Fluent Essays

For this assignment, you will select an organization to create a process improvement plan for. This may be the organization you work for or another real organization that you are familiar with. A thorough process improvement plan provides an overview of the problem, identifies the current processes in place and why they are ineffective, presents a proposal for a new process, establishes the goals and objectives of the new process, the resource requirements to incorporate the new process, the risks associated with the new process, and finally includes a plan of action stating how the process can be integrated.   Your plan will include the following key components: 1. Statement of the Problem a. What is the problem with the current processes and why are they ineffective? b. State the current policy and procedure. c. Provide examples that show a direct correlation between the processes and the deficiencies in management. 2. SWOT Analysis a. Provide a mini-SWOT analysis on the current processes. b. You should clearly highlight the weaknesses as you will be convincing the board and the stakeholders that the process does in fact need to be changed. 3. Process Proposal a. After identifying the problem, you will need to propose a new process. b. Provide evidence that the new process will be better than the old process. c. Prove that this process is in line with the organization’s goals. 4. Goals and Objectives of the Process a. What do you hope to accomplish by implementing the new process? b. When specifically when do you plan to fully integrate the new process? Create a timeline. c. Specifically demonstrate the value of your process to the organization. 5. Identification of Required Resources a. How much will it cost the organization to create this new process? b. What human resources will we need in order to complete this project successfully? c. How long do you plan to spend fully integrating the process, training employees, and updating all documents? 6. Budget a. After identifying the required resources, determine your budget. b. Consider things such as paying employees for training on the new process, or the time lost doing evaluations to determine whether or not managers are following the new process. c. This budget should include not only money, but time as well. 7. Risk Assessment a. What obstacles will prevent you from integrating the new process? b. How do you plan to manage these obstacles and risks? 8. Plan of Action a. Provide the exact steps you will take to fully integrate the new process. b. After creating your plan of action, compile all of these components together into one final plan. Each week you completed one or more of the required elements listed above. Feedback was provided by your instructor and must be incorporated into your final submission. Your completed process improvement plan should be a minimum of 15 to 18 pages and address, in a comprehensive fashion, each of the areas listed above. Research should be included where appropriate with proper in-text citations and a properly formatted reference page. The expectation is that you will support the information provided in your process improvement plan with a minimum of ten credible resources. In this learning activity, we will evaluate process improvement plan presentations. Your presentation will be based on the process improvement plan you developed throughout the course. Your presentation will be graded by your instructor separately, while your discussion grade will be based on whether or not you post your presentation and the depth of your follow-up posts.   Your presentation should include: a. A slide presentation 10-15 slides in length. b. A 5 to 7 minute narration. c. Presenter notes. d. A discussion of the deficiencies in the current processes, your proposal of a new process, the requirements to successfully implement the process, and your plan of action. The audience for your presentation is the board and stakeholders of the organization implementing the plan. Your company has asked you to create a process improvement plan. Your process improvement plan will evaluate an area in which managers are consistently falling short of expectations. Here are a few areas that managers commonly miss the mark on: · Effective motivation · Sharing the vision · Setting effective expectations · Holding employees accountable · Helping employees with career development Running Head: GOALS AND OBJECTIVES 1 INTEGRATED BUSINESS MANAGEMENT 2 GOALS AND OBJECTIVES 2 Goals and Objectives Integrated Business Management and Assessment Excelsior College What do you hope to accomplish by implementing the new process? This new process may begin a thorough capacity-building policy that outlines recruiting the right personnel, developing a positive job atmosphere, providing proper coaching and mentoring, offering fair remuneration, and treating employees fairly. It would not only produce qualified employees, but it will also lower the rate of turnover. People retire from a business once they no longer feel appreciated, which can be due to a variety of factors such as a high-stress job, unequal remuneration, and a lack of skills and growth (Truitt, 2011). This complete human development program may bring in a more qualified and equipped staff with lower turnover. Every one of the firms shortcomings can be turned into assets in this way. A qualified and equipped team could maybe serve as a key component, allowing the organization to compete successfully. When specifically do you plan to fully integrate the new process? Create a timeline. The approach can begin with a little study to identify the specific areas where the organization needs in learning and operational processes. Once this has been discovered, a design specification for the standard protocol may be created, and this design will then be integrated into the broader initiative. Research can take around 5-6 months and training the employees can take around 7-8 months. Hence, the whole process can be implemented in around a 12-14 months timeframe. Specifically demonstrate the value of your process to the organization. This complete human training program may result in a more trained and developed staff with a lower turnover rate than before. This labor has the potential to be among the KBRs most valuable assets, assisting the company in difficult moments. Moreover, when the staff is motivated and knowledgeable, implementing policies and procedures isnt really challenging. To put it another way, employee engagement can include instruction on policy and procedure. This new initiative will begin by fostering a motivated workforce, hiring qualified people and providing them with chances for learning and support, and offering good wages and bonuses, among other things. Workers will be more proficient and committed as a result, increasing job performance. This would not only maintain benefits and address deficiencies, but it would also entail beneficial social, economic, as well as political consequences. The organization will provide work chances