your suggested activities, resources, timeframes, KPIs and monitoring processes requested?

Describe how you collaborated to achieve joint outcomes.

How did you seek feedback, advice and support?

If not already viewed in person by your assessor, attach proof of the consultation to this section of your portfolio.

Lucas Lopez

CEO Worlducation

Executive Synopsis

Worlducation, founded in 2016, is a social startup that manufactures tablet computers for primary school students. We are not only concerned with hardware, but also with developing software, content, and activities to better engage and educate primary school students.

Worlducation’s goal is to change the way children learn in school by implementing artificial intelligence technology that can track each child’s progress and adjust to their needs as they learn, resulting in the best path learning experience possible. Worlducation envisions a world without illiteracy in which every child learns to read and write. As a result, for every classroom that purchases our product, we donate and train a classroom somewhere else in the world that cannot afford the same technology.

The classrooms are then linked so that they can grow and collaborate throughout the learning cycle.

Every interested stakeholder is an essential component of a single school or the broader educational system. So, in general, all of them are critical for educational professional growth since they may have a good influence or, on the contrary, lead to failure.

Different stakeholders, whether professors, community members, or family members, may dramatically improve children’s educational environments by collaborating and sharing their ideas, objectives, and plans.

  • There were no changes to your suggested activities, resources, timeframes, KPIs and monitoring processes requested.

Worlducation has a complicated supply chain that starts with a sale, which is normally done through a sales representative or an online inquiry handled by the sales team. An internal Enterprise Resource Planning System (ERP System) tracks sales and alerts the operations team when an order has to be delivered. The operations team checks the sales order and authorises delivery of a production request to a Hong Kong facility. The Hong Kong manufacturing team takes note of the order requirements and delivery information and includes it into its production schedule. The order is produced, and the operations staff arranges for freight and shipping to the

Develop an operational plan.

  ObjectiveActivity/ strategy to achieve objectivePerson responsib le for completio n  Timeline  Resource s required  KPI  Budget
      Objectiv e selected from strategic plan        Activity required to realise objective    Person responsib le for the activity’s successf ul completi onWhen must the activity be complet ed by or during which period is it to be complet ed    Human and physical resource s required to complete activity      KPI to measure and monitor success of the activity 
“increase sales to increase donations to needy classroomsCreate an online advertisemen t for the new product (quoted price of $25000).    in-house trainer  3 months    am advertising consultant  Budget Variation    >$30000
 Schedule a live demonstratioin-house trainer3 monthsam advertising consultantBudget Variation$5000 – $15000
 n for current     
BSBOPS502 Manage business operational plans

  ObjectiveActivity/ strategy to achieve objectivePerson responsib le for completio n  Timeline  Resource s required  KPI  Budget
 customers.     
Design a     
rewards     
programme     
to recognise     
schools based on the number ofin-house trainer2 monthsam advertising consultantBudget Variation$5000 – $15000
downloads.     
 Teach sales  Internet  
 staff how to use the new product.  in-house trainer  3 monthsRelevant resource material such asGeneral and Selling  $5000 – $15000
    books.  
 Arrange for school visits  in-house trainer  3 months  In-house trainerGeneral and Selling  $2000 – $5000
“strengthenA     
the skills of our people, to bettersponsorship programme     
supportto foster     
customers”personal     
 relationships among the less  in-house trainer  3 months  In-house trainerGeneral and Selling  $2000 – $5000
 fortunate chil     
 dren and     
 salespeople     
BSBOPS502 Manage business operational plans

Develop a contingency plan.

Activity/strateg y to achieve objectivePotential risksPlanned Response
Activity  
required to realise objectiveRisk associated with the activityHow you will mitigate the risk
  When dealing with us, individuals have the option of
Create an online not identifying themselves or of using a pseudonym.
advertisement for In some cases, if you choose not to provide the
the new product (quoted price of  privacyrequested information, we may be unable to provide certain services.We do not provide this option when it
$25000). is impractical to do so or when Worlducation is legally
  required to only deal with identified individuals.
Schedule a live demonstration for current customers.  Personal information use and disclosureWorlducation collects, uses, and discloses personal information for the primary business purposes stated above, as well as for related management purposes.
Design a rewards programme to  Personal information use and disclosure  Worlducation collects, uses, and discloses personal
recognise schoolsinformation for the primary business purposes stated
based on theabove, as well as for related management purposes.
number of 
downloads. 
  Teach sales staff how to use the new product.        Marketing materialWe will only do this if we collected the information and one would reasonably expect us to use or disclose the information for that purpose, or if consent to receiving such communications has been given.
    Arrange for school visits        Personal information storage and securityWorlducation takes reasonable precautions to safeguard personal information against loss, unauthorised access, modification, disclosure, interference, or other misuse. Electronic access restrictions for electronic files containing personal information, securing paper files containing personal information in locked cabinets, and physical access restrictions are among the steps taken.
A sponsorshipDigital securityOnly use input devices such as thumb drives or other
BSBOPS502 Manage business operational plans

programme to foster personal relationships among the less fortunate children and salespeople       external memory devices if they come from a reliable source. 
     Approve plan Follow organisational policies and procedures to seek approval for your operational plan: Who will you seek approval from?How will you seek approval? Attach proof of approval (e.g. minutes of executive  team meeting, draft email) to this section of the portfolio.An successful manager produces the operational plan in collaboration with people who will put the plan into action, or who may be influenced by or have a stake in its execution. Consultation with key stakeholders before making big choices is crucial to the success of your operational strategy. As you design your strategy, the following steps in how to develop an operational plan should be included: Create a strategy plan. Prioritize your objectives. Make use of leading indications. Employees, employee representatives, or labour organisations Coworkers and/or managers at the same or higher levelSenior managers and/or your supervisor A business plan’s operations section elaborates on the company: Objectives. Timeline. Procedures.
 Document resource requirements Document the resource requirements (following organisational policy and procedures). Attach proof to this section of the portfolio.Terms for Suppliers     All supplier purchases must be accompanied by a purchase order.     Payment terms for all suppliers must be reviewed at least once a year by the Business Manager.   Payment terms for suppliers must be at least 30 days.   Any changes to the foregoing must be approved by the Business Manager.     All supplier payments must be reviewed quarterly to ensure that payment terms are met.     to. For payments made to any suppliers before or after the agreed-upon deadline
BSBOPS502 Manage business operational plans

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