Assessment_1 BSBINM601

$10.00

Category:

Description

Assessment_1 BSBINM601

BSBINM601 Manage Knowledge and Information

Task 1

Review staff and customer feedback and business performance data

There are many ways in which the business reviews feedback and business performance data. firstly the business can use the feedback of customer feedback forms to identify certain strengths and weaknesses of the business performance.

Another ways is through performance appraisals. As the company can monitor and review the performance of each employee to determine if the employees are improving and developing skills.

KPIs are great tools to monitor business performance data.

1. Financial performance measures

  • Revenue gained per trainee
  • Most profitable number of trainees
  • Best seasons or months for revenue
  • Review profit growth annually
  • Compare against other competitors
  • 2. non– financial performance measures

  • Customer satisfaction
  • Health and safety performance
  • Employee Satisfaction
  • Employee Turnover rates
  • Performance Appraisals
  • Identify, define and analyse business problems and issues

    The main way that the business identifies business problems and issues is through meetings and observation. The business will hold regular meetings each week to discuss any issues that have occurred.

    During these meetings, the problems and issues are discussed and analysed. The appropriate resolutions are also planned out and tasks are allocated.

    There are other ways to identify business problems such as suggestion boxes, feedback forms, analysing performance data, etc.

    Identify information required to reach a decision on problems/issues

    The first step is to identify the problem. the second step is to gather information relevant to the problem and data that explains the issue. Once the management have information about the problem, they can then brainstorm together and discuss possible solutions for the problem. Managers weigh the pros and cons of each potential solution, seek additional information if needed and select the option they feel has the best chance of success at the least cost.  Once the business has committed to putting a specific solution in place, the business will gather all of the employees on board and put the decision into action.

    Source and gather reliable information

    The types of information

  • Auditsan official inspection of an organization’s accounts, typically by an independent body.
  • Risks reports – this is a summary of all risks and risk related issues that have occurred in the business
  • Policies and proceduresA set of policies are principles, rules, and guidelines formulated or adopted by an organization to reach its long-term goals and typically published in a booklet or other form that is widely accessible.
  • Policies and procedures are designed to influence and determine all major decisions and actions, and all activities take place within the boundaries set by them. Procedures are the specific methods employed to express policies in action in day-to-day operations of the organization.
  • ......

    Assessment_1 BSBINM601
    Last updated: Feb 2024

    Page 1

    hods employed to express policies in action in day-to-day operations of the organization.

  • Training programs Training is crucial because it:
  • Educates workers about the effective use of technology,
  • Ensures competitive edge in the market,
  • Promotes safety and health among employees,
  • Creates opportunities for career development and personal growth, an important factor in retaining workers
  • Helps employers comply with laws and regulations, and
  • Improves productivity and profitability.
  • Sources of reliable information:

  • Employee
  • Supervisors
  • Government Website
  • Case Evidence
  • Professional Websites
  • Books
  • Test information for reliability and validity, and reject where contradictory or ambiguous

    Reliability will first be check by the author. If the author is an experienced or established author, the source is generally more trustworthy. The next would be the type of source. Magazines, news papers, blogs are not reliable sources. Government websites, factual books, encyclopaedias are reliable.

    Validity

    To check the validity of information the business will check:

    Publication Date

  • Regardless of whether you’re getting your information online or offline, the publication date will play a role in its validity. Some subjects will never change over time. You can easily look up information regarding historical events or the arts and see factual information even in older books and websites.
  • Sources

  • As you review information you know isn’t first-hand knowledge, look for its sources. Not all authors list their sources; when they don’t, that might be a red flag, and when they do, it gives you the opportunity to validate it, as questionable sources are another red flag.
  • Credentials

  • Anyone can produce information, but that doesn’t make them reputable. Always take the time to find out about the credentials of the author of any information you want to validate.
  • Utilise formal and informal networks to access corporate knowledge/memory not held in formal systems and review appropriately

    To collect the information and knowledge that can help a business to improve its current business problems, information gathering team in a business’s marketing department is responsible for assembling data through various of sources including both formal and informal network.

    Formal networks,

  • Business investors
  • Business partnerships
  • Business suppliers
  • Government organisations
  • Informal networks,

  • Customers
  • Family Members
  • Ensure objectives for analyses are…

    ...

    Assessment_1 BSBINM601
    Last updated: Feb 2024

    Page 2

    You've reached the end of your free preview.

    Want to read all pages?