INNOVATION MANAGEMENT
Project report on manage innovation and continuous improvement of business.
– Guidelines needs to follow.
– Answer hints are given in guidelines.
– Don’t worry about plagiarism.
Appendix 1 – XYZ Company Operational Plan
Overview
XYZ Company specialises in a range of exclusive services including running telecentres that range from order taking services to market surveys. The business provides its customers with high quality and innovative products and services. Wherever possible we provide our customers with a ‘green’ solution and service. We employ sustainable business practices.
Mission
XYZ Company is committed to:
· providing high quality and innovative products and services to customers
· meeting the changing needs of customers
· offering innovative product solutions
· delivering speedy and personalised service
· employing professional and enthusiastic staff
· providing clean and ‘green’ products and services
· adopting sustainable work practices
· undertaking continuous improvement processes.
Business plan objectives
In 2018–20
23
XYZ will consolidate its position in the market as a lead telecentre for green and sustainable solutions for high quality exclusive products/services.
To do this, XYZ will focus on the following business goals:
· Financial stability:
· Increase revenue by 15% (compared to the previous 12 months) by the end of the financial year
· Maintain annual profit levels of 15% of revenue for all products and services, calculated at the end of each financial year
· Reinvest 75% of profit back into the business at the end of each financial year
· Market position:
· Maintain the number one rating in the annual national industry customer service awards
· Launch new high quality exclusive consumer services to meet customer demand, ahead of competitors, within budget and by the agreed deadlines
· Right people:
· Provide induction training at the commencement of employment to train new employees to be knowledgeable, helpful and enthusiastic
Provide the financial, physical, human and time resources to support an annual professional development program for all XYZ employees
Consultation Strategy
Stakeholder
Role in the issue
Objective
Consultation method
Senior management team
Made the decision to increase sales by 15% annually
Keep informed
Feedback session
Email communications
Newsletters
Web-conferencing
Outlet Manager
Develop an operational plan and implement the plan to increase sales in their outlet
Implement plan
Consult
Staff meetings
Outlet manager meetings via web-conferencing
interviews
Sales staff
Implementers of the plan to achieve the intended results
Consult
Keep motivated and engaged
Meetings
Feedback sessions
Major customers
Regular customers who make major purchases of XYZ products/services
Consult
Phone calls
Personal visits
Email communication
Newsletters
Customers
People who make small purchases of XYZ products/services
Obtain feedback
Email communication
Newsletters
Market analysts
Consultants who provide market insights about XYZ products/services
Consult
Focus group meetings
Recruitment agencies
Involved in recruiting staff
Consult
Meetings
BSBMGT608 – Manage innovation and continuous improvement
23
XYZ Company plan, policy, procedures and templates
Operational Action Plan (July – September)
Activity
(What is to be done?)
Objective (Why will we do it?)
Resources (Where will it be done?)
Procedures (How will it be done?)
Responsible person (Who will do it?)
When?
Budget
KPI
Revisit sales budgets and develop outlet-by-outlet sales strategies that add onto the national sales strategy
To increase the sales of the services component of the business by 15% by 30 June
It will be done across all outlets.
Update each outlet’s sales budgets to reflect the increased targets.
Each outlet is to develop a sales strategy to support the new targets.
Outlet managers
30 June
$3,000,000 total and needs to be supported by a business case from each store
Retail sales of business increased by 15% by the end of the financial year
Acquire additional resources – web-conferencing equipment
To facilitate communication between all outlets and reduce travel time and costs
Install a multi-channel dedicated web-conferencing facility at each outlet
Conduct XYZ IT service and support to arrange for supply and installation
Allocate costs back to each outlet
Outlet managers
31 August
$5,000 per outlet
All web-conferencing equipment installed by 31 August
Acquire additional resources – delivery van
To provide a delivery service and provide brand recognition
Purchase a new van for each outlet and detail it with the marketing logo.
Contact suppliers, obtain quotes and purchase the required delivery van
Contact signwriters to have marketing decals attached to the vans
Head office marketing manager
31 July
$50,000 per outlet
Delivery van purchased and decals attached by 31 July
Reorganise fixtures and fittings – retail outlet
To create additional space for installation of demonstration products
It will be done across all retail outlets.
