Part A 1. You are a team leader in a process manufacturing company. You have discovered that the company’s current supplier of hinges (used in the products you manufacture) has been overcharging your company in comparison to what other similar manufacturers are being charged. In addition, the quality of the hinges seems to have been declining, and faulty product returns are marginally increasing. You believe changing suppliers would be beneficial to the company. How do you go about convincing your supervisor and the operations manager that this would be a good idea? 2. Suppose you have been recently promoted as a manager in a company where you will be working with a team of 20 people from diverse background. What would be your role and responsibility towards them in relation to, I. Work health and safety legislation II. Privacy and Anti-discrimination laws 3. In general sense what are the three broad categories of leadership styles? Outline the features of each style. 4. Building trust among the employees in an organization is a vital requirement to become a good leader. How could you build trust among your employees? 5. Do you think, as a manager is it a good idea to maintain personal relationship with your employees? Explain. 6. Imagine you are a member of management team in an organization where a risk or safety management plan is under way. Determine the type of decision making and consultation which would be appropriate in this case. 7. Imagine you are chief operations manager in a manufacturing organization in regional NSW. A large fire has just erupted in your company’s manufacturing plant; one employee died, three others were severely injured with serious burns. After the emergency services have been called, what actions should you take, a) In order to conduct an investigation and b) With regard to crisis communications? c) Also, how would you make sure that you maintain a good image in media and towards community? Part B : Case Scenarios Case Scenario 1 Marion Stevens is the Administrative Assistant for the Executive Team in the Head Office of Bounce Fitness. Marion is an efficient ‘superstar’. She has the practical skills to juggle and successfully complete several tasks in less than expected time and to a very high caliber. She was so good, in fact, that she was promoted to department manager in her previous company after only two years on the job. She has been at Bounce Fitness for ten months. She has implemented two procedural changes that have streamlined the work and resulted in cost savings for the company. She reports jointly to the three (3) General Mangers but her main interests are in the systems. The Executive General Managers are concerned about Marion, despite her obvious talents. There is no denying that she has had a positive impact in Head Office, but Marion is not fitting in so well. Marion is a poor communicator and seems to have alienated quite a few of her peers and Centre Managers as well as their teams. She is often aloof and distant, and her usual way of motivating performance is to simply dictate what will be done and expect compliance with her orders. She has good ideas but has little ability to present them well or to work as part of a team. You are the General Manager Human Resources and have agreed with the other General Managers that you should coach Marion. Read the above scenario and answer the questions below: i. How would you approach her and what would you say? ii. What issues would you work with her on? iii. How can General Manager ensure a positive work environment in the above situation. Case Scenario 2: Gina has been late frequently and absent from office over last couple of months. In lunchroom conversations with her peers, she talks openly about looking for other jobs. Her manager Matt has tried to address this issue and general lack of performance with Gina a number of times. They had few formal and informal conversations previously. Gina denies that there is a problem. But it is clear that she is not happy with her job. Today she arrived two hours late at job, Matt drafted a letter of dismissal and sacked Gina. Read the above scenario and answer the questions below: i. Do you think it is appropriate? Give reasons. ii. Imagine yourself in Matt’s position; write what you should have done in that case? iii. Identify the ethical aspects in this scenario. iv. On what possible reason/s an employee can be lawfully terminated? Part A- Short answer questions Write short notes on following: a. Business Plans b. Operating Profit c. ASIC d. AASB e. Financial systems 2. Financial management sits at the intersection of two fields of accounting. Identify what are those two fields (of accounting) with the appropriate examples. 3. The matching principle matches all revenues with the expenses generated to earn those revenues during the accounting period. Explain how the matching principle relates to accrual accounting. 4. Identify some of the basic financial records that a company should keep as per the requirements of Corporations Act. 5. Explain Budgets, its types and steps involved in financial Budgeting in a company. 6. Describe the main areas of taxation legislation that applies in the areas of financial management. 7. The National Privacy principles regulate the way information is handled by the private sector organizations such as creditors and debt collectors. Write down the principles stated by the office of the Privacy commissioner regarding personal information. Part B- Calculations 1. Below is the extract from the financial statement of ABC Company: Accounts Receivable Opening Balance 55000 Closing Balance 45000 Credit Sales 400000 $ Creditor (closing) 54200 Bills payable (closing) 5800 Total purchases 338000 Cash purchases 28500 Purchases returns 9500 Days of year 365 Opening inventories $25,000 Closing inventories $30,000 Cost of goods manufactured $245,000 Calculate: a. Debtors Ageing Ratio b. From the following figures calculate average age of creditors and creditor turnover ratio: c. Calculate inventory turnover and days inventories outstanding for ABC, Inc. based on the information given below: 2. Jelly Fences has sales of $250,000; the cost of fences for the year 2016 was $78,000 and the administration costs were $12,000. The depreciation charge was $45,000 and the interest paid was $63,000. What was the profit for the year and the operating cash flows for Outback Fences if the tax rate is 30%? Required: Calculate Cash-flow for Jelly Fences for the year 2016. Consider you are a supervisor of a division/department within your workplace (e.g. warehouse, restaurant or a retail supermarket). In your organization employees have expressed their concerns about recent incidents/accidents which have affected their work performance and they fear for their own safety. They say their stress levels increase when a customer gets injured because of improper housekeeping. In researching the records you note that there have been 10 slip & trip accidents by staff and customers in the past three months. Five incidents resulted in claims against Workers compensation policy of the company. It is apparent that there is a lack of systematic approach to manage WHS. Now after consultation with your CEO and Operations manager you and your management team have decided to develop and implement a WHS management system for your organization. You understand that it is a huge responsibility which includes a set of plans, activities and processes to be completed within a limited timeframe. Initially, you are required to support and facilitate the implementation of WHSMS. Then to fulfill with basic requirements of WHSMS you are advised to develop WHS policy and WHS plan for your organization. A more detailed implementation, monitoring and review process will follow which will be your group task for Assessment 3. Now, you are required to address the following, A) Facilitate the implementation of WHSMS with, ¾ Introduction of your organization and determine the organizational needs and motivation behind developing WHSMS. ¾ Determine the elements, purpose and functions of a WHSMS in your organization. ¾ Detail WHS legislative framework and aspects you need to consider. B) Preparea WHS policy addressing the following issues; ¾ Detail communication requirements (how the employees can be grouped and consulted) ¾ Legislative requirements ¾ Organizational requirements ¾ Implement and conduct an initial review (students can make realistic assumptions) ¾ Documenting and ways to communicate the WHS policy to stakeholders C) Developa WHS plan mentioning, ¾ Risk management and compliance issues ¾ Objectives, KPIs and targets (aligned with strategic planning) ¾ Collaboration and consultation with other stakeholders
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