BSB61015 - Advance Diploma Of Leadership And Management - Management Assignment Help

Assignment Task

ASSESSMENT TASK 1 –KNOWLEDGE QUESTIONS

Assessment type:
• Written Questions

Assessment task description:      
• This is the first (1) unit of assessment task student has to successfully complete to be deemed competent in this unit of competency.
• Student must respond to all the question and submit them to the Trainer/Assessor.
• Student must answer all questions to the required level, e.g. provide the number of points, to be deemed satisfactory in this task.
• Trainer/Assessor is required to provide the feedback within two weeks and notify students when results are available.

 Applicable conditions:    
• This knowledge test is untimed and conducted as open book tests (this means student can refer to textbooks during the test).
• Student must read and respond to all questions independently.
• No marks or grades are allocated for this assessment task. The outcome of the task will be Satisfactory or Not Satisfactory.
• Trainer /Assessor must assess student’s written skills and knowledge as he/she complete this assessment task. 
• The trainer/assessor may ask student relevant questions on this assessment task to ensure that this is his/her own work.
• Where a student’s answers are deemed not satisfactory after the first attempt, a resubmission attempt will be allowed.
• Student may speak to their Trainer/Assessor if student have any difficulty in completing this task and require reasonable adjustments (e.g. can be given as an oral assessment).
Location:
• This assessment task may be completed in a learning management system or independent learning environment. 

Purpose of the assessment
This assessment task is designed to evaluate student’s knowledge essential to manageinnovation and continuous improvement in a range of contexts and industry settings & Knowledge regarding to the following: 
• Knowledge to establish, monitor and evaluate strategies on key systems and processes for performance and sustainability and detailed analysis on supply chains and operations, product and service delivery systems. 
• Knowledge to identify, analyse and evaluate effectiveness of performance measures, performance reports and variances from organisational plans for key result areas, assessment tools and techniques, changing trends and opportunities.
• Knowledge to identify opportunities related to technology and electronic commerce while consulting the specialists appropriately.
• Knowledge on developing continuous improvement strategies and innovation to promote competition and supporting organizational learnings by promoting interactions within and between work groups to nurture the creative climate.
• Written knowledge on encouraging, recognizing and testing new ideas, accepting failure ideas during trials, recognise, celebrate and implementation of the successful ones into the systems.
• Knowledge to test approved option or ideas’ cost-benefit analysis and risk management and innovations approval based on organizational processes.
• Knowledge on ensuring implementation management for plans on communication, objectives, timeframes, measures and transition plans addressing the impact of change and its consequences on people to promote continuous improvement and sustainability.
• Knowledge on implementing contingency plan in case of non-performance followed by prompt failure investigation and cause analysis, managing challenges and opportunities effectively and making sure the lessons learnt from the activities are documented for future work.
Assessment Conditions
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership field of work and include access to:
• relevant workplace documentation and resources
• case studies and, where possible, real situations
• interaction with others.
Questions
1.1. Research and discuss your understanding of conducting a cost benefit analysis and outline a cost benefit analysis method or steps you could use. (Guide: 200 words)
What is a cost-benefit analysis?
Essentially, a cost-benefit analysis involves adding up the benefits of a business decision or policy and comparing the benefits with the associated costs. Use a cost-benefit analysis to:
• Determine if an investment is sound—verify that the benefits outweigh the costs and, if so, by how much.
• Compare the total expected costs against the total expected benefits.
• Estimate the amount of time it will take to realize the benefits of your investment.

How to do a cost-benefit analysis
Follow these six steps to help you perform a successful cost-based analysis.
Step 1: Understand the cost of maintaining the status quo
Step 2: Identify costs
Take some time to brainstorm the costs associated with the project. Make a comprehensive list that includes any cost you can think of that might have an impact, such as:
• Upfront costs
• Unexpected costs
• Tangible costs
• Intangible costs
• Ongoing or future costs
• Any potential risks that may have a cost
Consider using a mind map to brainstorm the potential costs of each project and link them back to expected benefits.
Step 3: Identify benefits
In this step, determine what the potential benefits will be if you go forward with the project. Ask yourself these questions:
• What additional revenue will come in from the investment?
• What is the return on investment? Define what the ROI means to your company—maybe you measure ROI by revenue, efficiency, or market share. However you define it, list the benefits associated with ROI.
Step 4: Assign a monetary value to the costs and benefits
When monetizing costs, be sure to include the human costs:
• How many people will be needed to complete the project?
• Will you need to hire new people?
• How much new equipment will be needed?
• Does existing equipment need to be replaced?
• Will training be involved? How much time will be lost to training?
Step 5: Create a timeline for expected costs and revStep 6: Compare costs and benefits
Calculate your total costs and your total benefits based on the lists you’ve made. Be sure to use the same currency for all of your calculations. Comparing the two values lets you determine whether the benefits outweigh the costs.

1.2. Explain in 30-50 words each, the purpose of analysing the following performance reports for key result areas of the organisation: 
a. Budget/cost variance reports 
b. Financial reports 
c. Quality reports 

a. Budget/cost variance reports 
A budget variance is a periodic measure used by governments, corporations, or individuals to quantify the difference between budgeted and actual figures for a particular accounting category. A favorable budget variance refers to positive variances or gains; an unfavorable budget variance describes negative variance, indicating losses or shortfalls. Budget variances occur because forecasters are unable to predict future costs and revenue with complete accuracy.

b. Financial reports 
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. ... A statement of changes in equity or statement of equity, or statement of retained earnings, reports on the changes in equity of the company over a stated period.
c. Quality reports 
A quality report is a report which documents a specific quality process or outcome (or both), such as and inspection test plan, quality communications plan or non-conformance report.

1.3. Why should you undertake a risk management and cost-benefit analysis foreach idea approved for trial? Answer in 50 -100 words. 
Task 1.3 
Introduction 
Risk management is a process of identifying hazard, their potential impact and the development of risk treatments to eliminate, reduce or address the negative impact of the consequences of the hazards and the ensuring risk while cost benefit analysis refers to the determining the strengths and weaknesses of projects and investments; therefore cost-benefit analysis is a tool for deciding whether to pursue a project or not or to make selection of an option from several alterative. Body
It Is very important to undertake both the risk management and cost-benefit analysis for each initiative or idea approved for trial because firstly we need to know what risks the business will face and its ensuing exposure including exactly what consequence will result from these exposes. Further it is Imperative that it is fully understood as to how corporate funds are being used. 

1.4. Why should you communicate costs and benefits of innovations and improvements to relevant groups and individuals before starting working on a project?   Write your answer in 50-100 words
Communication is an important factor in improvement programs. Communication using visual management pictures the goals and approach. It motivates people to commit to change, by showing expected benefits and early results. But wrong or too much communication can also frustrate people, getting them to resist changing.
Many improvement programs are run by technical persons, in a technical environment. Often communication is undervalued and underestimated, and perceived as difficult. It is something that people are inexperienced in, which makes them feel uncomfortable. But if you get started, and learn along the way, you will get better in it. And, if you want people to do something, it helps a lot if you let them know what you expect from them.
1.5. Based on the different digital specialists listed below, what advice can they provide you to identify technology and electronic commerce opportunities?  Write your answer in 40-60 words for each.

This BSB61015 - Management Assignment has been solved by our Management Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.