Have plans drawn up for each retail outlet
Hire local shop fitters and installers for each sales region
Head office sales manager
Retail outlet managers
30 September
$10,000 per outlet
All stores to be operational with current XYZ range of products/services by 30 September
Train sales staff to provide after sales product/services support
To multi-skill product/service staff and to improve the level of after sales product/service support
It will be done across all outlets
Deliver training programs
Outlet managers
31 August
In house
Additional resource available but a business case is required
All existing product/service staff training in multi-skilling completed by 31 August
Maintain full staffing capacity through rapid recruitment to fill vacancies
To maintain and increase sales capacity by recruiting new staff as soon as existing positions are vacated
13 new full- time sales staff will replace staff vacancies in three outlet stores
XYZ recruitment procedures
Outlet managers
Maintain full staffing capacity through rapid recruitment to fill vacancies.
To maintain and increase sales capacity by recruiting new staff as soon as existing positions are vacated
13 new full- time sales staff will replace staff vacancies in three outlet stores.
Risk
The timely recruitment and training of new staff is a key success factor in meeting the strategic objectives of the business plan. In order to meet the objectives it is necessary to have recruited the new staff and upskilled our current staff in after sales product support by 31 August. In the event that we do not meet these objectives, we have budgeted an additional 5% of training costs to employ a training consultant to provide additional training resources.
It is critical that our outlet managers monitor the progress of their operational plans against the target KPIs established. To that end, it is essential to review the operational plan monthly.
Approvals
Name
Position
Date approved
Signature
Mike Smith
Chief Executive Officer
15 June
Mary Johns
Managing Director Business operations
15 June
BSBMGT608 – Manage innovation and continuous improvement
Appendix 2 – XYZ Company Risk Management Policy
Scope
This policy describes our commitment to meeting strategic and operational goals related to risk management. It forms part of our commitment to continuous improvement.
Risk management will be reviewed through regular training, monitoring, auditing and reporting processes.
Framework
This risk management policy is based on the Standard AS/NZS ISO 31000:2009 Risk Management – Principles and Guidelines.
All business activities must be assessed for risk prior to commencing and managed throughout.
Risk identification, analysis, evaluation and treatment must be reported and updated in the risk register.
Definitions
· A risk is any event that impacts XYZ Company’s ability to meet its goals and objectives.
· Risk identification is the process of determining what might happen, as well as how, when and why it might happen in relation to the identified risk.
· Risk analysis is a process that helps people in the organisation understand the effect of the risk on organisational goals and objectives.
·
Risk evaluation
involves comparing risks and determining the order in which they should be dealt with.
· Risk treatment is the process of applying measures to minimise, modify or eliminate the risk.
Responsibilities
The risk management policy committee oversees risk management and implementation on behalf of the board and the chief executive officer.
This committee is responsible for:
· ensuring XYZ Company is complying with any legal requirements
· ensuring risks are managed effectively
· maintaining business operations
· identifying significant operational risks
· monitoring the management of strategic and operational risks
· directing risk management processes
· receiving and analysing risk management reports and informing the Board
· making recommendations to the Board regarding risk management.
The managing directors are responsible for:
· making recommendations to the committee on risk management policies and procedures
· reviewing risk management incidents as they occur
· providing support and advice to the committee on risk management issues affecting their areas in relation to identifying, analysing, evaluating and treating risks
· establishing and administering a risk register
· implementing risk management training.
Management is responsible for ensuring risk management principles are applied.
All employees are responsible for applying risk management principles and practices in their work areas. Employees must also report risks and participate in risk management training.
Appendix 3 – XYZ Company Risk Management Procedures
Purpose and scope
In accordance with the XYZ Company Enterprises risk management policy, these procedures describe the organisation’s standard process for risk management, including:
· risk identification
· risk rating
· risk controls
· risk monitoring and reporting.
A standard approach to risk management allows risks to be correctly prioritised across all XYZ Company’s operations.
Responsibilities
The risk management policy committee oversees risk management and implementation on behalf of the board and the chief executive officer.
All XYZ Company employees are responsible for applying risk management principles and practices in their work areas. Management is responsible for ensuring risk management principles are applied.
Employees must report risks and participate in risk management training.
