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BSBMGT617 Develop and Implement a Business Plan

ASSESSMENT 3

BSB51016 Advanced Diploma of Leadership and Management

 

FINAL ASSESSMENT COVERSHEET

Please ensure this form is fully completed prior to submitting.

This page should be on the front of your assessment and needs to be easily accessible.

 

Student Number:  
Student Name:  
Subject: Advanced diploma of leadership and management
Course: Develop and implement a business plan

 

 

 

STUDENT DECLARATION

I hereby certify that:

 

  1. This assessment task is my own work based on my personal study/research and not the work of another student and/or source.
  2. I have acknowledged all material and sources used to prepare this assessment task.
  3. I have not plagiarised or copied any part of this assessment task from the work of any other student or source either. (I know the penalties for plagiarism include $200 re-assessment fee)
  4. This assessment task has not previously been submitted.
  5. I am aware of the requirements set by my Trainer & Assessor.
  6. I have retained a copy of this assessment task for my own records.
  7. I have completed all my assessments, tasks & activities (on Moodle®) successfully.

 

Student’s Signature: _____________________ Date: ___08/02/2020______

Wentworth Institute RTO Code: 91178        November 2017 Version: 1.0

 

 

Student instructions

This assessment must be based on where you work (or have worked most recently).

This Assessment is designed to test the knowledge that you have acquired throughout the unit. Use the following tips to help you answer the questions:

Read each question carefully. Check with your trainer or assessor if you are not sure what the question is asking.

HINT: Use these questions as subheadings to create a business style report to answer your assessment

Your response to each question should aim to provide enough information to answer the question. In most cases, this can be done with just a few paragraphs. Don’t forget to refer to attachments under the heading (question) applicable, e.g. ‘See attached email’.

Important: Your assessment must contain this coversheet and your own coversheet (for your “report”)

Your answers & assessment submission must professional in style (Business), content and format. Maximum font size 11 points: Font Arial or Times New Roman; single spacing; clear paragraphs with appropriate punctuation, spellchecking and final submission will need to be proof-read. (i.e. few missing words or typo’s)

In particular:

– Use clear, non-discriminatory language

– Avoid the use of jargon

– Write clearly using plain English

– Consider your target audience

– Ensure that your responses meet the needs of the target audience (in this case your trainer or assessor).

All of your work must be original.

Performance Evidence

 

Evidence of the ability to:

 

  • analyse and research business vision, mission, values, objectives, goals, competitors, financial targets, management arrangements, marketing approaches and strategic, business and operational plans
  • write a business plan which includes a description of the business, products and services, financial, physical and human resource requirements, permit and licence requirements, marketing activity, financial indicators, productivity and performance targets for key result areas
  • implement a business plan including ensuring skilled labour is available, and that training is provided where appropriate
  • monitor and respond to business performance including evaluation of performance against key results indicators including profit and loss, community awareness or branding, environmental impact, governance, quality, sales, triple bottom line and the workforce
  • consult, communicate with and report to key stakeholders including business partners, financiers, customers, staff and technical advisers
  • provide an analysis of the strengths and weaknesses of a business plan.

 

Knowledge Evidence

 

To complete the unit requirements safely and effectively, the individual must:

 

  • outline processes for developing business plans
  • describe performance objectives and measures including key performance indicators
  • identify key stakeholders.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Marking and Criteria guide:

 

Assessor and student must read this carefully before assessment.

 

–              All parts of the assessment must be completed successfully in accordance with the guidance provided in the Marking guide for the student to achieve competence in this unit.

–              Students & assessors must note that professionally critical aspects/concepts must be included (e.gDevelopment of key result areas and key performance indicators and standards, coupled with regular and timely coaching and feedback, provide the basis for performance management).

All parts (criteria: e.g. meetings, role plays, performance action plan and written report.) in the marking guide must be completed successfully for the student to achieve competence in this unit.

