BSBWOR501 FMB Assessment 1: Work Priorities and Development

This assignment solution addresses the BSBWOR501 FMB assessment, focusing on establishing personal work goals, setting and meeting work priorities, and developing professional competence. The solution outlines the most appropriate leadership style for a brokerage business, ethical behaviors for positive role modeling, and the creation of a SMARTER goal. It also details the strategic, tactical, and operational plans that align with the SMARTER goal, along with the steps of a performance appraisal process. The assignment further explores the use of a priority matrix to improve productivity, the application of various technologies to enhance performance, and the contributing factors to and management of workplace stress. Finally, it includes a report summarizing how personal work priorities and professional development are managed, including the use of networks like LinkedIn to enhance knowledge and skills. The solution emphasizes the importance of time management, maintaining a work-life balance, and continuous professional development through various opportunities like training and feedback from colleagues and clients.

Running head: BSBWOR501 FMB ASSESSMENT 1
BSBWOR501 FMB Assessment
Name of Student
Name of Institution

BSBWOR501 FMB ASSESSMENT 2
Complete the following tasks:
Task 1: Short Answers – Establish personal work goals
1. In your opinion what leadership style/s do you believe is the most appropriate for your
business? The transformational leadership style would be the most appropriate as a broker.
This is because the brokerage business is relational and fits with this style which is based on
relationship theory.
2. What ethical behaviours should you demonstrate if you want to be a positive role model? The
ethical behaviour includes being considerate when making decisions and factoring the
interests of those concerned. Treating people equally coupled with open communication that
is honest and truthful is equally important as a role model.
3. a. Name a goal that you must be able to achieve as a Broker? To increase the volumes of
commission earned per transaction and aggregated through different transaction types
b. Now write this goal as a SMARTER goal, using the table below to assist you.
Specific To increase the commission volume in small listings where
I have been performing poorly
Measurable Ton increase the commission from AU$3,000 TO
AU$10,000
Achievable
Achievable within the boundaries of industry standards and
earnings. Target to earn cumulative totals of AU$ 3500 by the
sixth month.
Realistic Realistic as it breaks down to AU$ 600 every month in
incremental commission earnings
Time-based To be realized over the course of 12 months
Ethical To be aggressive yet ethical so as not to trespass the
professional boundary expected of a broker.
Reward/Re-evaluate
Weekly evaluation in terms of new clients with small
listings I have interacted with and engaged with the aim of
closing the transaction.
4. Personal plans should align with team and organisational plans. Using your SMARTER
goal, explain what each of the following plans might include. For example, if your smarter
goal is to learn new sales skills to improve your sales by 1% by the end of 2016 to meet your
organisational objectives, your tactical goal may be to attend training and the Strategic Goal
may be to improve sales by 10% by 2018.

BSBWOR501 FMB ASSESSMENT 3
Strategic plan The strategic plan may include the desired market position to
improve in order to be the top brokerage firm in the location. The
plan may span two to five years. It may extend to increasing client
numbers by a certain percentage, have more repeat clients, and
provide the best service to clients.
Tactical plan The tactical plan may include to ensure that all brokers attain
a certain level of training and certification. This may be undertaken
by the human resources department in in-house training or with
outside institutions.
Operational Plan This may be set out as accountabilities and responsibilities
expected an d are set out by team managers within brokerage teams.
This may be in the form of description of position and duty
statements of each broker.
5. Explain the steps in a performance appraisal process and then identify what a performance
appraisal might review? The steps of the performance appraisal process include: establishing
the expected standards of performance and then communicating the set out expectations and
standards. Performance is then measured in quantifiable terms and compared with the
organizational standards. The results obtained are then discussed with the aim of obtaining
feedback which is documented for future reference. Action that is corrective completes the
process of performance appraisal.
The performance appraisal reviews three key areas of the employee. The first is the work
performance, followed by the review in the working relationships with other employees. The
last review focuses on the basic skills expected of the job and whether the employee is
conversant or not.
Task 2: Short Answers – Set and meet own work priorities
1. Using your understanding of your job description or feedback from a
recent performance appraisal, select eight tasks that you believe you can
use to improve your productivity and list them in the priority matrix.

