Back to Business Project

Back to Business Project

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................4
Case Study...................................................................................................................................4
Short answers:..............................................................................................................................4
TASK 1: Consider the need for change-......................................................................................9
TASK 2: Working with team to introduce innovation-.............................................................10
Minutes of meeting....................................................................................................................10
TASK -3.........................................................................................................................................12
Things that are not going well and how to deal with these, including activation of contingency
plans...........................................................................................................................................12
Communication and two-way feedback....................................................................................12
Any changes that need to be made to the original plan.............................................................13
Reflection...................................................................................................................................13
Task 4.............................................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Business project's main purpose is to achieve the objectives as well as the goals of the business
which aligned by the business strategy of the company. The business projects are known by
many names such as internal projects, administrative projects or the functional projects. This
projects when effectively run, it helps each and every part of the business to run smoothly and in
efficient manner. The Toll Logistics company of warehousing is the part of The Toll Group
which is the Australian based. The Task 1 of this business project will discuss the changes in the
team for improving the performance and the Task 2 will discuss the working with the team to do
innovation. Along with this, the Task 3 will discuss the implementation plan and the Task 4 will
discuss the evaluation of innovation and the improvements.
MAIN BODY
Case Study
Notes of Brainstorming:
The meeting will be conducted for the discussing the increasing costs of the new machinery and
it has been found that the innovation was not proved effective for the company. The meeting
will help ion promoting and encouraging the employees for being creative and innovative for
developing the sustainability. Working effectively with the team by critically thinking the
innovative idea for the improvements which will lead to success for the Toll Logistics

warehousing company.
Short answers:
Question Answer
1.
How is a cost-benefit
analysis performed?
How does this differ
to a cost-effective
analysis or a cost-
utility analysis?
Cost-benefit analysis can be performed by
following the four steps such as
 Brainstorm benefits and costs
 Assigning monetary value of the
costs
 Assignment of monetary value to the
benefits
 Comparing the costs and the benefits
The major difference between the cost-
benefit analysis and cost-effective analysis
as cost-benefit helps in understanding the
financial sense of long run and cost-effective
compares the outcomes of the relative costs
(De Rus, 2021). ☐ Satisfactory
2. A) Define and
describe what is
meant by “creativity”.
How does it apply to
innovation and
continuous
improvement in 50-
100 words?
Creativity can be described as the ability of
the individual for generating or recognizing
the best ideas and the alternatives for the
communicating with others and many more.
Creativity is the active process which is very
mandatorily involves in the innovation and
this leads to make the improvements
effectively in the organization as well as the
for the individual as well. ☐ Satisfactory
B) Perform some
research and choose
two innovation
theories. For each one
you have identified,
explain its key
concepts and
application in business
in 50-100 words each.
Theory 1: The Diffusion of Innovation
Theory
Concept: This theory describes the speed
and the pattern at which the new generated
ideas, products as well as the practices
spread through the population.
Application in Business: This theory helps
the marketers to understand the occurrence
of the trends, assessing the likelihood of the
success of their new launch and introduced ☐ Satisfactory