Direct the development of a knowledge management strategy for a business
Legal, Ethical and Security Issues Relating to Knowledge Management.
Develop a fact sheet that outlines the range of legal, ethical and security issues that are related to knowledge management.
This task must be completed within 15 minutes.
Knowledge Management Concepts.
Identify and explain at least 4 different knowledge management concepts commonly used in business.
This task must be completed within 20 minutes.
Knowledge Management Processes.
Identify and discuss the various knowledge management processes used to implement knowledge management concepts into your organisation.
This task must be completed within 20 minutes.
Organisational Change Management Theory And Methods
Outline the theories, methods and frameworks of organisational change management.
This task must be completed within 30 minutes.
The following task must be completed in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the management and leadership field of work and include access to:
For this task you are to complete and document all steps completed as you research, implement, monitor and modify a knowledge management strategy for a business.
Complete and document the following steps to analyse the existing knowledge management systems:
Perform and document the following steps to evaluate the available knowledge management options:
Compete and document the following steps to develop a knowledge-management strategy:
The above steps must be documented in a minimum of 10, 000 words, and must include all supporting documentation developed for this task, including but not limited to:
Task 3: Financial documents
The report has analysed different financial statement of Woolworths and the discussion includes cash flow statement, loss and profit statement, operating budget, sales budget, expense budget and further aged account activity summary. The cash flow statement has revealed that the total cash receipt of the organisation includes $483,106. The total expense for this organisation is $1,027, 744.
Woolworth’s groups are a dynamic company which operates in the retails sector in Australia and has diverse effects on a number of other industries all over Australia. The company has a customer count over 29 million across all provinces in Australia including Adelaide.
The headquarters of Woolworths in Australia is at Bella Vista. Acting as a financial advisor involves learning new things and experiencing challenges in order to maintain significant financial margins for the company (Uwonda and Okello, 2015). The company holds the maximum share in the Retail industry in Australian market.
As a financial advisor for Woolworths, it is necessary that the person is capable of suggesting effective ways of profit maximisation for company funds without compromising quality of products and services (Woolworths, 2018). The work culture at Woolworths is focused on advanced training of the employee in order to handle challenging situations on a regular basis.
The mission of the company at Woolworths is to deliver the very best in convenience, quality and value to the customers. As mentioned in by the CEO of the company Brad Banducci, the company has the vision of becoming the most responsible retailer in the World (Woolworths group, 2018). The company aims to create trade based on commitment and fair business both for the customers and environment. The values and characteristics maintained by the company include customer obsession, responsibility and collaborative business activities.
Figure 1: Strategic goals
As pointed out by Woolworths Group (2018), the strategic goals of the company include six top priorities which are to be achieved by all employees and departments:
Figure 2: Chart showing key departments at Woolworths
Leadership teams in each of the departments are divided into several parts such as board of directors, Group executive committee and Board committees. Each of the teams gain consist of further subdivisions with variable number of employees working under each team leader and line manager.
Organisational culture at Woolworths is maintained by enforcing a set of guidelines for the employees at all ranks working within the company. The company at Woolworths ensures that the employees are doing the right things every day at work which ultimately leads to better coordination between the customers, communities and suppliers (Gokhale, 2018). Ethical boundaries are also maintained and specified through the definition of code of conduct among the workers. Acceptable and unacceptable behaviours within the Company include a range of activities that prevent departmental conflicts in general. Company policies also included strict disciplinary actions against sexual or racial harassments to individuals during working hours.
1. The cash flow statement of the organisation focuses on evaluating total income and the total income of the organisation is $240,190. The source of income generation includes credit card receipt, account receivable and further cash receipt (Lüttgau, 2016). The total cash receipt of the organisation includes $483,106. This figure suggests that the organisation needs to improve cash out aspect, as total cash out determines cash balance in the organisation and the present cash balance is $11,554.
2. Profit statement of the organisation reveals that there is a growing amount of sales on the part of this organisation. Increased sales rate can be required for increasing net sales. The last updated net sale of Woolworths stands at $49,790. Expenses of the organisation include administration, equipment, employee expenses and also organisational expenses (Seker, 2017). Al these expenses are required for the organisation, as it helps in the utilisation of relevant technological aspects. The company has made a total ‘expense of $48,860.
3. Operating budget of Woolworths in 2017 reveals that the criteria for budget include total sales in the department, the total cost of the goods, and also total expenses. The total expense for this organisation is $1,027, 744. The total expense for the organisation is 29% of the total expense.
