BSBOPS502 Otgonbaatar Task 1

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Lonsdale Institute *

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Management

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Feb 20, 2024

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docx

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1. List the stakeholders and key information sources involved in development and management of operations plan. including, colleagues and specialist resource managers A stakeholder has a vested interest in a company and can either affect or be affected by a business' operations and performance. Typical stakeholders are investors, employees, customers, suppliers, communities, governments, or trade associations. 2. In relation to stakeholders, what are escalation points? Escalation points are the components of an escalation that represent a monitored condition or threshold, such as measuring elapsed time. To activate an escalation, we must associate at least one action with an escalation point. 3. Explain consultation processes. The process of consultation is an extremely important concept in the context of managing an organisation. Organisations exist to create value for stakeholders and consultation is a process by which the management of the organisation aims to better understand the needs, wants and expectations of stakeholders, so that value can be created. Consultation is an active process in which organisation management opens formal and informal communication channels between the organisation and its stakeholders. These formal and informal communication channels might include: Open meetings e.g. stakeholders are invited to come to an open meeting or a series of meetings Surveys e.g. stakeholders are invited to complete a survey (paper or online type) Focus group e.g. a select cross-section of stakeholders, small in number, are invited to attend a meeting or series of meetings Invitation to send a written response e.g. stakeholders are invited to submit comments in writing on a proposal or plan Informal meetings e.g. organisation management might mingle with people at an event a canvass certain ideas and see what response they get The purpose of consultation is three-fold: To invite stakeholders to provide advice to the management of the organisation about their needs, wants and expectations. In other words, tell the organisation what value it wants and how it can provide this value. To invite stakeholders to comment on plans that have been created by organisation management to provide this value requested by stakeholders. To quell any criticism that organisation management have not taken account of, or are not listening to the needs of stakeholders in developing strategic and operational plans.

There is a widespread view that if a plan is conceived without proper consultation with stakeholders then it has far less chance of successful implementation. There is a clear need for anyone responsible for the formulation of a plan to consult with all persons who will be affected by the plan. For example, a budget for any area of organisation operation should not be set without consultation with people who work in that area of operation. Likewise, management should not construct a plan for a new sport program without consultation with people who likely be program users. Setting an Operational Plan without consultation disadvantages the organisation because: A lack of consultation fails to take advantage of all available knowledge and expertise A lack of consultation makes people feel left out and creates negativity toward the emerging plan. 4. Explain the content of operational plans. Operational planning is a key component of the annual strategic planning process that provides a link between the department’s strategy and the day- to-day efforts of its people. Operational Planning:  Outlines the actions necessary to accomplish the goals and objectives in the Strategic Plan  Creates a set of annual plans for governance, adjudication and administration entities  Establishes performance measures to track progress against actions  Aligns actions to budget  Purpose of Operational Planning  Helps managers identify organizational priorities and capabilities  Establishes tasks, performance expectations, schedules, milestones, and resource needs  Focuses departments to organize resources against performance targets Whatever operation needs a solid plan, there are five major components to focus on: Preparation, marketing, logistics, human resources (HR) and financial limits. 5. Explain the budget and the actual financial relating to profit and productivity.

A budget is a financial plan for a specified period. It is an estimate of expenses a party will incur, usually broken out by category, for the purpose of providing a roadmap that the party should follow. Budgets can be for a person or for a business. The former type of budget can be as easy as maintaining a daily tally of income and expenses. The latter can be a relatively complex construction, depending on the business establishment or company. Regardless of the budget type, the basic process to create one remains the same. It consists of analyzing expenses and matching them to existing or future income sources. While budgets are useful for individuals, they are necessary for larger entities such as corporations and governments which require coordination between multiple people and initiatives. Budgets are essential to goal setting. These goals can be personal or professional. 6. Reflect on the methods used for preparing operational plans and contingency plans. Contingency planning isn't just about major crises and natural disasters. It can also prepare us for more commonplace problems, such as the loss of data, staff, customers, or business relationships. That's why it's important to make contingency planning a routine part of the way we work. There are two types of operational plans: standing plans and single-use plans. A contingency plan is a plan for a “what if” scenario that could ruin your project or business. A simple example of a contingency plan is to back up all website data in case a website gets hacked. 7. Discuss the role of an operational plan in achieving an organisation’s objectives. An operational plan is a practical document which outlines the key activities and targets an organisation will undertake during a period of time, usually one year. It is often linked to funding agreements as well as being linked overall to the organisation’s strategic plan. An operational plan outlines the activities and targets which the organisation will carry out in order to work towards achieving the aims and objectives set out in the strategic plan. It provides the framework for an organisation’s day- to-day operations. An operational plan usually covers a one year period. Your strategic plan should be supported by annual operational plans which ensure the strategic plan is effectively delivered. These will often be developed by senior staff members (where there are paid staff) but must be approved by the management committee. On the basis of reports against the SMART

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