Risk management process
A risk to XYZ Company is any event or action that could have a negative impact on the organisation. This includes events that could lead to:
· death or injury
· financial loss to XYZ Company
· damage to XYZ Company’s reputation, including adverse media coverage
· damage to the physical environment, including land, water and air quality
· failure to meet regulatory or legislative requirements.
The risk management policy specifies that:
· all business activities must undergo risk assessment prior to commencing, and undergo risk management throughout their operation
· risk identification, analysis, evaluation and treatment must be reported and recorded in the risk register.
Risk identification
Risk identification is a structured approach to identifying possible events that could have a negative impact on the organisation.
Risk rating
Risk rating is the process used to analyse and understand each of the risks, including understanding what causes the risk to occur and what controls are already in place to manage the risk. Risk assessment also determines:
· how severe a potential impact could be
· the likelihood of the organisation being negatively impacted in this way.
Once the potential impact and likelihood have been assessed, the risk assessment process considers whether the risk is acceptable, or whether further treatments are required to reduce the level of risk.
All identified risks are assessed to determine the overall risk ranking. Risks are ranked in the following four categories:
· Extreme
· High
· Medium
· Low
The risk ranking determines:
· the nature of further action that is required
· the urgency with which further action should be taken
· the reporting requirements for the risk, including who the risk is reported to
· how the risk is monitored.
A common approach to risk ranking is necessary to ensure that the greatest risks to XYZ Company can be readily identified, and risk management can be prioritised in a way that has the greatest overall benefit to the organisation.
The following tables show how the consequences and likelihood of risks are assessed.
Consequence
Impact
1. Insignificant
2. Minor
3. Moderate
4. Major
5. Catastrophic
Financial
<$5k $5k–$10k $10k–$100k $100k–$300k >$300k
Reputation/market disruption
Isolated complaints from individuals; minor local media coverage
Adverse capital city/state media coverage; ongoing complaints
Loss of market opportunity or some loss of reputation; adverse national media attention
Reputation damage or loss of opportunity that has a major impact on operations
Will impact future business operations in catastrophic way; continuous public criticism
Regulatory and legislative
Minor breaches by individual staff members
Organisational breach
Penalties for breach of legislation; third-party claims
Major fines for breaches; multiple third-party claims
Severe fines and/or prison sentences
Environmental
Brief spill incident contained onsite with no environmental harm
Minor onsite spill incident; pollutant contained and cleaned up immediately
Release of pollutant or environmental incident; moderate environmental harm
Large spill or environmental incident and significant associated cost
Long-term environmental damage with ongoing liabilities and/or possible closure for undisclosed period
Safety
Treated with first aid
Medical attention required
Hospital treatment and ongoing rehabilitation required
Hospital treatment and possible serious permanent injury
Loss of life
Likelihood
Likelihood is based on the number of times within a specified period that a consequence may occur as a result of a risk.
Likelihood
Description
Probability
A. Expected
Expected to occur in most circumstances
>80%
B. Probable
Will probably occur in most circumstances
50%–80%
C. Possible
Might occur within 1–2 years
21%–49%
D. Improbable
Could occur during a specified time period
5%–20%
E. Rare
May only occur in exceptional circumstances
<5%
The risk rating is determined by combining the consequence and likelihood, as shown in the following table.
Level of likelihood
Level of impact
1 (Insignificant)
2 (Minor)
3 (Moderate)
4 (Major)
5 (Catastrophic)
A (Expected)
Medium
Medium
High
Extreme
Extreme
B (Probable)
Medium
Medium
Medium
High
Extreme
C (Possible)
Low
Medium
Medium
High
High
D (Improbable)
Low
Low
Medium
Medium
High
E (Rare)
Low
Low
Low
Medium
Medium
Risk controls
Controls represent a whole range of actions, measures and strategies taken by management and employees to eliminate or reduce risks. The process of determining risk controls includes assessing the consequences and likelihood of the risk, and evaluating risk treatment options. This could include:
· avoiding the risk
· mitigating the risk
· transferring the risk
· accepting the risk.
A process should then be followed to identify efficient and effective ways to mitigate the risk. This can occur by:
· removing the risk
· reducing the likelihood of the risk impacting the business
· reducing the consequences if the risk were to occur.
