Balanced Scorecard and Assessment Activity

Topics: Balanced scorecard, Strategy map, Strategic management Pages: 18 (3672 words) Published: August 27, 2014
BSBMGT515A: Manage Operational Plan

Timothy Coy
Section 1

Assessment activity 1

In your own words, describe the purpose of the operational plan and its relationship to the strategic plan. The purpose of the operational plan is to focus on shorter term objectives usually within 1 up to 3 years. For plans of 2 to 3 years, a more detailed breakdown of shorter timeframes should be included within the body of the document. An operational plan provides detailed information on planning, resource, implementation and funding for projects normally developed from the strategic plan. An operational plan should contain indicators to measure progress and performance. When written an operational plan will be defined by the following questions - Where are we now?

- Where do we want to be?
- How do we get there?
- How do we measure our performance?
Operational plans also comprise responsibility, allocation and contingency for variation. Contingency planning is the development of alternative plans to be placed in effect if certain unexpected events occur. There are four main advantages to contingency planning: 1) it helps the organisation get into a better position to cope with unexpected developments; 2) indecision, uncertainty, and delays are reduced when something unusual happens; 3) the organisations responses are likely to be better thought out and more rational; and 4) managers are forced to think in terms of possible outcomes, rather than just the most likely outcome. Operational plans are normally derived from strategic plans; a strategic plan provides formal long term direction for an organisation’s mission, objectives and strategies. These plans define What do we do?

Who do we do it for?
How do we get there? / How do we succeed?
Assessment activity 2
Consultation can be undertaken both formally and informally. Outline some of the tools that can be used for formal consultation and discuss there various merits. Formal tools for consultation include:

Information sessions
Information sessions provide an instant feedback loop; these information sessions could be called planning sessions or development meetings and provide information to the recipient in several forms ensure all learning mechanisms are catered for. Information sessions also ensure that stakeholders feel involved in decision making processes adding value to the process. This can also be beneficial as it does not provide time for negative thinkers to formulate argument.

Invitations for submissions from stakeholders
When asking for submissions for stakeholders you are providing a tool for continued commitment and keeping the channel for communications open. Stakeholders will need to provide continued input into the process to ensure holistic development of the plan is achieved. Stakeholder consultation is about initiating and sustaining constructive relationships over time.1 Meetings, workshops, focus groups, one on one interview

Meetings workshops and “one to one” consultation tools aid in providing appropriate and agenda orientated discussion and provide input to existing or identified issues, potential solutions and aid in refining the information provided. These meetings and interviews can be minuted and presented back to the groups as an accurate account and a form of continual improvement ensuring that the items raised are being addressed and not being revisited unnecessarily. A focus group involves inviting a group of participants to share their thoughts, feelings and attitudes. This can be a useful tool for gaining “buy in”2 to the planning process. This information can then be fed back to the process.

Feedback mechanisms
By measuring feedback and reporting appropriately it will be possible to capture and report opinion on ideas presented and formulate into input to the planning process.

Communication mechanisms such as email, intranet, newsletters and memos surveys These tools are a good way of providing...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Balanced Scorecard Essay
  • Essay about Balanced Scorecard
  • Balanced Scorecard Essay
  • Essay on Balanced Scorecard
  • Strategic Plan, Part III: Balanced Scorecard Essay
  • Balanced Scorecard Essay
  • Essay about Balanced Scorecard
  • Balanced Scorecard Case Essay

Become a StudyMode Member

Sign Up - It's Free