to a large number of people while also adhering to strict bounds for workers well-being. In summary, this new strategy will have favorable effects both internally and externally. Explain how your chosen management theories helped you develop the goals and objectives. Scientific management theory is one of the approaches that can assist a corporation to achieve productivity and effectiveness and is primarily concerned with the firms performance. Therefore, this theory helped me develop employee-centric goals that will assist in the companys long-term good fortune. Through this theory, I suggested that a poorly trained workforce will result in a deteriorated company performance. This notion can be used in the workplace to increase productivity. This principle can be successfully applied by KBR by selecting the most appropriate method for completing each assignment (Chatzoglou & Diamantidis, 2018). KBR must be certain that its flaws cannot be used against it. To achieve this, it must transform these flaws into assets. Therefore, KBR has helped me offer a comprehensive HRD plan that will help an organization convert its weaknesses into strengths. References: Chatzoglou, P., & Diamantidis , A. (2018). Factors affecting employee performance: an empirical approach. International Journal of Productivity and Performance. Truitt, D. L. (2011). The Effect of Training and Development on Employee Attitude as it Relates to Training and Work Proficiency. SAGE. Running Head: IDENTIFYING RESOURCE 1 IDENTIFYING RESOURCES 6 Identifying Resources Integrated Business Management and Assessment Excelsior College Introduction The company is in the business of science, technology, and engineering and is present in various markets, including aerospace, defense, industrial, and intelligence. Currently, the company is facing a lot of problems, and the main problem is a high turnover of employees, which is mainly because of the less long-term career growth model company, has. The high turnover is costing the company a lot of problems like dissatisfied customers and orders not delivering on time and many others. There are many competitors in the market as well, and in this industry, innovation is the key, with new technology being introduced every day. Unskilled workers are unable to work with innovation, and that’s where the company’s future is on the edge as competitors are closing more new businesses with their innovative technology, and there is a huge threat of competitors winning the existing clients of the company. Software Since the company is in the technology business and innovation is happening so fast, the software is very important, and the company needs an updated version of the software with innovation insight. To develop the software, we need highly skilled workers with long-term and job security to working with. Software needs updates after a certain period of time which will require highly skilled and innovative employees to do the task, and for a longer period of time which requires training of the employees and up-to-date equipment to do the task (Foshay et al., 2003). Hardware Recently the company has been awarded a NATO contract where the company will also be providing logistic support to NATO. This will require a lot of new hardware and human support to carry out operations. Logistic staff should be trained to do the task. So instead of hiring new people and train them, which will cost time. The company should notify hirer skilled workers who can support the company’s work in supplying logistic support to clients.  Real estate As company’s core business activity is defense, and recently KBR has been awarded many defense contracts and contracts NASA as well. The company will need more space to carry its operations as the more business coming in, the more space is required, and mainly a new warehouse is required. The company should also focus on the industrial side of the business, where the company will be making industrial equipment and delivering them to clients. It will also need a new real estate to make that equipment and warehouse as well. NASA and the US navy have recently awarded contracts that can be very profitable, and it will help KBR to gain more clients in the market. So, delivering services to the clients timely, the company should relocate its office near its clients so the timely services should be delivered (Vegunta & Milanovic, 2009). Training materials As the new staff is hired to carry out operations, training materials will be required to carry out the training of new employees. Training is very important for the new employees as long-term employment contracts will help the company to reduce the high turnover of the staff, and training them for a longer period of time help employees to perform tasks efficiently. Good quality training material will be required to train employees efficiently.  Downtime due to training Every business in the world is exposed to external factors, and downtime is expected due to this ongoing pandemic. Training employees is very important, and downtime due to training is also expected because of the strict SOPs employees have to follow due to the pandemic. This can be reduced by hiring highly skilled trainers who can train the staff efficiently in a short time, and the company can also hire skilled workers or partially skilled workers to reduce the downtime due to training.  Employee payment for training Employees should be paid for training as this will motivate them to work honestly after the training. The company should offer employees long-term contracts for the future and offer more job security and career growth in the future. The major problem for the KBR was the high turnover of the employees as employees are previously offered short-term contracts, which demotivate employees, and employees will not think twice if a better opportunity will be thrown to them by the competitors. So, there should be a long-term contract with the employees, and training should be done in a manner where employees can see career growth. This will help reduce the high turnover of the employees. High turnover had cost the company a lot of problems recently as new employees are not aware of the company’s way of doing business and every time when a new employee was hired, time is wasted on the training which costs the company many unhappy clients. Human capital Human capital such as trainers, management, and new employees is very important to the company. Trainers should be highly skilled and can train employees in a short period of time which will help the company reduce the downtime due to training. Training employees in new innovative and efficient ways to carry out their duties will also help the company. Highly skilled trainers will cost more, but it will help the company for a longer period of time. Management should be highly skilled and have the capability to work under pressure with meeting deadlines from the client. It’s a fast-moving business, and management should be responsible and hardworking. Last but not least new employees should be welcomed with more benefits offered to them as compared to their previous employer. No matter a skilled worker or unskilled worker, they should be treated equally and should be trained with the company’s norms and ethics. New employees should be offered long-term contracts to reduce employee turnover (Barro, 2001). Conclusion To compete in a very innovative and fast-moving market company should focus on new technologies and trained and skilled staff to carry out its operations with the help of hardworking and highly qualified management. It will cost the company initially but will help the company for a longer period of time. For the proposed budget, please find Annexure 1.  