 

EDUCATOR to complete 

 

Observation/assessment Satisfactory

Not Yet Satisfactory

Comments
Pre-assessment work completed
All assessments, tasks & activities (on Moodle®) successfully    
Third Party Report
Third Party report Handed In (in person)    

 

 

 

Observation/assessment Satisfactory Not Satisfactory Comments
Pre-assessment work completed
All assessments, tasks & activities (on Moodle®) successfully    
 

Assessment 3 Part  1 – General Knowledge – Business Plan Components

1.         The student has explained why the need to develop a business plan and provided 4 reasons NS Please explain the points
2.         The student has listed the main components of a business plan. S Listed the main sections of business plan
3.         The student has explained how internal and external influences can impact upon business planning? NS Student needs to explain how the internal and external factors impact. Not just to provide the factors.
4.         The student has listed 3 Financial statements to include in the Financial section of the business plan S List all the three financial statements.
5.         The student has explained the role of the human resources in the business plan. S Good work
6.         The student has explained what a break-even analysis is and how is it used. NS Please explain what BEP is and how it is used in business.
7.         The student why it is important to consult with stakeholders about the business plan NS Need to provide the reason in regards to business plan.
Assessment 3 Part 2 – Monitoring Performance – Research and Reports
1.    The student has described what is meant by performance measurement S Good Work.  
2.    The student has explained why it is critical for a company to measure its business plan performance. S Well explained .  
 

3.    The student has defined what performance management is?

S Defined well.  
4.    The student has listed and explained 3 examples of quantitative performance measures an organization can use to monitor and measure its performance? NS Needs to explain the quantitative performance measures.  
5.    The student has described the role of benchmarking in performance measurement S Explained the benchmarking.  
6.    The student has explained why is it necessary to test performance measurement systems? S Reason for benchmarking has been stated.  
7.    The student has What elements should be considered when designing reports NS Needs to explain the elements.  
8.    The student has provided some common reasons for business systems failures, and has listed and explained 3 failures that can occur NS Please explain the reasons.  
9.    The student has defined some common reasons for product / service failures, listed and explained 3 failures that can occur NS Please explain the reasons.  
10.  The student has outlined and explained how reports would assist in identifying systems failures, product failures and variances to the business plan NS Please refer to the source.  
11.  The student has briefly explained what a variance is S Good work.  
12.  The student has explained

why it is important to take timely action when variances occur?

NS Needs to elaborate.  
13.  The student has described what action they would take if they felt the performance indicators were not appropriate NS Needs to elaborate.  

 

 

 

 

Assessment 3 Part  3 – Responding to performance data

 

1.       The Student has explained the term performance exception and provided three examples of where performance exception can occur when evaluating performance NS Needs to explain more on performance exception
2.       The student has listed three types of corrective actions that can be used to improve performance exception S Corrective actions provided
3.       The student has explained the term performance highlights and given three examples of where performance highlights can occur: S Good work.
4.       The student has outline when managing underperformance, it is important to identify the performance gap and described three methods / processes of determining performance gap needs NS Needs to explain the methods
5.       The student has researched and provided three ways they can use to evaluate an organisations systems and process NS Needs to explain
6.       The student has developed a SWOT analysis for the place – organisation where you work or are familiar with (in this case do not use Win College) – please provide the correct SWOT analysis quadrant format NS Good work but needs to provide more weaknesses and threats.
7.       The student has developed a review a monitoring tool for their own workplace or a business they are familiar with

 

They described how they will use the tool, including how often.

The student also includes:

a)       How they will implement and train their team or co-worker’s about the tool

 

b)       How they will monitor the results

 

c)       What they will do about unsatisfactory performance

NS Complete the answer a, b, c and elaborate on balanced scorecard
Assessment 3 Part 4 – Business Planning
8.       The student explained what a Gantt chart is and why it is important S Explained well
9.       The student briefly describe how a Gantt chart is used S Good Work.
10.   The student listed 5 benefits of using a Gantt chart S Good Work.
11.   The student completed the practical exercise where they developed a Gantt chart based on the scenario provided NS Needs to provide the Gantt chart .

 

 

 

 

Practical Checklist

 

Assessor to complete:

 

Did you observe the student? Yes / No

 

 

Further comments required

 

Assessor Comments

 

Student has done well but needs to refer to above comments to complete the assessments as per the requirements. Student needs to explain the answers by providing specific information.

 

 

Resubmission required       Yes_________ No___________

 

Date resubmission must be handed in:  ________________________

 

Assessor’s name and signature:

 

Date:  __12.05.2020_______________________

 

 

 

 

 

 

 

 

Assessment 3 Part  1 – General Knowledge – Business Plan Components

 

 

 

  1. Why develop and produce a business plan, list and explain at least 4 reasons.

 

 

Four reasons are: 1.Allow communicating a clear vision to others to meet the goals 2.Raise money for the business 3.Help in making sound decisions 4.Communicate ideas with stakeholders

 

  1. List the main components / sections included in a business plan?

 

The main components included in the business plan are executive summary, company description, market analysis, competitive analysis, explanation of management, breakdown of products or services, marketing plan, sales strategy, and financial projections.

