Cost Benefit Analysis

Part AProvide answers to all of the questions below:1. Outline two methods for conducting cost-benefit analysis.2. Describe two creativity theories and their application to workplace innovation.3. Describe the diffusion of innovation theory and why a manager implementing an innovation may find this theory useful.4. Outline the concept of a learning organisation.5. Explain the concept of shared vision as an important organisational learning principle.6. Explain the concept of team learning as an important organisational learning principle.7. Identify and discuss in detail five quality management and continuous improvement theories.8. Discuss the implications for businesses of Kotter’s 8-Step change model for transformational change.9. Explain the purpose of the ISO 9000 Standards for Quality Management and the standards that are included.10. Describe the concept of risk as identified in the Australia/New Zealand Standard for Risk Management (AS/NZS ISO 31000:2009).11. Describe the concept of risk management and outline the factors that make a risk management system successful and the factors that may inhibit effective risk management.12. In your own words, describe the seven steps in the risk management process as outlined in AS/NZS ISO 31000:2009.13. Identify and outline three different sustainability practices common in Australian workplaces.BSBMGT608 Assessment Task 1 v 2.0Page 4 of 5Part BCarefully read the following scenario.Woodhouse Recruitment is based in central Melbourne and is a recruitment agency offering recruitment services, including sourcing, screening and selecting candidates to meet clients’ requirements. The company was established in 2010 by Simon and Petra James, a husband-and-wife team who are the Directors of the company. The company also employs a receptionist, five recruitment consultants and an Administration Manager. The agency plans to recruit a further 2 new consultants to start with the company in early 2018.The company specialises in the recruitment area of Administration and Office Support, Accounting, IT and Sales and Marketing for both permanent and temporary staff. The company sees its point of difference as being an owner operated, boutique recruitment agency. The company currently has approximately 30 clients who regularly use their services.At a recent management team meeting, the management team (the Directors, Administration Manager and the Senior Recruitment Consultant), discussed the need to implement systems and processes for continuous improvement and innovation into the company. This is in part based on the need to stand out from the competitors in an industry where there are a large number of recruitment agencies. A number of issues were discussed at the management meeting, which the management team feel need further exploration as part of introducing continuous improvement systems and innovations.Services StandardsThe company states on its web site that it has the following delivery service standards:· Service Promise: we are clear in what we offer and the benefits it brings to you· Service Delivery: we offer consistent and reliable service to you· Customer Relationships: we are open and friendly with all of our customers· Compliance: we ensure we adhere to all ethical and legal requirementHowever, service standards have not been clearly defined and there are no performance indicators in place to measure performance.Key performance indicatorsNo formal performance indicators in place to measure key service standards including how quickly candidates are recruited to fill jobs or how many of the candidates pass the trial period effectively.Social MediaThere is no social media strategy in place. Currently the company is not using social media to market positions or to source candidates but recognizes this is anarea for development. Currently most candidates are usually found through the existing database (60%) or through advertising on job search web sites.Staff professional developmentWhile all recruitment consultants are expected to have minimum qualifications and experience, there is no process in place to ensure that recruitment consultants continue to participate in professional development activities to keep their skills up to date. There is also no performance appraisal system in place.SustainabilityThe business currently does not have any formal sustainability initiatives in place and is conscious of moving towards a green office environment both to be an environmentally friendly business, as well as to reduce costs.Key business performance statistics:· Annual sales revenue for financial year 20 14 – 2015 is $1,350,000, an increase of 10% from the previous year.· Increase in profits for this financial year compared to the last one is 9%· 16% of placements are in the IT area, 18% in accounting, 20$ in sales and marketing and the remainder in administration and office support.· 60% of revenue is from repeat client business.· Fill rate is 40% (where fill rate is the number of job orders filled by the number of job orders received multiplied by 100).· Average time to fill contracts for 2014 were as follows:· Temporary contracts are 8 days· Contract work is 20 days· Permanent search 23 days· Executive search 33 daysKey performance indicators currently used to measure business performance focus on financial indicators, including net operating profit and sales revenue. The company1. Develop a continuous improvement and innovation briefing report.Review the scenario information and based on your review, select two topics or areas that you can research and review, develop continuous improvement and options and then plan to implement innovative processes for. One of these topics you select must be in relation to improving a sustainability program.When you have identified the two topics or areas, you will then be required to prepare a report to your manager (your assessor). Your report should be written in clear and concise English and contain relevant headings to address the required information. As a guide, your report should be 3 to 4 pages long.The student is to submit a report that is clear and concise and approximately three to four pages in length.Your report must address the following for both topics:· Your topics or areas for improvement that you will plan a continuous improvement and innovative processes for, one being a sustainability program· Identify and discuss a range of strategies that you can implement to monitor and evaluate the current performance and sustainability of your topics/areas for improvement. Identify at least two strategies for each area selected.· Analyse and provide a detailed account of the current supply chain and the (operational, product or service) systems the business is using to deliver their service. Explain what is working well and what could be improved.· Identify how the topics/areas for improvement performance could be measured, including an outline of the assessment tools or techniques that could be used. Evaluate the effectiveness of each tool/technique.· Identify at least two specialists that could help Woodhouse Recruitment. For example, this may be to identify technology and electronic commerce opportunities or to implement your ideas about continuous improvement and innovation. Include their contact details, the services they offer and a rationale as to why it may be beneficial for the company to use their services.· Conduct research and analyse and report on trends and opportunities relevant to Woodhouse Recruitment in relation to your topics/areas for improvement. Use the resources provided by the assessor as listed under ‘Required’, as well as any other relevant resources.· Compare Woodhouse Recruitment’s business performance statistics to industry benchmarks and provide an assessment of why or why not the company may not have met their targets.· Discuss three examples of other innovative business ideas that Woodhouse Recruitment could adopt and implement.2. Send an email to the Manager (your assessor).It should introduce and summarise the contents of the attachment, seek their feedback, and ask for the place, date and time of your meeting.Attach your report to the email.\The report should be sent at least three days prior to the meeting.3. Participate in a meeting to discuss your continuous improvement and innovation report.Your assessor will organise two other students to attend your presentation. These students will be playing the role of the management team.At the meeting, you should discuss the key findings of your report, as well as your ideas for continuous improvement and innovation in the business.During the meeting, you will need to demonstrate your interpersonal skills, as well as your ability to build trust and confidence and encourage creativity in the management team. To do this you will need to demonstrate throughout your presentation your ability to clearly and confidently present information, encouraging questions from the team, discussing/brainstorming ideas and active listening techniques.Make notes as required of the feedback provided. At the end of the meeting, you will need to take on board feedback provided and agree with the management team on the best way forward with your continuous improvement and innovation initiatives.4. Prepare a draft email to all parties involved (your assessor).The email should summarise the ideas agreed to and seek final agreement to proceed with the initiatives based on the meeting discussion and as summarised in the email. for more information on Cost Benefit Analysis check on this:https://en.wikipedia.org/wiki/Cost%E2%80%93benefit_analysis

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