References Foshay, R., Silber, K. H., & Stelnicki, M. (2003). Writing training materials that work. TechTrends, 47(2), 67. Vegunta, S. C., & Milanovic, J. V. (2009). Estimation of cost of downtime of industrial process due to voltage sags. IEEE Transactions on power Delivery, 26(2), 576-587. Barro, R. J. (2001). Human capital and growth. American economic review, 91(2), 12-17. Running head: STATEMENT OF THE PROBLEM 1 STATEMENT OF THE PROBLEM 8 Statement of the Problem Excelsior College Integrated Business and Management Kellogg’s Brown and, Inc. is a U.S. based company operating in fields of science, technology, and engineering. KBR works in various markets including aerospace, defense, industrial and intelligence (KBR, 2021). They use contractors both nationally and internationally. Employees are used as contractors and subcontractors. This process sometimes leaves the company with a high turnover of workers. Due to contractors being terminated with short notice. While working in the warehouse as a Logistics Lead. I noticed all the personnel are new and were hired as entry level associates with no supervison or training to assist them with learning processes of Warehouse Operations. Additionally, the Standard Operation Procedures (SOP) were last updated 3 years ago. During day-to-day operations, packages are excepted but not all packages are checked and processed before being released to the customer. Some packages were given to fellow customers. Then later asked about these packages that were received. No one would have an answer to where the missing packages are. Policies before COVID-19 involved face to face interactions. Some items need to go through an inspection by the Quality Assurance to ensure it meets standards to fly into space. Because of this some packages are not opened to ensure they are not damaged before inspections. One specific example of an issue involved an item that needed inspection. Another item that did not need inspection arrived in the same package. The package only stated the item that needed inspection on the package. So, it could not be opened, and we went through an investigation due to a missing item we received. The ethical implications in the logistics operations in the warehouse is privacy and confidentiality. The items are parts we process must be closely monitored from place to place. My company works for the National Aeronautics and Space Administration. If the things work on got into the wrong hands it could put lives at risk. The laws of the government are to be required to be adhered to by contractors and associates of the government. References “Our History.” KBR, 2021, www.kbr.com/en/about-us/our-company/our-history. Running head: PROCESS PROPOSAL SLPO 1 PROCESS PROPOSAL SLPO 3 Process Proposal SLPO Integrated Business Management & Assessment Excelsior College Introduction Organizations need continuous evolution in order to remain in the competition. In the global world, business trends keep on changing. The dynamics environment is primarily supported by the external environment, which is continuously changing. No business operates in a vacuum; they are always surrounded by one or more factors. These factors include political, social, economic, ecological, legal, and technological factors. All of these factors impact the businesss functioning, some more than others. The impact of these factors is usually similar on all businesses in a particular sector or industry. However, how each business responds to it makes the real difference. For this instance, the internal factors of the business are given equal importance. Because the internal factors are largely dependent on the external factors, the external factors cannot be controlled. However, it is important to mention here that not all external factors have negative repercussions. Some of these factors result in new opportunities while others create threats, and it is up to the organization that how well they could avail themselves of the opportunities and how they could escape the threats. Organizations use different mediums and frameworks for continuously measuring these factors and their possible impacts—two important frameworks in this regard for SWOT analysis and PESTEL analysis. The SWOT analysis takes into consideration both internal and external factors. The external factors are categorized under opportunities and threats, while the internal factors are shown under strengths and weaknesses. Just like other organizations, Kelloggs Brown & Root (KBR) also employs these frameworks for assessing the changes occurring in the external environment and their impact on internal organizations. Kellogg has recently conducted a SWOT analysis which has listed not only the internal factor but also external factors. Based on this SWOT analysis, a recommendation will be created for the decision-makers so that the organization can introduce the needed changes. SWOT ANALYSIS STRENGTHS OPPORTUNITIES Knowledge – familiarity with customer needs and current trends Reputation – the well-established brand name for high-quality services Existing Customers – Extensive customer base of in government departments and military Market Growth – International expansion of services could open new paths Human Resources – Skilled and motivated workforce can enhance productivity and organizational performance. Network/ Relationships – New suppliers could bring more affordability to the materials WEAKNESSES THREATS Training – Insufficient level of skills and expertise in employees Turnover Ratio – High turnover ratio results in an insufficient number of employees Operating Procedures – Absence of standard operating procedures which result in the substandard quality of services Competitors- new entrants and existing competitors could take over the customer base. Market Prices – Current trends could lead to higher prices and subsequently increase the cost of products and services. Changing the current process’s weaknesses into strength To initiate, KBR has to ensure that its weakness could not be sued against it. To ensure it, it has to alter these weaknesses into strengths. The company has three primary weaknesses, which are high turnover ratio, no standardization in operating procedures, and absence of training and development of employees. All of these three weaknesses can be converted into strengths. To begin with, training