 

  1. Explain how internal and external influences can impact upon business planning?

 

Internal influences include the factors on which business has control such as management, business culture, and resources. External influence impacts the business planning economically, socially, geographically and financially as the business has no control over such factors.

 

  1. List at least 3 Financial statements to include in the Financial section of a business plan

The three financial statements included in the financial section of the business plan are the income statement, the cash flow statement, and the balance sheet. The section demonstrates the analysis of all the statements.

 

  1. Explain the role of the human resources in the business plan?

 

Human resource plays a vital role in the business plan by ensuring that the executives focus on the vision as well as values of the organization. HR is responsible for hiring an effective team for accomplishing business goals and enhance productivity along with performance.

 

  1. Explain what is a break-even analysis and how is it used?

 

Break-even analysis refers to the approach used by every organization to identify the relationship between cost and revenue at a diverse level of output. It is used by production management and accountants for comparing the total variable and fixed costs with sales profit to determine the volume of sales at the break-even point.

 

breakeven analysis is a financial tool that helps you determine at which stage your company, service or product will be profitable. It’s a financial calculation for determining the number of products or services a company should sell to cover its costs, especially the fixed costs.

 

  1. Explain why it is important to consult with stakeholders about the business plan?

 

It is significant to consult with stakeholders about the business plan because it involves the development of productive relationships over the long-term and thus, obtain mutual benefit.

 

Assessment 3 Part 2 – Monitoring Performance – Research and Reports

 

 

  1. Describe what is meant by performance measurement?

 

Performance measurement is meant as the process used to collect, analyze, and report information regarding the performance of a team or individuals. It is an effective way of tracking progress in the company.

 

  1. Explain why it is critical for a company to measure its business plan performance?

 

It is critical for the company to measure the business plan performance to determine the progress and success of the business plan against the desired goals and provide protection from other organizational or financial issues.

 

 

  1. Define what performance management is?

Performance management is defined as the process to ensure that a set of actions, as well as outputs, meet the goals of the organization efficiently. It focuses on the performance of employees and organizations to manage the tasks.

 

 

  1. List and explain 3 examples of quantitative performance measures an organization can use to monitor and measure its performance?

1.Key performance indicators     2.Employee performance metrics    3.Balance scorecard

 

  1. Describe the role of benchmarking in performance measurement

 

 

Benchmarking refers to the process used to measure the performance of products or processes of the company. The role of benchmarking in performance measurement is to identify the best performance that the company could achieve and determine the gaps in the processes to accomplish competitive benefits.

  1. Explain why is it necessary to test performance measurement systems?

 

It is necessary to test the performance measurement system to ensure the efficiency of the system and, thus, improve both the productivity and performance of the business.

 

  1. What elements should you consider when designing your reports?

 

Different elements need to be considered when designing reports which contain abstract, background, problem statement, criteria, implementations, recommendations, and conclusion.

 

  1. What are some common reasons for business systems failures, list and explain 3 failures that can occur?

 

Some common reasons for business system failure include lack of concrete business system, lack of transparency, ineffective leadership, lack of personal growth, and ineffective communication. Three failure that can occur in business are the following: 1.Intellectual failure that can occur at the time of launching a new product for the business due to lack of experience and skills. 2.Complex failure may occur during the occurrence of problems that have never arisen before.  3.Preventable failure occurs due to a lack of knowledge and ability and allows them to continue learning

 

  1. What are some common reasons for product / service failures, list and explain 3 failures that can occur?

 

Some common reasons for product failure involve a lack of uniqueness, poor timing, product deficiency, and poor planning. Three failures that can occur and lead to customer service failure are: 1.Obsolete product 2. Failed to communicate with consumers  3.Failed to fix the problem quickly

 

  1. How would the reports assist you to identify systems failures, product failures and variances to the business plan?

 

Reports assist in identifying system failure, product failure, and variances to the business plan by collecting as well as recording information and specifying crucial factors.

 

Please refer to the source

https://aspire-solidus-production.s3-ap-southeast-2.amazonaws.com/assets/BXMGT617/samples/BXMGT617.pdf

 

  1. Briefly explain what a variance is.

 

Variance refers to the distinction between budgeted and actual costs incurred in the business. It aids in managing the budgets by controlling the costs of the business.

 

  1. Why is it important to take timely action when variances occur?

 

It is important to take timely action when variances occur to improve the situation and control the budget.

