Develop and implement systems to ensure that procedures and records associated with documenting performance are managed in accordance with organisational requirements3.1:Develop, monitor and review performance systems and processes to assess progress in achieving profit and productivity plans and targetsIn this task you will develop, monitor and review operational performance. More clearly you will: A.Prepare a performance management process for the store. (At least 8 step-by-step in the process) For sample PM processes and steps, refer to -will-help/templates-and-guides/best-practice-guides/managing-underperformance)B.After you have completed the performance management procedure/process, you will now review the performance process with consultation with your Group Operational General Manager (Your trainer) using the document review form.DEVELOP AND REVIEW PERFORMANCE SYSTEMS & PROCESSESPERFORMANCE MANAGEMENT PROCESS FOR THE WORKPLACE 1.Organisational goals will be disclosed to staff in terms of they have a better understanding ofwhat is expected 2.Setting performance expectations: each employee will join an individual consultation with theirmanager in terms of understand their strengths and their weaknesses;3.Monitoring of the performance during the fiscal year: monthly appraisals will be developed tocontinuous improvement;4.Evaluation: the evaluation will be made combining the self-evaluation and the manager’s 5.Adjustments 6.Setting new expectations;Monthly evaluationsIndividual meetingsPersonal goalsCompany goalsSelf-appraisal as part of the process Operational Management, Assessment 1 v2 Last updated on 10/09/2019 Page 31
T-1.8.1_v3REVIEW OF PERFORMANCE MANAGEMENT (PM) PROCESS IN CONSULTATIONDOCUMENT REVIEW FORMSections and areas of the PM processPrevious Rule/Clause in the process (Step Number)Previous Rule/Clause in theprocess (New Step Number if applicable)Expectations2N/AMonitoring3N/AEvaluation4N/AAdjustments5N/AThis review was consulted with (Name & Sign):Priscila DalbenOriginal document prepared by (Name & Sign):Priscila DalbenDate:25/10/20193.2:Analyse and interpret budget and actual financial information to monitor and review profit and productivity performanceScenario: As mentioned earlier that you have now crossed the first quarter of your operational plan, you will need to analyse and interpret the store budget after the implementation of your operational plan. The table below highlights the summary of budget that you will need to analyse.SUMMARY OF BUDGET (For Resources and Operational Plan)Resource TypeProjected BudgetActual PerformanceVariance Capital/Finance$150,000 (Profit)$120,000 (Profit)$30,000Human $200,000 (Expense)$200,000 (Expense)$0Physical $250,000 (Expense)$260,000 (Expense)$10,000Based on the summary above, you will need to analyse, interpret and write a budget report (within 300 words) for management and explain the reasons of variations and for any underperformances. BUDGET REPORT FOR MANAGEMENTThe budget for the operating plan ranged from $ 30,000.This variation was due to some lower performances than our sales indicators. The store is now operating with a good number of employees, but due to lack of training, we could not necessarily support new employees, which led to a reduction in our planned profit of $ 150,000 to $ 120,000.