Goals of team or section or department how the goals will be achieved and what

Goals of team or section or department how the goals

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Goals of team or section or department, how the goals will be achieved and what resources required to achieve the goals. Operational Management, Assessment 1 v2 Last updated on 10/09/2019 Page 6
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T-1.8.1_v3 However there is no strict rule for operational plans which contain various factors such as Specific goals, action required to achieve this goals, human resource required, physical resource Required, Budget required and an indication how long goals take to achieve. Contingency plan is an alternative as of changing circumstances as the situation demands. The level and degree of impact of plan depends upon the environmental plan changes. Question 5. Explain the steps in budgeting process within an organisation. You may wish to list and briefly explain using bullet points. Limit your total responses within 300 words. Useful link: (5 marks) BUDGETING PROCESS EXPLANATION Budgeting is a process whereby future income and expenditure are decided in order to streamline the expenditure process which is done to be aware of the expenditure and income. Budgeting process is very crucial for any business organisation and important aspects of budgeting are as fallows. Top- Down Budget; The primary input is made by top level executive of the business lay down the guidelines for budget however, guidelines related to sale budget, compensation are given by top management. Bottom- up Budget; Directions are given by the top level management however, employees and the lower management formulate them. Sale BUDGET; First budget to be prepared as the revenue is generated will determine the level of expenditure. Sale of the business are forecasted and also in term of sale volume and sale revenues. Production Budget; This is of high importance which determine the number of unit of a product that will be produce by the business. Direct Material Purchase Budget: The budget related to direct material which determines the the amount and cost of this resources that will be required in the production. Operational Management, Assessment 1 v2 Last updated on 10/09/2019 Page 7
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T-1.8.1_v3 KNOWLEDGE EVIDENCE MARKING ALLOCATIONS (Trainer/Assessor use for assessing & marking purposes) The learner will be assessed on the following knowledge evidence and performance evidence Marks allocated Marks received Q1. There are various models and methods used for organisational operational plans. Describe three models and methods operational plans and explain how they are used. 3 Q2. List and explain four key elements of an operational plan. 4 Q3. List and briefly explain three alternative approaches to developing Key Performance Indicators. 3 Q4. Explain (within 300 words) the role of an operational plan in meeting organisational objectives.
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  • Winter '19
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