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Question 8What role do policies and procedures play in operational planning? Discuss in 120-150 words. LAI KENG GOH STD05602AUSTRALIAN INSTITUTE OF TECHNICAL TRAINING
BSBMGT517MANAGE OPERATION PLANA full set of Standard Operating Procedures (SOPs) that capture your sustainable practices will help sustainability become the ‘norm’ with everyone knowing what is expected of them.Summative assessment 2ProjectYou are responsible for developing an operational plan for your organization. The strategic plan has already been written and sets the following direction for the coming year.Company A strategic planOur strategic goals for the coming year are to:1.Expand our market share in the high-end, high-price point, luxury goods market.2.Increase the proportion of our productive capacity devoted to the manufacture ofluxury goods.3.Become known as the premium luxury goods manufacturer in our product category.4.Become known as an employer of choice for highly skilled people.Based on the broad statement of strategic intent, you are charged with developing an operational plan. For each strategy goal outlined, come up with two short statements describing an operational activity that could be implemented to achieve this. Your operational activities should reflect an understanding of the types of details included in an operational plan.Your operational activities should be accompanied by a budget, measurement, responsible person (for example job title) and a timeline. Your activities might encompass manufacturing, sales, marketing, HR, or administrative responsibilities. Use the table to complete the plan. LAI KENG GOH STD05602AUSTRALIAN INSTITUTE OF TECHNICAL TRAINING
BSBMGT517MANAGE OPERATION PLANStrategicgoalOperational activity(KPIs)MeasurementPerson/TitleTimelineExpand the market sharein the high end, high price point, and luxury goods market.- Creative forms of advertisement to improve company branding (e.g.