4. Sales budget of the company include sales in retail such as average spending, equipment sales, food sales. The total sales of the organisation stand at $651,181. The area of purchasing for the company includes equipment sales and food sales. Both the sales stand at $401,622.
5. Expense budget of the Woolworths group reveals that in 2017, the company has reported expenses in the area of equipment, administration, operational expenses, employee management. The total expense for an employee is $349,237. The administration cost is $14,212. Implementation of innovative procedures might be required to evaluate the present change (Klein et al. 2014). The organizational expenses include $520,572.
6. The summary of aged account reveals initiatives of the company for its services towards the employees. In 2017, the company had registered mutation landscaping, POD agency, the total period of outstanding and also DTB. Integration of age-old summary has contributed $1,950 per account. The other outstanding of the company include $14,300 and this help in integration of evaluated policy.
1 a) The points to be discussed with the different personnel from different departments can be listed in the following manner:
b) Complete financial details are to be obtained from the relevant department staffs in order to analyse the present condition of the organization from a financial perspective. All the staffs in the accounts and management departmenats cooperated in producing the details about the company's financial activities in order to help assess the required improvement required.
a) The details of the financial plan are to be distributed among the purchasing department, loan department, accounts department, operations and inventory managers. This will help each of the relevant departments to evaluate the areas that need changes and the returns expected in each case for the next reporting sessions.
b) Suggesting ways to cut costs in each of the relevant departments can include coming up with alternative ways such as alternative cheaper sources of energy and how consumption of energy can be reduced in each of the sections. Selling of unnecessary or stagnant assets also have to explained in order to allow partial liquidity
c) Detailed costs analysis statement and cash flow statement are to be updated with the work team in order to evaluate the progress and effects of the financial management changes implemented in the structure. Access to resources and systems have to be ensured in order to enable the financial manager to observe changes and alter the actions accordingly.
a) Type of upgrade: The Company has been looking forward to implement software centralisation throughout all the branches at different locations in Australia. This has been required to be initiated in order to solve accessibility problems that exist in the different branches of the company. Such facility upgrade may revolutionise the operation management completely
b) Business activities and locations affected: Overall database management and financial departments in the company at Woolworths may have problems in the upgrade of the central software system. Centralised system maintenance also will require additional time for the changes in the systems all over the branches in different locations.
c) Monitoring actual expenses: Monitoring expenses during such an upgrade can be effective done by monitoring purchases. Initial requirement related budget needs to be compared to the purchases meant for the upgrade and continuously controlled for achieving cost minimisation and active implementation of the upgrades. Monitoring purchase and labour costs are the key areas that need to be controlled in such cases.
d) Financial impact: The costs of initiating such a facility upgrade throughout the branches in all locations can result in additional fund requirement for the company. However, the overall upgrade did not surpass the earning limits of the company and therefore could be well sustained. The centralisation of the information systems in the company can result in overall cost saving in various activities since this will cause less complications in maintenance of records and financial calculations.
e) The several action points for effective controlling the expenditures in this project included the following tasks consecutively:
Reserve analysis helps in evaluation of the expenditures against the cost estimates. The percentage of work accomplished within estimated time and budget is calculated by multiplying percentage of work completed to the total budget of the project which gives the notional value.
f) Template 9
g) Plans are essential part of risk assessment and analysis in any project. This is used for generating a backup plan for the project in case the present plan does not succeed. In this case the contingency Plan needs to be shared with investors as well as managers in each of the departments such as services and repairs, delivery, operations, shipping and accounting.
h) Smart contingency planning is absolutely necessary in order to minimise the risks for the failure of the contingency plans in a project. Contingency plans are essential for the company and they often act as backup plans. Sharing risks and profits are useful for minimising risks in most cases. However in this case, partnering with a reliable IT firm can ensure success in the project. Maintaining proper data backups can ensure that project failure with not cause any major loss for the company.
a) Process implementation for manning actual expenditures in the project included variance analysis, EVM, Frequent forecasting of the activities and testing feasibility of the activities. Positive variance indicators were useful for understanding that the actual price and quality were always under the estimated amount in order to make the project cost effective.
b) The expenditure monitoring was done on a weekly basis in order to make sure that neither of the expenses surpassed the pre set values that could be afforded by the company. In this way, the costs incurred in the whole project were successfully kept under control. Frequent reports of cost variations and overruns were helpful in reducing expenses in other areas later.
c) Contingency plans implemented included aspect such as possibility of success in the project, recovery time required in case the project ended up in losses, any possible losses that could have been faced by the company and the use of approximate excess funds if existed in the end of the project.
