Introduction All organizations have a compensation plan in which to satisfy the employee to generate productivity. Compensation plans need to be tied to an organization’s strategic mission and should take their direction from that mission (2009). They must support the general business strategy, for example, innovation, cost leadership (2009). The new compensation plan for my team with the embarkation of a new strategic plan of InterClean focus more on attracting and retaining productive and potential employees. Compensation will be determined considering the organization’s budget and most importantly the required performance and productivity to achieve organizational goals.
They look ahead to what they will need and anticipate their expenses for the upcoming fiscal year. They also have to evaluate how their budget fits the goals of the organization as well as the goals of their specific units. The chief executive officer of the health care organization will appoint members of a budget committee. The committee members will compile and review the budgets from the different units of the facility. After the initial round of budget preparation, the parties involved will negotiate and compromise to bring down unit budgets to within the amount that the facility can afford.
The feasibility analysis will guide the organization in determining whether to proceed with the project. The feasibility analysis will identify the risks associated with the project. The three types of feasibility analysis are technical, economic and organizational. The technical feasibility will determine if the project can be built. The project size and compatibility will be analyzed.
Basically, it is used to anaylse the business as a whole and per section and to determine performance. It is also a requirement of the ATO. What are the expectations of managers and supervisors in relation to budget or financial plans? To maintain the budget and implement the financial plans into the business. This also includes educating staff about the responsibilities of maintaining costs.
| | | A. | Specifies the resources needed to achieve the company goals | B. | Communicate's a company's goals to employees | C. | Evaluating managers to determine how their performance should be rewarded or punished | D. | Evaluating operations to provide information as to whether they should be changed or not | 5. | Budgets for Planning: Which is Profit Budget? | | | A.
The financial planner should offer financial planning recommendations that address your goals, based on the information you provide. The planner should go over the recommendations with you to help you understand them so that you can make informed decisions. The planner should also listen to your concerns and revise the recommendations as
Assessment 2 1. What are the strategic used in the organisation to monitor its key systems and processes? ( evaluation strategy) 2. Briefly discuss how the raw materials are brought to production unit and how finished goods are being delivered to the distributor or end consumers? ( supply chain) 3.
This provides some information that will be used to develop the pro forma statements. The pro forma statements will allow Bisi’s company to determine some financial information about the proposed project. This balance sheet indicates what the future year’s obligations will be in relative to the available resources. It is imperative that the company have sufficient amount to be able to pay this obligations when they are due. The pro forma also tells the project estimated profitability for future years.
An organization needs to make sure the product or service they are offering is in the appropriate location where its target markets can reach it. Promotion: The method in which the customer will gain knowledge about the product and be persuaded to purchase it. There are many different types of promotional activities that can be used to help gain knowledge, exposure, and desire to purchase. When planning these different activities, it is very important to estimate what they will cost and factor that into the organization’s operating budget. When working from a small
Each area must define its own objectives and goals and how to achieve them. The objectives defined should be evaluated by the strategic planning area to ensure the changes are compatible with the company's annual budget. Employee engagement and communication should be carried out by a group of internal communication processes (intranet, mailings, videos, e-learning, and internal campaigns). This way, the company's internal team has a wider view of the company and is able to comprehend and create objectives in its specific departments to achieve the goals