Task 1

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Torrens University - Melbourne *

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FIN600

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Management

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Feb 20, 2024

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docx

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Diana Acevedo Garcia ASSESSMENT TASK ONE Short Answer Questions 1. Explain the concept of ‘self-appraisal’ and how it can contribute to a performance review. (in 60 to 80 words) Self –appraisal is effectively a self-performance review which can then be used as an integral part of performance appraisal. Self-appraisals are normally carried out by employees individually evaluating their performance by filling out a form template or set of questions. 2. Explain the concept of ‘peer appraisal’ and outline one (1) benefit of peer appraisal. (in 50 to 70 words). Peer appraisal is a type of feedback system in the performance appraisal process. The system is designed to monitor and improve the job performance. It is usually done by colleagues who are a part of the same team. a benefit of peer appraisal Provides insight and knowledge as workers are often in the best position to appraise a colleague’s performance. - Encourages a more inclusive team dynamic as colleagues gain a deeper insight into the challenges their colleagues face. 3. Outline three (3) benefits of planning work. 1. Organizing your working time can significantly reduce the risk of work stress and strain at work. A healthy working environment means a better approach to work. 2. It gives you reliable foresight of budgets When done effectively, proper planning can help estimate what will cost in time or money to complete projects. 3. It boosts up your productivity The more your focus increases, the more results you achieve when you work. As you mark your tasks “COMPLETE,” you prize yourself, and your brain actually acknowledges another success. 4.Identify what each of the letters in the acronym ‘SMART’ represent. (in 80 to 100 words) ● Specific: Well defined, clear, and unambiguous ● Measurable: With specific criteria that measure your progress toward the accomplishment of the goal

Diana Acevedo Garcia ● Achievable: Attainable and not impossible to achieve ● Realistic: Within reach, realistic, and relevant to your life purpose ● Timely: With a clearly defined timeline, including a starting date and a target date. The purpose is to create urgency. 5. What is the ‘Pareto Principle’? (in 40 to 50 words). The Pareto Principle, or 80/20 Rule, is a theory that people commonly use in business. It maintains that 20% of the items in a company or system account for 80% of the effect. For example, of a company’s 100 products, twenty are likely to represent 80% of profits. The Pareto Principle does not only apply to good things. It can also apply to undesirable situations or events. For example, in business, about 80% of all customer complaints relate to 20% of the products. Twenty percent of all computer bugs in existence at any one time are responsible for 80% of crashes. 6. Identify five (5) signs of stress. ● Isolation or loneliness ● Depression ● Agitation ● Moody ● Overwhelmed ● Other mental health issues 7. Explain the concept of ‘work-life balance’. (in 40 to 50 words) Work-life balance is a concept that describes the ideal situation in which an employee can split his or her time and energy between work and other important aspects of their life. Achieving work-life balance is a daily challenge. 8. Identify five (5) strategies that can be used to manage stress and achieve a healthy work life balance. ● Changing the way to communicate and operate our daily life. Express your feelings instead of bottling them up. Be willing to compromise but be more assertive. Manage your time better. ● Reframe problems. Try to view stressful situations from a more positive perspective. Look at the big picture. Take perspective of the stressful situation. Focus on the positive; this simple strategy can help you keep things in perspective. ● Take a break from a stressor,even 20 minutes of self-care is helpful.

Diana Acevedo Garcia 9. Describe one (1) possible negative effect of technology on work-life balance. (in 40 to 50 words). technology appears to affect the health of children and teens.Research has linked too much screen time or low-quality screen time to:behavioral problems, less time for play and loss of social skills and obesity. 10. Identify three (3) strategies that a business can use to ensure their employees maintain a healthy work-life balance. 1. Provide flex hours including seasonal hours Communicate to your staff that you don't have a daily punchclock, although you do expect them to show up and get their work done (and it's their responsibility to finish their tasks within whatever time is allotted for them). You might also want to consider implementing "summer hours" where employees only have to work half-days on certain Fridays (this goes over really well on holiday weekends!). You may be surprised at how motivated employees are to work harder - and better - when they're allowed to dictate their own hours. 2. Provide laptops and equipment to make working from anywhere possible. 3. Have a conducive office setup. 4. Team-building exercises 11. Identify five (5) ways to develop new work skills. a. Find The Learning Opportunities Internally b. Internships c. Work With a Mentor d. Make Friends (Network) In Other Departments e. Raise Your Hand For New Challenges 12. Identify two (2) ways to more effectively manage time at work. ● Make a to-do list at the end of each day: To-do lists are predominantly motivating because it gives a clear idea of what is to be accomplished each day. The best time to make a to-do list is at the end of each day so that you

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