Balanced Scorecard Organizations and upper-management often use a Strengths, Weaknesses, Opportunities, Threats, and Trends (SWOTT) analysis model to concentrate on the company’s competitive advantages, their possibilities, evaluate how to improve susceptibilities, and avoid coercion. Organizations depend on SWOTT analysis to remain successful in their industries. For a business to be successful and sustain their performance, the entity is obligated by their external environment to generate strategic objectives and constantly evaluate its vision and mission. Organizations must reflect on their mission and vision frequently to assess each for validity, consistency, and making sure the objectives are components useful to the desired vision. Businesses require a tool to measure the execution of objectives.
However there are changes that would have a small affect on the business. There are two areas that a business should look at when change happens. Impact on working methods and impact on the products and services offered and is the first thing that a business should look at to improve the quality. We have to review the impact on working methods. This could be ensuring that all staff is using best practice and everyone is working in the same way.
Project 1 Explain how, when working, you would find out what was expected of you and what work standards would be expected of you. How would this knowledge impact on the ways in which you organise your time and manage your work tasks? When working in a workplace I would firstly be expected to find out what the relevant industry standards are and what the organisational goals are within their workplace. I would find out what was expected from the job description that has been assigned to me and a thorough explanation on the job description so that both my employee and I are clear on what is expected by me. Also having a clear understanding of customer expectations and values is essential, as they are important to meet the demands and thus assists the organisation in achieving their personal goals.
Specific roles will have to be given to individual team members and allocate resources that help goals to be achieved. Afterwards we will need to identify sales target and reporting procedures and expected outcomes. Lastly we will need to let them know the actions they will need to take and how their actions will impact the work of other team members. Performance against the the organization’s quality and delivery standards will involve collecting data that relates to the actual performances of employees and mapping it against the expected performance. It is then possible to determine the extent to which actual performance meets intended performances.
Controlling is when a manager makes certain that a plan is in place and followed by each affected area of the organization. Next would be organizing the staff to make sure each employee has the right skills to work on the plan and making certain that the plans are followed. Next would be organizing and directing and deciding what resources are most effective for the task at hand and how to use these resources. The reason for this is so that the organization runs smoothly and effectively. The last element is decision making and managers must do this after reviewing the choices from the information and the alternatives given in the reports or logs.
As the nature and type of work changes within an organisation, so do the skills requirements. An organisation must measure the skills levels of its workforce in order to plan for the future - appraisals, awards, certificates etc Workforce profiles - This means that a manager can view and monitor the types of employee working for the business. They usually include details such as age, gender, ethnicity and availability. Knowing ages can help you plan for the future and also ensures that you fulfill any legislation requirements. Large gaps in ages can cause problems so this allows you to combat this.
This unit describes the performance outcomes, skills and knowledge required to manage the performance of staff who report to them directly. Development of key result areas and key performance indicators and standards, coupled with regular and timely coaching and feedback, provide the basis for performance management. Evidence of the following is essential: * documented performance indicators and a critical description and analysis of performance management system from the workplace * techniques in providing feedback and coaching for improvement in performance * knowledge of relevant awards and certified agreements. 1. Allocate work * Work is allocated in many different ways.
Strategies are the operational approaches that management will/intend to carry out in order to achieve those objectives. Business risks refers to the unexpected variation occurs to the business, which may prevent the entity’s strategies from being effectively executed and eventually the goal being successfully achieved. If management is unable or unprepared to respond to these changes immediately (by modifying objectives or changing strategies), business performance can be worsen which then gives rise to the risk of material misstatement of the financial
What are the phases of management control? Explain the types of management control (formal, informal/social and individual) practised in firms. A management control system (MCS) is a system which gathers and uses information to evaluate the performance of different organizational resources like human, physical, financial and also the organization as a whole considering the organizational strategies. Phase 1: Setting Objectives The first and most important phase is setting objectives. Here we determine the requirements of the business and end users.
This can be channeled in either a formal and structured approach or by observations. It all depends on the individual’s motivation. Different ways in which professional development can be carried out can be in formal methods such as appraisals and supervisions. This allows the manager, who conducts these to assess staffs performances. They look at future goals and identify the needs of the staff member on an individual basis according to the organizations policies and objectives.