BSBWOR501 FMB ASSESSMENT 4
2. The aim of this exercise is to improve your productivity. Who would you
consult with in regards to your priority matrix and why? The immediate
superior or team member would be consulted in order to ensure that I
meet the goals and objectives relevant to my position.
3. Based on the feedback received through consultation, re-prioritise your
tasks in the following priority matrix. If your priorities remain unchanged,
simply remove the matrix below and add a suitable comment. Priority is
still unchanged after consultation
4. Did you improve your performance? What documentation could you use
to assist you with analysing this answer?
My performance improved after prioritizing. The 360 Degree Feedback
document would be helpful in analyzing my performance.
 Solicit potential clients to
buy property
 Compare properties to
determine the market
prices
 Take potential buyers to
view properties
 Present offers of purchase
to sellers for their
consideration
 Generate a list of properties
 Advice clients on available
mortgages and other
market related issues
 Prepare documents such as
purchase agreements
 Mediate between buyer and
seller in their negotiations
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BSBWOR501 FMB ASSESSMENT 5
5. List the types of technology that you can use to improve your
performance. Explain what functions each technology can be used for and
how it can be used to improve productivity and performance.
Technology Functions
Data base Improve data security, assist in research
and establish a library catalogue
Word
Processor
To communicate information such as
graphs and tables
Project
Management
To personalize professional development
and work priorities as well as in managing
projects
Personal
Digital
Assistant
To electronic records of appointments,
meetings and contacts
6. Identify some contributing factors to workplace stress. The lack of proper
time management and taking work at home can contribute to stress at
the workplace.
7. What can happen if you do not handle stress correctly? The employee can
suffer from fatigue and have trouble meeting the expectations of the
employer.
8. List some activities or action/s you can adopt to maintain an appropriate
work-life balance and to alleviate stress. Proper management of time and
learning to say no when overburdened can help to alleviate stress.
Task 3 – Report
This activity requires you to complete a report on how you manage your
personal work priorities and professional development in your workplace.

BSBWOR501 FMB ASSESSMENT 6
If you use any documents from your workplace, please ask for permission to
do so. If you do not ask permission, you may be in breach of your
confidentiality agreement.
You can present and upload your report in an electronic format of
your choice.
You are required to include the following:
1. How you establish personal work goals including;
 Serving as a positive role model through personal work planning
 How you develop personal work plans that reflect the organisations goals as well as
your own responsibilities and accountabilities
 How you measure and maintain your personal performance in varying work
conditions, work contexts and when contingencies occur.
2. How you set and meet your own work priorities including;
 How you prioritise and facilitate competing demands to achieve personal, team and
organisational goals and objectives.
 Explain what technology you use to efficiently and effectively manage work priorities
and commitments.
 How you maintain an appropriate work-life balance, and ensure stress is effectively
managed
3. How you develop and maintain your professional competence including;
 How you assess your personal knowledge and skills against competency standards to
determine your development needs, priorities and plans.
 How you obtain feedback from employees, clients and colleagues and use this
feedback to develop ways to improve competence.
 How you select development opportunities to develop required competence as well as
new skills to maintain a competitive edge
 Describe any networks you belong to and how these assist in enhancing knowledge
and skills.

BSBWOR501 FMB ASSESSMENT 7
Establishing
Personal Work goals
 Identifying and embracing an ideal style of
leadership together with a code of ethics
relevant to the job.
 Application of SMARTER goals to ensure
personal work plans are aligned with
organizational goals.
 Utilize performance reviews on work,
relations at work and basic job skills.
Setting and meeting
Work Priorities
 Use the Priority Matrix to prioritise tasks
according to their importance.
 Using Databases, Word Processors, Project
Management and Electronic diaries such as
PDA’s. These are used to improve
communication such as when presenting
charts, plan for projects and maintain
customer information while planning for
meetings.
 The work-life balance is maintained by proper
time management, not taking work at home
and saying no when overburdened with work.
 Self nurturing through physical activity and
getting enough sleep is also important.
Developing and
Maintaining
Professional
Competence
 Using the job description, statement of
conduct and duty statement are tools that
are used to measure professional
competence. Additionally the performance
appraisal is also used in the assessment
exercise.
 The 360 Degree Feedback document is used
to obtain feedback from colleagues, clients
and other employees.
 Some of the development opportunities are
through training, coaching and mentoring
programs, job rotation and induction to new
technologies at the workplace. Being
proactive through wide consultation with
industry players also helps to maintain the
competitive advantage.
 The current network that I am actively
engaged with is LinkedIn. It allows me to
contact current and past colleagues of my
organization who provide crucial leads to new
prospective clients.