When determining risk treatment options, consider the hierarchy of control, which ranks the level of control from most to least effective:
1. Elimination
2. Substitution
3. Isolation
4. Engineering controls
5. Administrative controls
6. Personal protective equipment
Risk monitoring and reporting
Risk monitoring and reporting involves regular review to ensure that:
· new risks are identified and considered as they arise
· existing risks are monitored to identify any changes that may impact the organisation
· new risk controls are implemented
· existing risk controls are in place and working effectively
· information about risks is adequately communicated.
All risks that are rated as moderate, significant or high in the risk assessment process will be regularly reviewed by the risk management policy committee. This review may be conducted in the following ways:
· The risk manager will report on new risks identified by staff during the course of their work since the last committee meeting.
· Risk owners will provide a report on the status of their assigned risk to the committee.
· The risk manager will report on risk register reviews following a structured risk identification workshop each year, or any review of the risk register.
The reports to the committee should outline that risk controls are to indicate:
· the causes of the risk
· the implication of the risk with amendment to existing controls (if they exist)
· what any existing mitigating controls are
· what actions are being undertaken to put further controls in place, or maintain existing controls, and by when
· who is responsible for ensuring controls are in place.
Appendix 4 – XYZ Company Sales Report
This sales report provides real-time data and information on XYZ Company’s sales performance from July to November.
The following tables show:
· the income statement
· a breakdown of revenue provided by each sales channel
· performance statistics for sales generated through eCommerce – specifically through XYZ Company’s website and online shopping
Income statement (profit and loss YTD)
As at 20 November
July
August
September
October
Month to date
Year to date
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Variance
Total income (sales)
11,023,000
11,200,000
12,054,800
16,000,000
10,555,700
16,000,000
10,573,800
18,000,000
9,456,700
12,000,000
53,664,000
73,200,000
(19,536,000)
Operating expenses
Payments to suppliers
5,923,000
6,160,000
6,125,000
8,800,000
5,547,000
8,800,000
6,895,200
9,900,000
5,230,000
6,600,000
29,720,200
40,260,000
(10,539,800)
Rent
3,398,000
3,200,000
3,800,000
4,000,000
3,800,000
4,000,000
3,950,000
4,000,000
2,900,000
3,000,000
17,848,000
18,200,000
(352,000)
Salaries and on costs
205,800
150,000
321,400
150,000
470,000
150,000
465,000
150,000
314,600
100,000
1,776,800
700,000
1,076,800
Marketing costs
64,000
50,000
64,200
50,000
68,500
50,000
68,000
50,000
42,700
35,000
307,400
235,000
72,400
Travel and accommodation
25,900
25,000
25,800
25,000
24,300
25,000
21,000
25,000
16,000
17,000
113,000
117,000
(4,000)
IT and communication
22,000
24,000
23,100
24,000
23,900
24,000
23,500
24,000
16,000
16,000
108,500
112,000
(3,500)
Administration
24,800
19,500
26,100
19,500
15,000
19,500
17,500
19,500
15,000
13,000
98,400
91,000
7,400
Consumables
18,900
15,000
13,600
15,000
17,200
15,000
23,000
15,000
10,700
10,000
83,400
70,000
13,400
Staff-related expenses
401,900
403,000
402,000
403,000
402,000
403,000
402,000
403,000
265,000
265,900
1,872,900
1,877,900
(5,000)
Depreciation
10,048
10,075
10,050
10,075
10,050
10,075
10,050
10,075
6,625
6,648
46,823
46,948
(125)
Total operating expenses
10,094,348
10,056,575
10,811,250
13,496,575
10,377,950
13,496,575
11,875,250
14,596,575
8,816,625
10,063,548
51,975,423
61,709,848
(9,734,425)
Earnings before interest and tax (EBIT)
928,653
1,143,425
1,243,550
2,503,425
177,750
2,503,425
(1,301,450)
3,403,425
640,075
1,936,453
1,688,578
11,490,153
(9,801,575)
Sales channel breakdown
As at 20 November
July
August
September
October
Month to date
Year to date
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Actual
