Bsbmgt517: Forecast Income - Assessment Answer

Assignment Task :

Task 1 – Knowledge Questions

Questions:
1.
Explain the role of an operational plan in achieving the organisation’s objectives.
2. Describe how operational plans are developed through the basic strategic planning approach.
3. Describe how operational plans are developed through the goal-based planning approach.
4. Describe how operational plans are developed through the alignment planning approach.
5. Describe how operational plans are developed through the scenario planning approach.
6. List alternative approaches to developing key performance indicators to meet business objectives.
7. Explain what is meant by the budgeting term ‘forecast income’.
8. List the main expenditure categories that would be included in a budget.
9. Explain what is meant by the term ‘cash flow’.

Project activities and directions:
• Planning meeting:
To complete your project, you will need to participate in a planning meeting. During the meeting you will be assessed by your trainer while discussing the details of BizOps operational plans. You will be consulting with others on the ways to develop and implement systems and processes to achieve organisational objectives and joint outcomes. Refer to TASK 4 – Observation below for further instructions on participating in the meeting.
• Sources of information:
For most of the project, you will be referring to Section 3.0 of the BizOps Operational Plan, where one of the actions is ‘Acquiring additional resources – delivery van’. Keep in mind that all things in BizOps Operational Plans are linked to the mission statement and, consequently there are other parts of their current operational plan that will require you to prepare some implementation plans.

• Briefing others:
Throughout the project you will be briefing senior management, BizOps retail teams and operational staff to inform and seek approval during the planning and implementation process. To write your briefings, ensure you use proper business writing practices and adhere to organisational protocols.

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