d) The Board of directors at Woolworths conduct budget planning and expenditure calculation as per the organisational protocols each year. The reports generated in this project followed the organisation policies which suggest that all reports must be flexible and capable of responding to the unforeseen effects and incidents such as reduced cash flows.
i) The company did not generate any profit during the last quarter of 2018 according to the Profit Loss statement observations. Therefore the losses incurred by the company in the last quarter of previous year were equal to $26,666.
ii) The months December, January and February turned out to generate the highest sales for the company in this case. Therefore the company generates highest sales rates in these three months in general as they were found to be repeated boosting sales in these months.
iii) Employee remuneration expenses turns out to be the largest expense for the company in the present year. The summation of the total expenses in each department can be compare to obtain the total expenses in each case. Therefore according to the expenses report the largest expenses was the employee and labour costs.
b) The projected profit and Loss statement for the company indicates that in the upcoming months the gross profit can be estimated to be $49,790 in the month of February- March 2019. The gross profit indicator could be calculated by subtracting the total cost of goods from the net sales of the products in the different branches. The net profit calculation of the company forecast did not shows any negative estimation as well.
c) The net difference of the forecast was used to forecast the organization's cash Flow in the near future. The results show that the company has forecasted net difference amounts to be positive.. However the next few months against negative values indicating that the cash out is going to surpass the income within few months. The Cash balance value in the reports show that the remnant cash values are consistent despite the variance in the previous net difference. The cash balance however decrease in those consecutive months as expected.
d) i) The budget initiates to be followed by the staffs and managers at Woolworths are to be access online through the company portal. It can be even downloaded in order to maintain offline access as a set of guidelines provided to the working staffs in the company. Another easy access to the budgeting plan can be printing it on the short term financial reports and plans of the company.
ii) The company is evidently running in losses for the past six months as observed from the cash flow and profit and loss statement generated. The forecasted performance indicators were also not much positive in this cases resulting in decreased cash balance and profit margins for the company in this year as well.
iii) In case of application of the budget planning initiative, the company can at least drive the incurred losses towards some positive levels and earn low profits at first. This may be possible only if the expenses are strict controlled by the company with minimising all kinds of consumption costs in any field.
iv) The proposed budget alterations are to be clarifies especially with the purchasing and delivery departments. The marketing costs and sales managers are also to be notified about the implementation and benefits of the current budgeting plan. This might help mitigate the present problems in sustaining company profits.
v) Budget monitoring software can be used for evaluating the effects of the budget planning on the overall company performance. It can also be helpful in singling out any of the initiative having negative effects on the company itself. Therefore regular budget monitoring is to be done implementing digital calculating software in order to capture updated data.
|Technique||Type of information||Why|
|The expenditure information regarding the energy consumption and maintenance costs of company assets are to be evaluated||These measures can affect the overall revenues and earning of the company and increase it drastically.|
ii) a) The information that needs to be provided to the team are the present consumption rates and the targeted rates that will help achieve the devised cost reduction measures in this case. Ever employees in the organisation need to be aware of the budget goals. The managers responsible for authorising purchase on behalf of the company are required to be aware of cutting costs in these fields as well.
b) The relevant support related to the budget changes are to be provided to the teams involved in putting the plan into action.
c) The employees are to trained according to the new norms and frequent alternative recreational activities are to be provided for this purpose. The budget costs are also to be reduced by close documenting the purchase activities and cutting costs wherever possible.
d) Support is necessary for the team and individual in implementing this change across the company as they need to be informed that these changes must be good for sustaining the company and not leading the organization towards a shutdown.
e) The results may be observed by comparing the previous costs with the present costs and what impacts it has on the overall profit earnings of the company
iii) in order to manage the financial plans and monitor progress effectively, it is essential that the departmental manager has access to all financial reports and performance reports of the past and the present. Future forecasts statuses are also necessary for effective monitoring of the activities and results.
iv) Information about recent purchases, insurances, regular expenditures on remuneration and labour and financial reports about profits and losses are important for analysing actual expenditures for various types of expenses.
v) Quarterly departmental budget report is used or indicating the effects of initiatives for the improvement in the system.
a) The under or over performances of the budget is controlled by proper budget planning. The budget planning and control helps in controlling the financial activities, and ensuring that the company has enough funds to continue current commitment at any stage. The present budget plan shows under performances in managing the expenses for maintaining quality. Therefore these issues need to strategically manage.
b) The variability of the budget performances are dependent on variable costs of goods and raw materials. Estimation can be profits and losses can be altered by fixing budget controls over the expenses. However meaning quality factors can still make a budget under perform in most cases.