and development, having a skilled workforce is one of the key strengths which could help organizations achieve their goals. The absence of a trained workforce means that the poorly skilled workforce will not be able to achieve efficiency, and hence the organizational performance will keep on deteriorating. This can result in the bankruptcy of the organization eventually. Hence KBR can start a comprehensive human resource development plan which starts with hiring the right employees, creating the right environment and culture for the employees to work, provide them proper training and development opportunities, offer fair compensating packages and fair treatment of employees. This will not only create a skilled workforce but will also reduce the turnover ratio. Employees leave an organization when they do not feel valued, and it can be because of numerous reasons, including an unhealthy work environment, unfair compensation, and no training and development. This comprehensive human development program could result in a lower turnover, skilled and motivated workforce. This workforce can become one of the biggest strengths of KBR, which can support the organization in tough times. Furthermore, introducing standard operating procedures is not difficult when the workforce is disciplined and skilled. In other words, the training of employees can also incorporate training about standard operating procedures. The process can be started by conducting a little research where the exact areas can be specified where the company lacks in training and operating procedures. Once this is determined, a detailed blueprint about the standard operating procedure can be formulated, and then this blueprint can be added to the overall training program of employees. This way, employees will get training about every aspect of their job, including the specified standard operating procedures. This way, all the weaknesses of the organization can be changed into strengths. A skilled and motivated workforce can even act as a core competency which eventually becomes the competitive advantage for the company (Florentine, 2019). Carryover the strengths of the old process to the new process: Moving forward, for any organization to be successful, it is essential that not only are weaknesses converted into strengths but the current strengths are also sustained. The key strengths of the company include a well-established brand name, knowledge about the industry, and a strong customer base. These strengths are essential because they are the reason that KBR is a successful company in its sector. Without having knowledge about the industry, there can be no brand name, and without a brand name, there can be no customer base. These strengths can be sustained by continuously working on them. As mentioned above, the knowledge and expertise about the industry are independent variables, whereas the reaming two are the dependent variable. Hence the need is to work on knowledge. Since knowledge is possessed by employees, the right move is to hire the most competent and skilled employees at every level that from decision-makers to implementers; everyone knows what they are doing and does it in the best way possible. This can be complemented by the extensive human development program recommended for converting weaknesses into strengths. Under that program, the right environment will be created, and this right environment can help hiring, training, and sustaining the most competent and skilled workforce with the highest knowledge. Once the dependent variable of knowledge is secured, the remaining two-variable will continue to be the strength of the company (Reddy, 2019). Does the policy need to be revised or completely redesigned?   KBR has a number of skills, but it lacks mainly in the segment of the skilled workforce. The company generally hires on a contractual basis where employees are hired for a short-term basis, and they are fired as soon as the task is completed. This practice is a very poor design strategy for a service-oriented firm, especially one working with the government. Service firms need standardization in their process and functioning, which can be achieved by extensive training of employees, and that is possible only when employees are with the organization for a longer time period. The company has primarily three weaknesses of high turnover, lack of training, and absence of standard operating procedures, and it is all because of the current strategy of contractual nature of employee hiring. This strategy cannot be revised; rather, it needs a new design altogether. KBR needs to shift to permanent employee’s especially in key areas and departments, and can outsource the job to contractual employees of such nature, which is not permanent and does not carry much significance. Small revisions cannot introduce the changes which are required for keeping the organization in business. Hence a newly designed strategy is required, as discussed above. Comparison between new and old policies and process The dynamic environment of the global world requires a business to be as fast adapting as possible. Although every business needs to stick to few things, overall, every business has to evolve and change with time. The new process is generally always better than the old because if the old process and programs were better, then there would have been no need for a new process. As in the current case, the company has a very well-established brand name and customer base, and it can lose it no time because of ineffective human resource management. The company currently follows a contractual model of employee management, which results in high turnover, no training, and the absence of standard operating skills. It has been recommended to change this current policy with a new policy where a comprehensive human development program is introduced. This new program will initiate with creating a healthy work environment, will hire skilled employees to provide them training and development opportunities, will offer competitive salaries and compensation, etc. This way the employees will be more skilled and motivated to hence the work productivity. It will not only sustain the strengths and deal with weaknesses, but it will also have positive social, legal, and political implications. The company will offer employment opportunities to many and will comply with legal guidance for employees ell being. In brief, this new policy will have positive implications both on the internal and external front. Reflection: Managing organizational resources to create an output that could bring value to the customer is a long and extensive process. This process needs to be effective and efficient at the same time. Effectiveness ensures that business is actually creating something which is needed or, in other words, creating the right product and services, while efficiency ensures that these products and services are created in the right manner. There are different theories that help in achieving effectiveness and efficiency for the