Course Code BSB60215 Course Name Advanced Diploma of Business Unit Code BSBINN601 Unit Name Lead and Manage Organisational Change Due Date Assessment Name Business Portfolio Part A: Short answer questions Part B: Case study Part C: Project Student No. ________________ Student Name _____________________________ Student Phone ________________ Student Email _____________________________ Student Declaration I declare that this assessment is my own work and where my work is supported by documents from my workplace placement/employer permission has been granted. Note: Filling out this coversheet as part of an electronic submission and approving the above information will operate in the same way as physically signing this cover sheet. Student name or signature: ___________________________________________ Office Use Only Date/s Received: ___/___/___ ___/___/___ ___/___/___ Date/s Assessed: ___/___/___ ___/___/___ ___/___/___ Result of Assessment: ___________ ___________ ___________ Entered on Training Plan Moderation Signature Course Code and Name: BSB60215 Advanced Diploma of Business Unit Code: BSBINN601 Unit Title: Manage Organisational Change For this assessment you are required to answer all of the questions. You are permitted to research the answers by reading your text book, theory notes and accessing the internet. If more room is needed label each task with the question number and use headings or dot points to make your work clear for your trainer and assessor. Please follow the Referencing Guide contained on your Course handbook. Please attach a student assessment cover sheet to each unit submission. You must complete the cover sheet in full detail. Research the following TERMS and PHRASES these are linked with your assessment. Attach your definition or explanation to each word. Please remember to Reference. Question 1 a) Risk Analysis b) Mitigation strategies. c) Prioritising d) Change management cycle or process e) Interventions f) Rational g) Strategic h) External environment i) Operational change j) Resources k) Barriers l) Embedding Question 2 How can we identify change requirements and opportunities within an organisation? • How can we monitor change in the external environment • How can we identify operational changes within the organisation Question 3 When developing any changes within an organisation we will encounter barriers give 5 barriers and a suggested resolution to each of these barriers. • • • • • Question 4 Implementing any type of change in any organisation is challenging, what strategies can we put in place to ensure a smooth transition to the change management strategies? Course Code and Name: BSB60215 Advanced Diploma of Business Unit Code: BSBINN601 Unit Title: Manage Organisational Change Read the following case study and answer the 6 questions that follow: Case problem: How can change be instigated? Company Lloyd's Lloyds started life in a 17th century coffee shop, providing insurance to the growing ship and cargo trade. As new markets emerged, the business evolved, introducing modern technologies and pioneering new kinds of cover. Lloyds is now the world's leading insurance market, providing specialist insurance services to businesses in over 200* countries and territories. In 2008, Lloyds achieved a profit before tax of £1,899m. The Lloyd’s market insures complex and specialist risks from oil rigs and wind farms to major airlines and private space shuttles. Threats such as global terrorism, climate change and geopolitical instability underline the need for Lloyds to remain responsive and forward looking. How does the Lloyd’s market work? Lloyd’s BROKERS bring business into the market on behalf of CLIENTS/policyholders, and shop around to determine which SYNDICATES can cover their specific risk and on what terms. Insurance is sold (or ‘underwritten’) by MEMBERS of Lloyds. The members provide the financial backing, known as capital, which acts as security for Lloyd’s policies, to help ensure that claims are paid. A member or a group of members form a syndicate; and this syndicate is managed day to day, on behalf of its members, by a managing agent. The Corporation of Lloyd’s oversees and provides services to support the market and promotes Lloyds around the world. The basics of insurance (source:www.lloyds.com/About_Us/What_is_Lloyds/Insurance_for_beginners/The basics of insurance.htm). Insurance is one of the ways in which businesses and individuals reduce the financial impact of a risk occurring. Whilst an insurance policy does not remove a risk, it does provide the policyholder with some security should the worst happen. Insurance works like this : A business that provides insurance – known as the ‘INSURER’ – agrees to take on the risk on behalf of the business or individual concerned – known as the ‘INSURED’. It does this by providing the insured with an insurance contract, sometimes called a ‘POLICY’. In this contract the insurer will state what risks it has agreed to insure against and how much it will pay if the risk happens so that the insured is placed in the same position as if the risk had not happened. The policy may also include a list of things that are not insured against, known as ‘exclusions’. So for example, if someone buys insurance in case their car is stolen, the insurance may have an exclusion if the insured was careless and left the keys in the car, making it easy for the car to be stolen. In return, the insurer receives a fee from the insured, and this is called the insurance ‘PREMIUM’. The insurer will collect premiums on a number of policies, pool these funds and then invest to grow this pot of money. Should any