Budget
Variance
Sales channels
Retail stores
$5,500,220
$7,580,000
$5,109,800
$8,600,000
$5,670,000
$9,000,000
$6,433,700
$9,500,000
$5,576,200
$9,240,000
$28,289,920
$43,920,000
($15,630,080)
Wholesale division
$1,350,000
$2,000,000
$1,470,000
$2,000,000
$1,007,650
$2,000,000
$1,265,000
$2,600,000
$984,000
$2,380,000
$6,076,650
$10,980,000
($4,903,350)
Website sales
$2,340,000
$700,000
$3,549,000
$700,000
$1,750,000
$760,000
$520,000
$800,000
$230,000
$700,000
$8,389,000
$3,660,000
$4,729,000
eCommerce resellers
$650,000
$700,000
$820,000
$700,000
$790,000
$760,000
$760,000
$800,000
$780,000
$700,000
$3,800,000
$3,660,000
$140,000
Outbound sales
$452,380
$700,000
$372,000
$700,000
$328,000
$760,000
$680,000
$800,000
$560,000
$700,000
$2,392,380
$3,660,000
($1,267,620)
TV shopping channel (Australia)
$600,000
$700,000
$574,000
$700,000
$780,000
$760,000
$704,560
$800,000
$850,000
$700,000
$3,508,560
$3,660,000
($151,440)
TV shopping channel (Asia)
$130,400
$700,000
$160,000
$700,000
$230,050
$760,000
$210,540
$800,000
$476,500
$700,000
$1,207,490
$3,660,000
($2,452,510)
Total sales
$11,023,000
$11,200,000
$12,054,800
$16,000,000
$10,555,700
$16,000,000
$10,573,800
$18,000,000
$9,456,700
$12,000,000
$53,664,000
$73,200,000
($19,536,000)
eCommerce performance statistics (July–November)
July
August
September
October
November
Actual
Target
Actual
Target
Actual
Target
Actual
Target
Actual
Target
Key performance indicator (KPI)
Total visits to site
939,760
300,000
1,473,289
300,000
1,742,985
300,000
861,048
400,000
630,529
300,000
Page views
4,609,300
1,500,000
6,748,000
1,500,000
8,348,350
1,500,000
4,396,030
1,500,000
2,905,000
1,500,000
New visitors
690,560
200,000
1,130,200
200,000
1,058,230
200,000
264,930
200,000
259,460
200,000
New customers
25,485
6,000
49,285
6,000
17,249
6,000
3,859
6,000
4,448
6,000
Cart abandonment rate
27%
60%
26.5%
60%
89%
70%
86.4
60%
83.7%
60%
Customer service open cases
14
10
27
10
78
10
135
10
171
10
Average transaction value
$83.50
$75
$72.20
$75
$81.95
$75
$84.57
$75
$85.68
$75
Facebook ‘likes’
37,430
7,500
47,638
7,500
32,850
7,500
5,953
7,500
3,759
7,500
Customer feedback
XYZ Company has collected the following feedback from customers in relation to their online shopping experience.
Reasons why shoppers abandoned their sale at the checkout
Appendix 5 – Communication plan template
Communication plan
Objective:
Relevant stakeholders
(managers, clients, teams, etc.)
Required resources
(location, equipment, etc.)
Method
(slideshow presentation, video conferencing, etc.)
Schedule/delivery date
Relevant policies/procedures
Security/confidentiality status
Strategy for all team member to provide feedback
Outcomes/follow-up actions
Documentation
(hand-outs, presentation slides, statistical analysis, etc.)
Appendix 6 –
PEST analysis
template
PEST analysis
Political
Economical
Social
Technological
Appendix 7 – Risk Management Planning template
Risk management plan
Background:
Context:
Level of access and restrictions:
Reporting requirements:
Risk matrix
Level of likelihood
Level of impact
1 (Insignificant)
2 (Minor)
3 (Moderate)
4 (Major)
5 (Catastrophic)
A (Expected)
Medium
Medium
High
Extreme
Extreme
B (Probable)
Medium
Medium
Medium
High
Extreme
C (Possible)
Low
Medium
Medium
High
High
D (Improbable)
Low
Low
Medium
Medium
High
E (Rare)
Low
Low
Low
Medium
Medium
Risk evaluation
Priority
Risk
Likelihood
Impact
Level of risk
Risk action plan
Risk description
Priority
Proposed controls
Actions required to implement controls
Resource requirements
Costs
Responsibilities
Schedule
Risk:
Risk:
Risk:
Risk:
Risk:
Record-keeping procedures
Updates
Person responsible
Date
Risk register
Lessons learned register
Appendix 8 –
Competitor analysis
template
Competitor analysis
Our product:
Competitor product:
Features
Benefits
Strengths
Weaknesses
Rating
Assessment
Task-2 Project work
Section 1: Review programs, systems and processes
Task One
Company Overview
1. Establish the strategies the organisation will adopt to monitor and evaluate performance and sustainability of key systems and processes.