business, and such a theory is scientific management theory. Scientific management theory is mainly for the efficiency of the organization. This theory can be employed for achieving efficiency in the business. For KBR, this theory can be effectively used by choosing the most suitable way for doing every task. As per scientific management theory, if all inputs are gathered and set in a scientific manner, it can reduce the effort and time it goes on in creating the product and services. However, this is possible when the employees are well familiar with their jobs and could present their views on bringing efficiency to work. Unfortunately, the current policy of employee management does not retain for long at their jobs, and because of this reason, it is quite difficult if not possible that the employees will learn that what is the scientific manner of doing their task. If the employees are quickly fired from their jobs once their contract is completed, they can stay at their job and, through effective training, can learn how each job can be done in the most scientific manner and how it can bring efficiency to the job. However, under the new model, employees are given training about their job, and they are also taught the standard operating procedures and this way, scientific management theory can be employed for achieving efficiency in work. References Florentine, Sharon. “6 Sure-Fire Ways to Improve Employee Retention.” Recruiterbox Blog, 2019, recruiterbox.com/blog/6-sure-fire-ways-to-improve-employee-retention. Reddy, Chitra, et al. “Scientific Management Theory: Advantages and Disadvantages.” WiseStep, 28 Nov. 2019, content.wisestep.com/advantage-disadvantage-scientific-management-theory/. Running head: SWOT ANALYSIS 1 SWOT ANALYSIS 8 SWOT Analysis Excelsior College Integrated Business and Management Assessment Introduction I plan to use my SWOT Analysis to show how making small changes within the company can increase the company brand. While showing some things we need to look out for can assist the company in preparing for economy changes. As well as keep an upper hand over our competitors. Our Strengths we will stand behind is Knowledge of the industry and longevity. Shows the world we can continue to change with the times and continue to maintain a top-notch performance service. We need to work on developing a comprehensive training program for new employees. To counter the issue of a high turnover ratio of employees after a contract is complete. Overall update and build a Standard Operation Procedure Policy. This too can help with high turnover of employees and lack of skills. The Opportunities I see in the future comes with market growth. More countries will notice our business because of our performance history. This is turn will expand our reach to more businesses internationally. We have already worked with the military in other countries. We can take this chance to network and develop relationships. To capitalize on this opportunity, we use Human Resources to hire the best individuals with certain skill sets. Needed to get these different projects off the ground as soon as possible. A threat to our company is the competitors attempting to under bid us for various contracts. To deal with this issue, we let our reputation with existing customers do the talking with numbers. The reviews of our industry leading performance will have our business be the first company others want to service them. Also, beware of the market prices that could increase when we use others to manufacture parts for us to complete different projects. SWOT ANAYLSIS STRENGTHS OPPORTUNITIES Knowledge - We know what the customer wants and needs Reputation - Known for Top Notch Service Existing Customers - Govt / Military Market Growth - Services we provide can be expanded internationally Human Resources - Hire new Experienced individuals with certain skill sets Network/ Relationships - Search for suppliers to get materials at an affordable price WEAKNESSES THREATS Training - lack of expertise and skills Turnover Ratio - When contracts are complete employees are terminated Operating Procedures - Improve and Standardize for each section Competitors- may want to under bid for contracts Market Prices - Could increase for materials in the future I would like to brief everyone on ways we can correct some weaknesses I have come across while working with Kellogg’s Brown & Root. Here is a business strategy plan that could help us stay a step up on our competitors. As well as build a culture employees will stay with into the future. Main Body Initially, the company should have Supervisors and managers read over the Operating Procedures. Go step by step comparing it to the steps every employee uses at work. Check it against all situations that a Specialist will encounter while working. Make the necessary updates and have the policies signed and published as a certified company document. Ensure each employee has access to the policy in a hard copy and digital copy. Next our company needs to develop a training program for new hires. During this time, a new hire will get access to all accounts and company websites and become educated to all policies and procedures. Every new hire should go through an 80-hour course of completing all steps until they are proficient. This will enable managers to oversee an employee’s competence. As well ability to learn and perform the job asked of them. The best part of scientific management theorists is that the managers can have good control overproduction. Employees become specialists in their field as they do the same task repeatedly (Reddy, 2019). Additionally, this methodology can develop training through choosing and directing employees closely. Since scientific selection and training methods follow, it leads to a workforce that is best and enhances efficiency (Reddy, 2019). Another weakness that needs to change is employee retention. In the past, many employees were either quit or left once a contract was completed. A way to fix this is by going a selective hiring process. Include the hiring manager and supervisors who the new hire will work for. Let these individuals have a say in will work for them. Ensure the salary we pay is fair and worth staying around for. When available include flexible work schedules. Life does happen, so we should be empathic to the change’s life brings. Provide a work environment and culture that individual would want to work for. An employee should not be disgruntled because of being in an unhappy work environment. Offer flexible work schedules. Ensure employees are well prepared to do what their job requires like travel, late nights, vacations and so on. Provide comfortable work environment and culture. Provide ample training and support new hires till they can manage on their own (Florentine, 2019). We need to have an award program to recognize personnel that are over achievers. People want to be acknowledged for going the extra mile and performing above their peers. References Florentine, Sharon. “6 Sure-Fire Ways to Improve Employee Retention.” Recruiterbox Blog, 2019, recruiterbox.com/blog/6-sure-fire-ways-to-improve-employee-retention. Reddy, Chitra, et al. “Scientific Management Theory: Advantages and Disadvantages.” WiseStep, 28 Nov. 2019, content.wisestep.com/advantage-disadvantage-scientific-management-theory/. 