Operational Plan and Business Performance Assessment

PROJECT
PROPOSAL

Table of Contents
INTRODUCTION...........................................................................................................................4
ASSESSMENT TASK 1.................................................................................................................4
1. Purpose of Strategic and Operational Plans & role of latter in achieving organisational
goals........................................................................................................................................4
2. Outline the information that is usually included in an Operational Plan...........................5
3. Explain a typical process for developing an Operational Plan...........................................5
4. Explain the purpose of a budget.........................................................................................5
5. Explain a typical budgeting process...................................................................................6
6. Explain the purpose of key performance indicators...........................................................6
7. Discuss four approaches to developing key performance indicators.................................7
8. Balanced scorecard as alternative approach to measuring performance through KPIs......7
9. Explain the concept of benchmarking as a way of assessing business performance.........8
10. Provide a definition of a PCBU and outline their key responsibilities.............................8
11. Outline the aim and scope of the Fair Work Act 2009.....................................................9
Assessment Task 2: Develop operational plan project....................................................................9
1. Operational Plan...............................................................................................................10
2. Risk Management Plan.....................................................................................................11
3. Email to senior management team...................................................................................13
4. Consultation on draft plans...............................................................................................14
5. Updated operational plan and risk assessment plan.........................................................14
6. Email to the senior Management Team............................................................................15
Assessment 3: Manage Acquisition of Resources.........................................................................16
Implementation of strategies for recruitment of staff members...........................................16
Email to the CEO..................................................................................................................17
Email to the Human Resource Manager...............................................................................18
Implementation of strategies for purchase of equipments....................................................18
Email to the Administration team.........................................................................................19
Assessment 4: Operational Planning, Monitoring and Review Project.........................................21
Email memo to all the staff members...................................................................................21
REFERENCES..............................................................................................................................22

INTRODUCTION
Operational plan mainly consist of detailed plan that clearly specifies how each and every
team of the company will execute their work and attain their respected objectives in quicker
manner. Operational plan is generally developed to monitor daily based organisational tasks
which help them out in improving their business performance in quicker manner. It is highly
important for business managers to manage overall operational plan so that they can handle all
situation related to operational work and continue their work in the same manner in appropriate
form. Through the effective management of operational plan, an entity is able to ensure smooth
flow of business operations. This implies enhancement in the scope of timely achievement of
corporate goals and objectives. Recruitment & selection, financial data, equipments purchase are
all important components of operational plan of a college campus.
The present report is mainly divided into four assignments. In the first assignment questions
associated with operational plan and other associated work will be addressed. In the second
section, development of operational plan project will be performed. The next 3 sections are based
upon King Edward VII College which is based in Melbourne CBD. The college is facilitating
expansion to pursue growth. It is opening two new campuses within Sydney and Brisbane. The
next 3 tasks are based upon this scenario only. In section two, management acquisition of
resources will be addressed. In the last assignment, Operational planning monitoring and review
project will be done.
ASSESSMENT TASK 1
1. Purpose of Strategic and Operational Plans & role of latter in achieving organisational goals
The main purpose of strategic plan is to develop organisational goals and formulate
adequate plan for the same so that they can achieved effectively. It also provides support in
prioritising work as per the requirements. On the other hand, the main purpose of operational
plan is to show accurate picture of task as well as responsibilities which are required to be
followed employees for obtaining organisational goals within the strategic plan.
The main role of the operational plan is to provide adequate information to company
about all the tasks which are required to be performed in order to attain organisational goals and
objectives in quicker manner. It is also consist of different strategies and ideas which are
required to be implemented within the company.

2. Outline the information that is usually included in an Operational Plan.
Operational plan generally include range of information associated with the business.
This generally maps out daily basis task that are performed to run business effectively. It mainly
includes four areas that is what, who, when and how much type of questions along with its
answers. In what, information associated with the strategies and tasks are attained. In Who,
organisational personnel who have responsibility for executing each strategy has been
mentioned. In when, in this overall timeline associated with the strategies are mentioned. In How
much, availability of financial resources are mentioned that are required for completing the
strategy/ task.
3. Explain a typical process for developing an Operational Plan
Develop a concept of business operations: It is the initial stage which specifies strategic
position of firm. It basically provides explanation on business model that supports in influencing
customers.
Acquire important information: This is the second stage where leader makes use of
both the primary as well as secondary information related to their competitors and other factors
which might harm their operational activities (Steps in Developing an Operational Plan, 2020).
This information is gathered by communicating with all stakeholder like intermediaries,
suppliers and buyers.
Define challenges: At this stage, overall information is analysed in order to determine
challenges associated with it that might hamper operational activities of the company. These
challenges might be seen in the form of licensing, regulations, competition and others.
Build Plan: This is the last stage where all the resources are organised by the functional
categories. These are later aligned with cost and time. At last, the overall information in checked
final time and all required modifications are performed accordingly.
4. Explain the purpose of a budget.
The main purpose of budget is to provide an overview to the company about its financial
stability and how they are going to perform business activities with the available funds. It also
helps business manager in forecasting actual expenditure, income, revenues and profitability of
the company in the coming years. It also guides business manager in allocating all the available
resources, planning, managing and controlling all the financial resources and its usage within the
company.

5. Explain a typical budgeting process.
Budgeting process includes numerous of steps which are specified as below:
Update budget assumptions: This is the first stage at which budget is developed on the
assumption which is later reviewed and updated with passing time.
Note Available funding: AT this level availability of the fund is checked by business
budget developer.
Step costing points: At this level, costing factors are acknowledged in order to handle
situation before it gets out of controlling.
Create budget package: It is the overall outline of budget which includes overall terms
that is mandatory to be included within it.
Obtain revenue forecast: here, finance manager emphasises on forecasting the zones
from where they can generate proposed revenue.
Obtain department budgets: In this, adequate budget is prepared for each and every
department which is later allotted to them for the effective execution of their operational work.
Validate compensation: here, compensation plans are formulated which is later
approved from the top management team of the company.
Validate bonus plans: In this, overall budgetary information related to bonus of
employees and other workers are developed. This is mainly performed to motivate employees in
rightful manner.
Obtain capital budget requests & Update the budget model: At this stage, capital
budget is developed from finance manager and later updated accordingly.
Review the budget & Obtain approval: In this stage, budget developer reviews overall
budget and then take approval from the top management team.
Issue the budget: It is the last stage where finance manager issue approved budget to all
departments so that they can execute their work accordingly and attain their respective
objectives.
6. Explain the purpose of key performance indicators.
Key performance indicator basically helps in measuring factors that contributes in
attaining organisational goals and objectives in quicker manner. The main motive of Key
performance indicators is to check that whether the company is performing its business activities
at right track or not. Also, if they identifies that it not on right track then they must focus on