insured person make a claim on a policy, the insurer will pay out on that claim from the pool of funds. The insurer is in business to make a profit and will be hoping that the total premiums it receives in any one year, together with any money it can make by investing the funds will exceed the total claims it has to pay out. Insurers in the United Kingdom and in most countries are very closely supervised to make sure they do keep enough money to pay all their claims. To be included in an insurance policy, a risk must be capable of being measured in monetary terms. It must also be something that is not certain to happen. So to take a very simple example, you cannot insure against the risk that the sun is going to set. That is certainly going to happen and it is not something for which you can buy insurance. Also the insured person must have a direct interest in any loss – you cannot take out life insurance on the life of a complete stranger for example. The insurer will consider all the circumstances surrounding a risk before deciding whether or not to provide insurance cover against it, and this whole process is called ‘underwriting’. Underwriters are the specialists employed by the insurer to carry out this task and they will want to understand a number of aspects about the risk such as : how likely is it to happen, what steps are already taken to reduce the risk and what are the financial consequences of it happening. Case study questions 1) TYPES OF CHANGE. There are many types of change, distinguished according to a variety of variables – you should list and describe a variety of change types and theories and then classify the changes at Lloyds. 2) THE NEED FOR CHANGE. Briefly describe the drivers or triggers for change at Lloyds. 3) BUILDING THE NEED FOR CHANGE. Once a need for change has been identified by a change initiator, it will then become important to direct the organisation's attention to change (change awareness) and gain support for such change. Critically evaluate the efforts of Richard Ward (CEO of Lloyds) and how he went about the task of building the need for change. 4) INITIAL CHANGE EFFORT. With reference to change resistance and inertia, discuss why the initial change effort seemed to fizzle out i.e. only attracted effort from the early adopters. 5) IMPLEMENTATION Change is about replacement – one system for another, one process for another, one strategy or mission for another. There are several methods presenting options for the diffusion of changes – particularly technological changes. Discuss the options (parallel, phased, pilot etc) and identify the one you would have recommended for Lloyd 6) ATTRIBUTES OF A GOOD CHANGE AGENT With reference to Richard Ward, (CEO of Lloyds), what qualities and attributes do you believe typical of a good change agent? Course Code and Name: BSB60215 Advanced Diploma of Business Unit Code: BSBINN601 Unit Title: Manage Organisational Change You are a manager of a small Innovation Solutions Company. You and a team have been consulted to develop and implement changes within a large retail store (or alternative). Your options are: • Bringing in a new form of technology, • A new form of customer service • New equipment. The new items or plans that you want to introduce have to be innovative for that business. You are to create a written project plan in 3 stages. The 3rd stage is a presentation to your trainer. This will be a summary of the information you have compiled and this summary should be treated as though you were presenting to the owners of the business for their approval to go ahead Stage 1 Introduction/Problem Statement Give a brief background of the business. What problems is the business facing? Explain why there needs to be a change. Decide on the change and now produce a business proposal to support why you believe this large retail store needs to introduce this change. Project goals and objectives Clearly define your goals and objectives using SMART. Summary of the research There needs to be a business proposal to warrant the change. In your business proposal include a summary of the research you undertook (who have you consulted with, what was their feed back) when assessing the technology, service or equipment, to help justify your selected option. List & explain the benefits in the changes you are proposing to make. SWOT Include SWOT analysis in your business proposal to help justify why you have selected this option or why you have chosen to take this course of action. Risk Factors Discuss any risk factors to the business that this project might present. Determine risks and provide solutions to those risks. Conduct a Risk Analysis on your project plan to include identifying barriers to change and mitigation strategies. Stage 2 Provide an organisational structure of the business and project team structure. From the structure identify stakeholders. Explain why stakeholders are important to consider when gathering information on your change. Why is it important to involve your stakeholders when introducing your change & determining the best solution? State the reasons why you have selected your team members. (Why are they on the team?) Action plan Produce an action plan that includes milestones and timeframes from the start of the business proposal Explain how you will monitor your plan. Consider the above information, how you would monitor the progress of the plan and what would be done with the information compiled. What other methods could be used to monitor your plan? Stage 3 You should present your completed portfolio of work to you trainer in the form of a report or power point presentation