1 Running Head: ASSIGNMENT ASSIGNMENT 6 Assignment Student name Professor Name Course Name Date Risk Assessment Risk assessment is a detailed assessment of your workplace to identify those factors, conditions, processes, and other factors that may contribute to the risk. After you have made the diagnosis, you will need to read and evaluate how big and big the risk is. After you have made this decision, you can proceed to decide what steps should be taken to effectively remove or reduce the damage (Kho, Gillespie, & Martin-Khan, 2020). According to the SWOT Analysis, there are two major risk factors, and the causes of weakness that need to be addressed are, the competitors, due to the success of these competitors they may want to underbid for contracts. Or the market price could increase the material prices in the future. There is a lack of training and a huge turnover ratio. And lastly, there are no operating procedures that are very important for a business to run efficiently. Risk Factors There are certain risk factors that can put the whole company at risk. One of them could be competitors, and prices in the market. The steps to resolve such risk factors are as follows: Any risk assessment should start with a high-level goal that is divided into performance indicators (KPIs) and objectives. This is an important step in ensuring that disaster risk management understands the financial thinking behind each objective and helps to focus on risk assessment. As the need to keep the market price in consideration keeps growing over time. While it should be the responsibility of management to identify and analyze risks, the economic realities of your firm can force the management team to take the lead in conducting risk assessments on strategic objectives. Decision-makers must use a strategic document, financial model, business model, or budget model to determine critical thinking taken by leaders when organizational plans are broken down into manageable, manageable pieces (Bundy, Vogel, & Zachary, 2018). Many beliefs are accompanied by a degree of uncertainty, which requires a risk assessment. Since the competitors have gained more and more success over time, it seems near to impossible to overcome that gap. Decision-makers should have a set of expectations for managers when they reach the end of this step. Account Managers should work with business analysts, audit committees, and a wide range of data sources to explain the range of probability values and their distribution scenarios in each of the management assumptions (Rausand, 2013). The effect of risk assessment tools in determining risk adjustment opportunities to achieve strategic objectives and major risks that may have a positive or negative impact on their success. Risk management should consult with the management team to assess whether the risk assessment results are acceptable, valid, and valid. Management may be required to update or update the entire system or parts thereof based on the results of the risk assessment. It is one of the reasons why disaster analysis should be done before a decision is made. (Kho, Gillespie, & Martin-Khan, 2020) The risk manager must co-operate with the subsequent audit staff to assess whether the identified risks, particularly during risk assessments, are fully controlled and agreed on risk mitigation measures. Stakeholder Conflicts In addition to all such drastic changes taking place, there are some challenges that are faced by the company as well. For example, the uncertainty and doubts of the stakeholders. Some stakeholders might cause issues with the new ways of the company as they are so used to the old ones. Thus, the company needs to know how to deal with them as well. To build relationships with senior management, competent project management should focus on stakeholder completion, but also discuss and engage with project stakeholders. Involve participants before starting a new project, listen to their suggestions, and post their suggestions where possible. Whenever someone else opinion is chosen, keep it informed and explain why. Make every effort to keep them happy, but do not make the most of their time. Ask for their ideas on major decisions, and make sure they see how your efforts will benefit them. Once you have defeated them, they will be awesome winners (Rausand, 2013). Keep in touch with them and keep them up to date with any good new ones. Because your work can have a positive impact on them, they are more likely to enjoy their team and help you. If you dont like what youre listening to, dont close the communication lines. To better understand the challenges and aspirations of participants, try to understand where they come from or put them in their place. Make an effort to understand their point of view. Change Management Policy People are less likely to make a change and fully see the results you want and the results when they try to deliver change without using good change management. Costs and risks will be added if these changes do not reflect the goals and outcomes you want, due in large part to our failure to address the human aspect of change (Ronnenberg, Graham, & Mahmoodi, 2011). Costs would not be reduced, and efficiency would not be increased. Income will not rise, and profits will not be available. There will be no waste minimization, and regulations will not be able to comply. The change management policy needs to be implemented along with considering the competitors, market price, turnover ratio, training, etc. As change management policy plays a huge role in helping the new revolution of the company in a smooth and efficient way (T., 2005). Implementation of the Change Management Policy The organization is needed both socially and culturally in order to seek and implement solutions. Before going into practice, all sorts of preparation are required. The manager focuses on assisting employees in recognizing and understanding the need for change. They raise awareness of the various challenges or problems of the organization, acting as agents of change and causing dissatisfaction with the current situation. Prompt procurement from staff who will assist in achieving change can help reduce ongoing conflict and opposition (Ronnenberg, Graham, & Mahmoodi, 2011). Following the procedures outlined in the organization to bring about the desired change for the rest of the process. Details of the plan will determine whether a change in the companys operations, purpose, technology, procedures, personnel practices, or other components are required or not. Transformation leaders must focus on enabling their employees to take appropriate action to achieve the goals of the program. They should also try to anticipate problems and, once diagnosed, avoid, remove or