Advanced Diploma of Leadership and Management
Vanessa Freitas
S40049545
Advanced Resource Management
Assessment 2
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1- COST EFFECTIVENESS
Cost-effectiveness is a measure of how well an organization uses its resources to achieve its
desired outcomes.how much each activity cost . Make sure you take into account every cost
associated with the activity, including the cost of the time that staff spend organising and
implementing it.
There are different ways an organization can promote efficiency throughout the company.An
economic evaluation conducted before implementation is the best way to ensure efficient
allocation of resources and also the following:
– Reviewing the effectiveness of risk management strategies used and learn lessons,
which can be used in the future.
– Reviewing processes, optimizing communication, productivity.
– Making sure the equipment is up to date so the efficiency of the manufacturing
process
– Work with customers to understand their needs, capability gaps, and performance
requirements
– Creating incentive programs for employees so they can be more invested in the
outcome of a project or become more productive in the performance of a task in the
right place at the right time.
– Improving communication between departments. Video conferencing, meetings are
resources that allow different teams to work together.
2- THE PROCESS FOR RESOURCE PLANNING
The effectiveness of strategies is evaluated to determine the success or otherwise of planned
changes. The corporate governance – directors and managers review the necessary resource
list and makes plans on how and where to acquire each resource. The process is the most
important step which starts with identification of objectives, move through analysis of the
resources and ends at appraisal of final planning. During the process, the organizations
determine the amount of monetary incomes, the equipment and people they need to meet
business needs, costumers demand, operation and financial informations.
The resource requirement analysis can be determined by
Expert judgment: Experts such as consultants, stakeholders or associations may be consulted
throughout the course of the project. These experts typically bring their experience and
knowledge to give appropriate direction that can be taken.
History estimating data:is needed for any form of consistent estimation. using different
sources such as the income statement, actual Outcome – effort, duration, staffing. Costs
(actual and estimated) and capabilities (level of the competency of the team).
Identify potential resources: brainstorm, it is necessary to discuss about the resource not
being used in the present but could be used in the future – the quantity and specifications of
the resources so the planning process can work properly.
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Monitoring and evaluating: Eg>Objectives for individual departments, measure how
resources are being used and comparing this with your planning. – Evaluate the effectiveness
of the resource plan in order to make change as appropriate.
3- MODEL USED TO EVALUATE AND MEASURE THE RESULTANT PLANNING.
For a logic model to be useful it must be designed with stakeholder input and enough
information for a variety of purposes. Program activities should be planned with the end goal
in mind and data should be used to identify where efforts should be focused. Methods for
obtaining a better understanding of the results and how well the organization has
accomplished its action plan and the effectiveness of the outcomes can include:
KPI’s –
Meetings with management
Employee and customer surveys/ data
Analysis of workforce data
Reviews of progress reports
Lessons learnt reviews
Organisation performance assessments
Having clear the information above we can determine the company’s progress in achieving its
goals and recognize if the resultant planning might be viable or not. It helps to ensure that
stakeholders have a common understanding of the progress and strategies used to reach the
desired outcome.
a) TOLERANCES THAT WILL TRIGGER THE IMPLEMENTATION OF STRATEGIES FOR
DEALING WITH OVERBUDGET.
Tolerance is a range, normally specified as a percentage of a budget, which you can spend
without needing to ask for further funds.
Example:
Budget AUD 1m with 10% of tolerance means that the companies expenses can be AUD
900,000 but not more than 1.1 – between 90% and 110% of the estimated budget
b) STRATEGIES FOR DEALING WITH EXPENDITURE OVERBUDGET.
In order to maximise revenue, it may be worth identifying any unnecessary costs that the
business may be incurring, and look to find ways of reducing these costs If the company
identifies the project is not being effective, there can be developed some strategies such as:
Supplier diversity – is a best practice that should be instilled in every organization. Review the
cost and get 2 or 3 suppliers to drive up competition and drive down the price. Negotiate
better payment terms or an improved volume discount
Trading hours – review hours of operation often, it will reduce staff cost , eletricy , etc.
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Rent – office and storages – always try to negotiate the lease to a lower rent
Small expenses – Even though some of our regular bills might seem small, we should review
expenses such as express posting services, coffee, magazines, posters and marketing material.
.
4- A PROCESS FOR COMPARING THE FORECASTED BUDGET TO ACTUAL RESOURCE COSTS
ACCORDING TO ORGANISATIONAL REQUIREMENTS.INCLUD
Control performance budget: For example, if costs are higher than expected, management
action might be able to bring them back into line. Think about capacity/demand, measuring
the actual resource cost compared to the standard budget including cost and resource
scheduling which may exceed the standard budget
Ex: Judge managers’ performance, review fixed cost such as staff salaries, rent, facilities,
manufacturing costs, review the timing of the payment of suppliers and customers.
5- RESULTS OF THE MENSUREMENT – REVIEW WHAT HAPPENS AT THE END OF THE
FINANCIAL YEAR
EOFY – Record keeping and compliance may include:
– Summarising income and expenses in a profit and loss statement.
– Conducting a stocktake.
– Collating records of asset purchases or expenditure on improvements. Completing and
lodge your income tax returns.
– Review resources, equipment and suppliers.
– Rewiew and update sales strategies and marketing plans
– Review the business structures
.
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