 

  1. What action would you take if you felt the performance indicators were not appropriate?

I would take various actions such as to monitor and deploy suitable performance metrics for the business.

 

 

 

Assessment 3 Part  3 – Responding to performance data

 

 

  1. Explain the term performance exception and give three examples of where performance exception can occur when evaluating performance?

The term ‘performance exception’ is the practice used to examine the operational outcomes of the business. Performance exception can occur in various areas such as supervision of work, the accuracy of work, and attendance at work.

 

  1. List three types of corrective actions that can be used to improve performance exception.

Three types of corrective actions to improve performance exception are positive discipline, Identification of behavior, and effective training.

 

  1. Explain the term performance highlights and give three examples of where performance highlights can occur?

The term ‘performance highlights’ shows the progress throughout key performance indicators aligned with business strategy and highlight guiding principles based on the financial year. Performance highlights can occur in job performance, business processes, and managerial performance.

 

  1. When managing underperformance is important to identify the performance gap describe three methods / processes of determining performance gap needs?

Three methods of determining performance gap needs comprise 360-degree feedback, observations, and focus groups.

 

 

  1. Research and provide three ways you can use to evaluate an organisations systems and process

Three ways can be used to evaluate the organization system and processes are:1.Identification of the legacy technology systems influence the processes 2.Identification of the major processes contribute to secret ideas of the company  3.Documentation of business goals and activities

 

  1. In order to effectively review an organisation’s systems and processes, a detailed analysis must be completed. There are many tools available to help with this process including completing a SWOT analysis, develop a SWOT analysis for the place – organisation where you work or are familiar with (in this case do not use Win College) – please provide the correct SWOT analysis quadrant format.
Strengths Weaknesses
·         Contain a wide number of loyal consumers

·         Consistent innovation of products

·         The strong legacy of the brand

·         Less presence in the B2B market
Opportunities Threats
·         Enter into a different market

·         Develop innovative products

·         High threat from rivals

 

  1. Develop a review for a monitoring tool for your own workplace or a business you are familiar with (in this case do not use Win College).

 

Review for the balanced scorecard used in Apple Company

The monitoring tool helps the firm in innovating products and elevating performance and, thus, increases the ability to make better decisions. It raises customer satisfaction and enhances shareholder value.

 

  1. Describe how you will use the tool, including how often.

 

Different steps need to be taken to implement the tool which contains an organizational assessment, strategy maps, automation, and many more. The team will be trained by aligning the work with the strategy. The results will be monitored by reviewing the work and measuring the performance. I would effectively deal with unsatisfactory performance and consider the need for improvement.

 

Also include:

  • How will you implement and train your team about the tool?
  • How you will monitor the results
  • What will you do about unsatisfactory performance?

 

 

 

Assessment 3 Part 4 – Business Planning

 

 

  1. Explain what a Gantt chart is and why it is important?

A Gantt chart is referred to as the horizontal bar chart that represents the project plan of the business. It is important because it helps in planning as well as scheduling projects. It is also used as a project management tool to set a timeline to evaluate the progress of the project during the process of project management.

 

 

  1. Briefly describe how a Gantt chart is used?

Gantt chart is used by considering all the components such as dates, tasks, bars, milestones, arrows, taskbars, line makers, task ID and resources. It is developed with a horizontal axis that represents the total period of the project and the vertical axis that displays the tasks of the project.

 

  1. List 5 benefits of using a Gantt chart.

Five benefits of using Gantt chart are listed below: 1.Easy to schedule the tasks and understand the time frame  2.Easy to identify the resources required for the project  3.Allows to break big projects into small tasks to manage easily 4.Assist in improving communication and team cohesion  5.Aid in measuring the progress of the project

 

 

  1. The following is a practical exercise where you are required to develop a Gantt chart.

 

Scenario

 

Bondi Tea Company.  An organisation already selling herbal teas to supermarket chains in Australia, decides to launch their new brand of iced teas. It is a different product. They want to be selling 50, 000 units per week by the end of December (summer). They will do a huge advertising campaign on the radio, in print media and TV.

 

The reps will have to be trained in selling iced teas (different type of product as they are short term impulse buys) as well as their normal herbal tea lines.

 

There are also sales expectations to justify the massive spend for this plan.

 

Your task is to research and create a Gantt chart timeline for the above scenario

 

.

 

Activities Week 1 Week 2 Week 3 Week 4
Launch the product        
Advertising campaign on TV and print media        
Provide training to reps        
Raise sales expectations        

 

 

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