reduce them. Throughout the implementation of the project, it is important to communicate with the company’s goals to remind team partners why change is needed. Transformation managers should avoid going back to the past or the situation where the transformation work has been completed. This is especially true when it comes to processing, productivity, thinking, and transformation within an organization. Employees can return to the traditional way of doing things if they do not have the existing strategies, especially in times of change (Bundy, Vogel, & Zachary, 2018). Going back is very difficult to achieve when changes are incorporated into a company’s policy and practice. Change management tools such as new organizational structures, processes, and reward systems should all be addressed. Completion of a change proposal does not mean it has been successful. Analyzing and reviewing the transformation work, sometimes known as the project post mortem, can help company leaders realize that it was a victory, a loss, or a mixed outcome. It can also provide useful information and experiences that can be used in future transformation efforts (Kho, Gillespie, & Martin-Khan, 2020). References Bundy, J., Vogel, R. M., & Zachary, M. A. (2018). Organization–stakeholder fit: A dynamic theory of cooperation, compromise, and conflict between an organization and its stakeholders. Strategic Management Journal, 39(2), 476-501. Kho, J., Gillespie, N., & Martin-Khan, M. (2020). A systematic scoping review of change management practices used for telemedicine service implementations. . BMC health services research, 1-16. Rausand, M. (2013). Risk assessment: theory, methods, and applications. John Wiley & Sons. Ronnenberg, S. K., Graham, M. E., & Mahmoodi, F. (2011). The important role of change management in environmental management system implementation. International Journal of Operations & Production Management. T., R. (2005). Organizational change management: A critical review. Journal of change management, 5(4), 369-380. Running head: ACTION PLAN 1 ACTION PLAN 6 Action Plan By [Name of Student] August 11, 2021 Focusing on all the actions that would be helpful for the organization to carry out its functions successfully, such as retaining employees, delivering packages after detailed analysis and no work responsibility specified for any employee. All these processes need correction to ensure that the organization delivers quality and has a sustainable and efficient internal and external infrastructure. In order to implement all these processes and get the organization on track, the planned time frame is 12-14 months. The total time frame is 12-14 months broken down into research that can take around 5-6 months, and training the employees can take around 7-8 months. 1. Steps to Complete the Plan There will be the following steps to complete a plan that includes; Developing Objectives Planning Research Distribution of tasks Tracking and assessment Implementation The plan comprises following steps, and following each of these will be helpful to implement the plan in 12-14 months. We have developed objectives, and planning of the project is also done; thus, from research onward, further steps will be helpful to implement final changes within the target workplace. 2. The Responsibility of Change As all the procedures that need corrections to bring the organization on track belong to the human resource management, thus the organization’s human resource department with high authorities will embrace change. Recruitment of the right talent for the organization, managing the retention rate and employee training regarding hardware and software management at work. Along with hiring new employees, the organization also needs the training to help them understand the organizations culture and their tasks with it. It is the responsibility of the human resource department to look for efficient ways to carry out these tasks and address existing gaps in the system. Along with the companys human resource department, additional members from outside of the company will also be employed to give opinions and suggestions to improve practices of the organization and to look over-highlighted tasks specifically. Figure 1: Comprehensive Role of HRM in Embracing Change 3. Timeline Based on the tasks listed above, the total time the project implementation will take is 12-14 months, and most of the time will be spent on research because research about the recruitment strategies, the need for training and employee retention strategies would be conducted to guide decision-making and to carry out the rest of the parts of the plan. After researching each category and finalizing objectives that will take almost 5-6 months, the distribution of tasks among the workforce will be performed. After that, the focus will be on recruitment strategies, and how to retain employees in the workplace will be important, which will take about 1-2 months. The human resource department will plan and develop flexible recruitment strategies that will be employed every time the organization hires new employees and retains them for a long time. And the final task of the plan is employee training. After hiring employees, training is crucial to retain them and keep them updated about the expectations and workplace standards. Training regarding software, hardware, checking operations, quality checks and delivery of packages will be important to ensure that customers are satisfied and every employee understands their duty and responsibility at work. This will take about 7-8 months, and after that, assessment and tracking of the effectiveness of all the services will be conducted to ensure that proposed solutions are meeting with expected results or not. 4. Resources Both financial and non0-financial resources are required to carry out these tasks. For example, the total budget to carry out the project is planned based on the net income of the company that will be spent quarterly to meet with all the expenses such as training fees, compensation packages for employees to improve their retention, equipment’s for training etc. apart from this, human capital resources are also required. Such as trainers, management, and new employees is very important to the company. Trainers should be highly skilled and can train employees quickly, which will help the company reduce the downtime due to training. Training employees in new innovative and efficient ways to carry out their duties will also help the company. Highly skilled trainers will cost more, but it will help the company for a longer period. Figure 2: 2021 Budget of the Company 5. Communication Communication is one of the most important aspects that will help make the project successful. Although the human resource department plays a crucial role in carrying out most tasks, communication with external audits is also crucial to make things smooth and avoid challenges that might occur because of miscommunication or lack of communication. It would ensure that communication is happening between teams