Discuss below three approaches/strategies:
· Deciding on the approach to monitor and evaluate, such as:
· Total quality management (TQM)
· Lean management
· ISO 9000 (quality management systems standards) o Key systems analysis o Process analysis
· Arranging for input from stakeholders
· Researching industry requirements
2. Undertake detailed analysis of supply chains, and operational, product and service delivery systems.
· Analysis of supply chain:
· Operation system:
· Service delivery system:
(Hint from teacher – Below points should be explained while explaining above question no. 2)
· Identifying and evaluating the processes in a supply chain
· Consulting with other staff to gather information from people who deal with suppliers and customers
· Identifying activities that comprise an organisation’s value chain as primary and secondary (support) activities
· Highlighting areas of inefficiency
· Identifying and prioritising areas for improvement
· Mapping the current supply chain, and analysing the mapping the product flow from production to customer delivery
· Identifying opportunities for strategic partnership with suppliers
· Improving efficiency and cutting costs
· Identifying suppliers and environmental factors that affect supply
3. Conduct a performance analysis of the organisation
A. Identify key result areas and performance measures, and evaluate the effectiveness of tools used to measure performance.
(Hint from teacher – Below points need to be explained while answering the above question A)
· Considering factors that affect the current state and predictions for the future state of the organisation
· Using a variety of sources of information, such as SMEs ● Determining performance measures, such as:
· input measures – how effectively resources are being used to achieve outcomes
· outcome measures that compare intended or projected results to actual results
· output measures that review the quantity or quality of the products or services delivered
· efficiency measures, such as productivity or cost-effectiveness o quality measures used to determine effectiveness in meeting customer expectations related to product reliability, service responsiveness or measuring error rates
· Sourcing performance data, such as reports, graphs, reporting tools, benchmarking measures, surveys, discussions, audits and observations
· Using analysis tools such as brainstorming, mind mapping, cause and affect charts, flowcharting, and control and run charts
· Evaluating measuring tools, such as determining whether:
· measures enable projections or anticipated results of data is readily available, reliable and up to date
· measures allow for timely analysis to enable decision-making o measures are easy to calculate o tools and techniques are user-friendly
· tools and techniques identify issues or improvement opportunities o there is a balance of financial and non-financial measures
B. Analyse performance reports and business plans. As part of your analysis, identify variance from expected results and potential causes of any variance.
(Hint from teacher – Below points need to be explained while answering the above question B)
· Identifying performance reports related to finance, marketing, sales and customer service, quality, production, logistics, human resources, and health and safety
· Using data collected from resource usage, expenses, outputs and outcomes
· Determining reasons for variances, such as increases in sales leading to a favourable variance
· Identifying corrective actions, such as revising objectives and measures to ensure they are appropriate
C. Identify and analyse changing trends and opportunities relevant to the organisation, conducting a PEST analysis, a SWOT analysis and a competitor analysis.
· Conducting a PEST analysis to review external environmental conditions that apply to the organisation (Use Template)
PEST Analysis
|
Political |
Economical |
|
Social |
Technological |
· Conducting a SWOT analysis describing the strengths, weaknesses, opportunities and threats of the existing approach to innovation and continuous improvement (Use Template)
SWOT Analysis
|
Strengths |
Weaknesses |
|
Opportunities |
Threats |
· competitor analyse
· Technology and electronic commerce opportunities
Section 2: Facilitate and communicate about continuous improvement
Task two
a. Communication Plan including handouts or notes
|
Objective: |
|
Relevant stakeholders |
|
Required resources |
|
Method |
|
Schedule/ delivery date |
|
Relevant policies/ procedures |
|
Security/ confidentiality status |
|
Strategy for all team members to provide feedback |
|
Outcomes/ follow-up actions |
|
Documentation |
b. Undertake a risk management and cost–benefit analysis for each option or idea selected for trial.
