BUS502: Introduction to Business Functions assignment sample NZ

In this assignment, you will analyze the organizational structure of a company and discuss how the company’s resources are allocated. This is an important topic for any business, as it determines how well the company can operate successfully. By understanding these concepts, you can develop a deeper understanding of how businesses work and what makes them successful.

According to the New Zealand Department of Labor, there are six dimensions that influence how resources should be allocated:

1. Management Style – How often and how effectively do different managers use their power? (i.e., Some managers may respond quickly and decisively, while others might take a longer time to make decisions).
2. Division of Labor – How specialized are the different jobs in the company? (i.e., Does everyone do everything, or are there specialists?)
3. Technical and Managerial Skills – What skills does the company require to be successful? (i.e., Do employees need to have expert knowledge in a particular area, or are they able to manage tasks without specific technical knowledge?)
4. Scope of Authority – What is the breadth of responsibility for employees with regard to decision-making? (i.e., Does an employee have the authority to make decisions on their own, or must they get sign-off from a manager before moving forward?)
5. Economic Risks of Decisions – How likely is an employee to get fired if they make a bad decision? (i.e., High risk = constantly monitored and face severe consequences; Low Risk= employees can make mistakes without negative repercussion)
6. Autonomy – What degree of independence do employees have in doing their work? (i.e., Employees may or may not be coached by their managers; employees may or may not have access to the information needed to make decisions).

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Get Solved (BUS502) Introduction to Business Functions Course

This course will increase your students’ knowledge and understanding of the subject. The following are some tasks that will be answered in this course:

Assignment Task 1: Apply the fundamental principles and practices of operations to support business performance.

Operational excellence is the ability to manage all aspects of an organization – people, products, strategy, and finances – for sustained competitive advantage.

It’s not just about efficiency; it’s about making better decisions than your competitors do which can lead to sustainable differentiation.

In order to achieve operational excellence, you need to understand the three pillars of operations:

1. Processes: The way work is done and the steps required to complete it.
2. Resources: What’s needed to do the work (e.g., people, tools, information).
3. Practices: The ways the company organizes work across functional boundaries.

Operational excellence requires five conditions to be met:

1. Business strategy and objectives should drive operational decision-making.
2. An organizational structure that enables the execution of business strategy should exist.
3. A performance management system that provides useful information for managers should exist.
4. Skills and knowledge should be developed to meet business needs, and the organization should provide incentives to use them.
5. Leaders at all levels of the organization must model desired behaviors and attitudes toward work.

Assignment Task 2: Apply the fundamental principles and practices of human resource management to support business performance.

Human resource management (HRM) is an organizational extension of management that handles the maintenance and growth of employees. It applies to any organization with human beings as part of its workforce, whether for-profit or not-for-profit, including governmental organizations.

HR creates jobs, trains potential employees, hires qualified people, implements compensation programs, and provides career development opportunities for those on staff as well as those interested in joining the company. In addition to providing workers at all levels from assembly line laborers to CEO’s with opportunities for career advancement through promotion based on performance reviews every few years, HR managers provide a way for organizations to build loyalty and support both internal and external relationships so the business can be accomplished effectively throughout a society. Human resources are just that: resources, not a necessary evil.

Assignment Task 3: Apply the fundamental principles and practices of marketing and sales to support business performance.

Marketing and Sales are about providing value to customers while also giving the customer something that they want. It’s always good to ask yourself if your idea is “different than” or “better than” what was on offer before you created it because the only way anyone is going to buy it is if they really want it. But when an entrepreneur works out what would be missing in someone’s life if their product didn’t exist, then there’ll be a need for somebody to fill that hole.

Most importantly, salespeople can help you get more of everything; profit, opportunities, and more customers! They’re driven by the opportunity cost of time and how they can use their skills to increase their productivity. That’s why they tend to be go-getters and are always looking for new opportunities.

Assignment Task 4: Apply the fundamental principles and practices of accounting to support business performance.

The key objective of business accounting is to provide relevant information with which successful decision-making can be achieved. High-quality, relevant and timely information supports the achievement of a company’s goals by providing a basis for judging past performance and predicting future performance.  The financial statements are at the heart of accounting and comprise a company’s “financial health” report. The four main financial statements are the:

1. Income statement
2. Balance sheet
3. Statement of cash flows
4. Notes to the financial statements

The income statement shows how much revenue a company has generated and how much profit it has made, and is based on the accrual principle so expenses and income are shown as they occur. The balance sheet reflects the amount of capital invested, how much total assets are worth, what money is owed to creditors by the company or its debtors, and other financial commitments that a company has.

The statement of cash flows shows how much cash is generated or spent by a company, which is useful for companies that need to manage their money carefully.

The notes to the financial statements include explanations of each line item within each financial statement and are important in understanding what information the numbers represent. To understand the information presented in the financial statements, it’s essential to read these notes carefully.

So these are the 3 fundamental principles and practices of accountancy, but they involve a lot more information than I’ve discussed here. You can learn all about it on the Chartered Accountants Australia New Zealand website in greater detail by completing your CPA qualification.

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