regularly and everyone is actively participating to understand their task and responsibilities towards the organization successfully. It would be ensured that the team manager guides everyone and ensures their contributions to the project performance. Regular meetings will be arranged every month to share project performance and to plan for the next moves. In regular meetings, it would ensure that everyone is present, hearing and sharing their opinion without bunking important announcements. Inclusive communication is part of the plan, and every member would be allowed to communicate with others to get any guidance and understanding of things. Clear, concise, and transparent information is crucial to be successful and ensure the planned projects smooth performance (Muszynska, 2017). Effective communication, collaboration and management of responsibilities will make it easy to achieve outcomes of the project. When all the organization members understand their responsibilities, performing well and achieving expected outcomes would be easy. Respecting each members opinion and understanding their consent would be important to complete the project on stated deadlines and budget. Without putting the organization in trouble of any kind, whether financial or non-financial, the project is expected to bring it on track and to make it successful. To conclude, the action plan is divided into different steps discussed above and provides an overview of how the project will be implemented and associated expectations. If all these steps will be followed as it is the outcomes of the project plan will be according to expectations and would bring productivity, efficiency and improvement in its existing operations. The action plan is developed according to the goals and objectives settled in the previous stages of the project; thus, step by step preceding of the plan would be helpful to achieve its outcomes that include employee retention, careful delivery of products after detailed checking and employee training regarding the culture and procedures of the organization to ensure that no gap is left behind that becomes a reason to raise question over the reputation of the company. References Muszynska, K. (2017). Patterns of Communication Management in Project Teams. ResearchGate, http://dx.doi.org/10.1007/978-3-319-53076-5_11. Services KELLOGGS BROWN & ROOT 2021 Budget © 2009-2014 Vertex42 LLC INCOME Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Business Budget Template Operating Income Training Budget 300,000 300,000 Total Operating Income 300,000 - - - - - - - - - - - 300,000 Non-Operating Income Interest Income - Rental Income - Gifts Received - Donations - Other - Total Non-Operating Income - - - - - - - - - - - - - Total INCOME 300,000 - - - - - - - - - - - 300,000 EXPENSES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Operating Expenses Software: - Upgrades: $500 $500 $500 $500 2,000 Equipment: - Replacements: $1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 10,000 Real Estate: - Cleaning: $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 $1,000 10,000 Training Materails: Direct: $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $2,000 $20,000 Training Payments: - Direct: $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 80,000 Total Operating Expenses 12,000 12,000 12,500 12,000 12,000 500 12,000 12,000 12,500 12,000 12,000 500 122,000 Non-Recurring Expenses Software 30,000 30,000 Equipment 50,000 50,000 Downtime 15,000 15,000 Real Estate 80,000 80,000 Total Non-Recurring Expenses 175,000 - - - - - - - - - - - 175,000 Total EXPENSES 187,000 12,000 12,500 12,000 12,000 500 12,000 12,000 12,500 12,000 12,000 500 297,000 Net Income Before Taxes 113,000 (12,000) (12,500) (12,000) (12,000) (500) (12,000) (12,000) (12,500) (12,000) (12,000) (500) 3,000 Income Tax Expense - NET INCOME 113,000 (12,000) (12,500) (12,000) (12,000) (500) (12,000) (12,000) (12,500) (12,000) (12,000) (500) 3,000 https://www.vertex42.com/ExcelTemplates/business-budget.html Goods [Company Name] 2017 Budget © 2009-2014 Vertex42 LLC INCOME Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Business Budget Template Sales Product 1 - Product 2 - Product 3 - Product 4 - Product 5 - Product 6 - Other - Total Sales - - - - - - - - - - - - - Cost of Goods Sold (from details section) COGS - Product 1 - - - - - - - - - - - - - COGS - Product 2 - - - - - - - - - - - - - COGS - Product 3 - - - - - - - - - - - - - COGS - Product 4 - - - - - - - - - - - - - COGS - Product 5 - - - - - - - - - - - - - COGS - Product 6 - - - - - - - - - - - - - Total Cost of Goods Sold - - - - - - - - - - - - - Gross Profit - - - - - - - - - - - - - Non-Operating Income Interest Income - Rental Income - Other - Total Non-Operating Income - - - - - - - - - - - - - Total INCOME - - - - - - - - - - - - - [42] EXPENSES Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Operating Expenses Accounting and Legal - Advertising - Depreciation - Dues and Subscriptions - Insurance - Interest Expense - Maintenance and Repairs - Office Supplies - Payroll Expenses - Postage - Rent - Research and Development - Salaries and Wages - Taxes and Licenses - Telephone - Travel - Utilities - Web Hosting and Domains - Other - Total Operating Expenses - - - - - - - - - - - - - Non-Recurring Expenses Furniture, Equipment and Software - Gifts Given - Other - Total Non-Recurring Expenses - - - - - - - - - - - - - Total EXPENSES - - - - - - - - - - - - - Net Income Before Taxes - - - - - - - - - - - - - Income Tax Expense - NET INCOME - - - - - - - - - - - - - COST OF GOODS - Details Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total Product 1 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - Product 2 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - Product 3 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - Product 4 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - Product 5 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - Product 6 Beginning Inventory - Goods Purchased or Manufactured - Shipping Charges - Labor (wages and payroll) - Other - Less Ending Inventory - Cost of Goods Sold - - - - - - - - - - - - - Profit (Loss) - - - - - - - - - - - - - &8Page &P of &N https://www.vertex42.com/ExcelTemplates/business-budget.html © Business Budget Template By Vertex42.com https://www.vertex42.com/ExcelTemplates/business-budget.html © 2009-2014 Vertex42 LLC This spreadsheet, including all worksheets and associated content is considered a copyrighted work under the United States and other copyright laws. Do not submit copies or modifications of this template to any website or online template gallery. Please review the following license agreement to learn how you may or may not use this template. Thank you. See License Agreement https://www.vertex42.com/licensing/EULA_privateuse.html Do not delete this worksheet. If necessary, you may hide it by right-clicking on the tab and selecting Hide. https://www.vertex42.com/licensing/EULA_privateuse.html https://www.vertex42.com/ExcelTemplates/business-budget.html