Risk Management Plan
|
Background: |
|
Context: |
|
Level of access and restrictions: |
|
Reporting requirements: |
Risk Matrix
|
Level of likelihood |
Level of Impact |
||||||||||||||||||
|
1 (Significant) |
2 (Minor) |
3(Moderate) |
4 (Major) |
5 (Catastrophic) |
|||||||||||||||
|
A (Expected) |
Medium |
High |
Extreme |
||||||||||||||||
|
B (Probable) |
|||||||||||||||||||
|
C (Possible) |
Low |
||||||||||||||||||
|
D(Improbable) |
|||||||||||||||||||
|
E (Rare) |
Risk Action Plan
|
Risk Description |
Priority |
Proposed Controls |
Actions required to implement controls |
Resource requirements |
Costs ($) |
Responsibilities |
Schedule |
Record keeping procedures:
|
Updates |
Person Responsible |
Date |
|
Risk register |
||
|
Lessons learned register |
c. Undertake Cost Benefit Analysis
|
Elements |
Cost ($) |
Benefits |
d. Obtain approval from appropriate personnel for the selected innovations through agreed organisational processes.
· Completing an authorised approval request form
Section 3: Implement innovative processes
Task Three
Prepare a plan for implementing continuous improvement and/or innovation:
a. Address the impact of change and consequences for all affected people.
(Hint from teacher – Below points need to be explained while answering the above question a)
· Understanding and reducing the barriers to change
· Promoting enablers of change, such enabling team leaders to be change agents
· Addressing the need for training and development in change management for staff to improve performance through workshops, accredited training or mentoring
· Listing the expected changes, the implementation will bring, and the impact on people and resources
· Arranging activities to support change, such as:
a. team building
b. inter-group development in changing attitudes and perceptions o process consultation to adjust to new processes being introduced o survey feedback that allows employees to provide input o sensitivity training to change behaviours o job redesign to fit new structures or technology o career and succession planning for employees
c. implementing health promotion programs to prevent stress and anxiety, including staff counselling if necessary
b. Implement a change transition plan.
(Hint from teacher – Below points need to be explained while answering the above question b)
· Deciding on an appropriate approach according to the organisation’s policies, procedures and practices, and the size and nature of the innovation or improvement project
· Identifying the likely effect of change and determining change readiness and associated risks, including contingency plans
· Determining transition activities
· Determining resource requirements
· Allocating roles and responsibilities
· Determining communication requirements (showing what is being to communicated, who is being communicated to, and the method and frequency of communication)
· Identifying methods for monitoring and evaluating the transition schedule
c. Ensure the objectives, time frames, measures and communication plans are in place to manage implementation
· Using a project planning approach, such as a project management body of knowledge (PMBOK)
· Defining the process of implementing the project in an implementation plan that includes:
|
Project Objectives |
Activities |
Required Resources |
Time frame |
Task Four
Follow up any failures or non-performance:
a. Implement contingency plans, such as using an alternative supplier for raw materials.
b. Investigate and analyse the causes, and manage emerging challenges and opportunities effectively. You will be observed speaking with staff involved to evaluate the options and determine solutions.
(Hint from teacher – Below points need to be explained while answering the above question)
· Providing coaching in one-on-one sessions to help build a skill or improve performance in certain areas
· Identifying barriers, understanding needs, and selecting methods and strategies most likely to work with the employee
· Identifying the variances between the plan and the actual performance, such as by conducting a root cause analysis
· Identifying and addressing an external pressure, such as an unreliable supplier
· Applying problem-solving processes to overcome challenges
Task Five
Write a report with recommendations for incorporating new or revised processes into the
organisation’s knowledge management systems. This is to ensure that lessons learnt from past activities are captured and managed to inform future work.
(Hint from teacher – Below points need to be explained while answering the above question B)
(1) Incorporating new or revised processes into the organisation’s knowledge management systems and future planning
(2) Reviewing processes and reflecting on successes and failures
(3) Listing what worked well in terms of project management, change management and continuous improvement methods
Task Six
Present how you would regularly evaluate continuous improvement systems and processes, and document your findings in a report.
(Hint from teacher – Below points need to be explained while answering the above question)
· reviewing and analysing systems and processes
· identifying opportunities
· outlining the implementation of ideas
· providing recommendations for improvements.
NOTE: USE TEMPLATES GIVEN IN CASE STUDY