21. The physical resources purchasing budget for fitting out SoundWave Stereo’s new store was $87,500. They havecurrently spent $82,420 and, based on quotations received, have another $17,000 of equipment purchases stilloutstanding. They are currently 5.8% under budget but, if all outstanding purchases are made, will be 13.6% overby the completion of the plan. Which of the following is a viable recommendation to resolve this issue that stillallows the store to open on time with the necessary equipment? Re-evaluate equipment purchases and the cash flow budget. If needed, investigate sources of additional funding. Source cheap, non-brand name alternatives online and arrange for express delivery so it arrives in time. ☐ Name: BSBMGT517 – Assessment 1 Version: V.2019.1 Last Reviewed: January 2019 Page|8
BSBMGT517 – Assessment 1 Re-evaluate the store layout, reduce the display floor space to match available equipment and plan for a two-stage (partial and full) opening.☐Make all necessary equipment purchases, as any financial shortcomings will be offset by revenue earned after opening.☐ 22.What are two methods you can use to identify staff development needs? ☐ 23.Once development needs have been identified, what techniques can you use to support individuals and teams sothey can complete activities in the operational plan effectively and safely? ☐ 24. Monitoring process has indicated that physical resource purchases for SoundWave Stereo’s new store will soonbe over budget. As a result, you need to recommend changes to the operational plan. What should you prepareprior to negotiating changes to the plan? ☐ Obtain all performance data and comparisons to objectives, and prepare a detailed report outlining recommendations, adjusted timelines and contingency plans.
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