You develop the acceptable parameters when you start a new process, you monitor the progress of the measurement to identify whether it is consistent or not. If the measurement is not consistent, then you can check any variations against the time for instance. For example Trainees tend to concentrate more in the morning. After lunch the level of concentration usually wavers. Why? How can you ensure that this variation is not as big? In this instance, you may decide to monitor and find ways in which to maintain the same level of performance during the whole day, rather than part of the day. Once you have monitored the results of the item that you have measured, you need to review it. You could ask yourself, whether the plans and productivity targets that I measured meet the required set parameters in my goals?
48 WORKBOOK | © 2015 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB51107 DIPLOMA OF MANAGEMENT and BSB51915 DIPLOMA OF LEADERSHIP AND MANAGEMENT | OPERATIONAL PLANNING_V2.2 Activity 3.1 Individually or in pairs, complete the following: 1. What are the steps to establishing a quality monitoring system? 2. When you process information, why do you feel it is important to note the time, acceptable per- formance limits, changes to measurements, and whether the quality level was correct?
49 WORKBOOK | © 2015 YOUNG RABBIT PTY LTD, AUSTRALIAN PACIFIC COLLEGE BSB51107 DIPLOMA OF MANAGEMENT and BSB51915 DIPLOMA OF LEADERSHIP AND MANAGEMENT | OPERATIONAL PLANNING_V2.2 3.2 – Analyse and interpret budget and actual financial information to monitor and review profit and productivity performance A budget is a financial document that is used to project future income and expenses. External factors, such as the state of the economy, changes to legislative requirements and technological innovation can have an impact on how much of the budget is available. As an ongoing document, it is important to continuously scan the market to ensure that you are still working within the budget. For example, if there is a change in the economy whereby spending decreases, then depending on your product and/or service, you may find that your customers no longer purchase your product. This downturn in spending shall be reflected in your allocated budget. If there is a decrease in the demand for your product, then you will no longer need to supply as many, thus your budget will usually shrink to reflect that budget. Financial information found in financial reports such as the Profit and Loss statements will demonstrate when there is a decrease in profits, thus a decrease in sales. However, do not lose sight of the fact that a decrease in profits may correlate with an increase in theft. Depending on the size and function of your organisation, the financial information that you keep will vary. However, financial information that you may need to monitor could include: f Budgets f Ratio analysis f Budget forecasts f Cash flow statements f Profit and loss statement f Balance sheets f Investment and liability reports
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