bsbmgt617 develop & implement a business plan

BSBMGT617 - Develop and implement a business plan

This unit describes the skills and knowledge required to run a business operation and covers the steps required to develop and implement a business plan. It applies to individuals who are running an organisation or who take a senior role in determining the effective functioning and success of the organisation. As such, they may oversee the work of a number of teams and other managers. 

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Assessment tasks will be designed to reinforce and extend knowledge and skill competence within set and controlled parameters in accordance with each unit’s learning outcomes and performance criteria requirements, including the setting of work based practical application tasks designed to provide evidence of competence outcomes, within periodic and scheduled timelines.

Students will be expected to demonstrate the following required skills:

• analyse and research business vision, mission, values, objectives, goals, competitors;
• financial targets, management arrangements, marketing approaches and strategic, business and operational plans;
• write a business plan which includes a description of the business, products and services,financial, physical and human resource requirements, permit and licence requirements, marketing activity, financial indicators, productivity and performance targets for key result areas;
• implement a business plan including ensuring skilled labour is available, and that training is provided where appropriate;
• monitor and respond to business performance including evaluation of performance against key results indicators including profit and loss, community awareness or branding, environmental impact, governance, quality, sales, triple bottom line and the workforce;
• consult, communicate with and report to key stakeholders including business partners, financiers, customers, staff and technical advisers, and;
• provide an analysis of the strengths and weaknesses of a business plan.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

Students will also be expected to demonstrate the following knowledge:

• outline processes for developing business plans;
• describe performance objectives and measures including key performance indicators, and;
• identify key stakeholders.

Required reading

The qualified trainer and assessor will provide teaching and learning materials as required in the form of workbooks produced by the Polytechnic and/or via the Polytechnic e-learning system.

As part of a course

This unit is not compulsory for any specific course. Depending on the course you study, this unit may be taken as an elective.

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How to Prioritize With the MoSCoW Method

Do you need help prioritizing tasks when managing a project? There’s an acronym for that! It’s called the MoSCow method and it’s a great technique to help with prioritization.

What Is the MoSCoW Method?

The MoSCoW method is a technique that helps organizations prioritize what should be done first in a project. It is done in four steps that follow the acronym MoSCoW, which stands for must have, should have, could have and will not have. It’s used by anyone who needs to prioritize their work and is especially useful in project management.

The MoSCoW method can help when project planning. ProjectManager is award-winning project management software that can take the results of your MoSCow method and organize them into a project plan. Our powerful Gantt charts organize tasks, link all four task dependencies to avoid delays and can set a baseline to capture the project plan and compare it to the actual progress to ensure you stay on schedule. Get started with ProjectManager today for free.

MoSCoW Prioritization Categories

Managing a project is often about managing what you will – and won’t! – get done in the given project timeline . When there are no priorities set, projects can quickly become free-for-alls, with the loudest voices in the room getting their work prioritized over others, often not for the benefit of the project or the organization.

But there’s a different approach. It’s called the MoSCoW method for defining and managing requirements and tasks in a project . Here is a list to clarify what those requirements are:

Must-Have Requirements (M)

Another way to refer to this is as the minimum usable subset (MUS) or what the project must deliver. In other words, the project must deliver these on the target date for the project to remain on track. No delay is acceptable. It is either going to take the project off track, it’s unsafe or even illegal not to have this done by the time given in the project’s business case .

A way to understand if you’re dealing with a MUS is by asking yourself, “What happens if this isn’t met?” If the answer is, “The project fails ,” then you have a MUS. Any workaround that can be devised to continue with the project and not jeopardize its success, means this isn’t a MUS.

Should-Have Requirements (S)

This type of requirement is almost as important as a MUS, but it’s not vital to the success of the project. In other words, the project doesn’t depend on this requirement. You might not want to leave it out, as it could have a great impact on the project, but in the end, it can be done without causing any irreparable harm. Again, leaving out this requirement means a lot of work⁠ (finding a solution, changing stakeholders’ expectations, maybe experiencing some inefficiency⁠), but the project can go on.

Could-Have Requirements (C)

The difference between a should-have requirement and a could-have requirement is simply by figuring out the degree of pain that would be caused by not meeting it. That is, how will it impact the business value of the project, how many people would be affected, etc. Therefore, a could-have requirement is something you’d like but is less important than a should-have requirement. There will be an impact if it’s left out of the project, but less than the impact of a should-have requirement.

What We Will Not Have This Time (W)

Here is where you can collect those requirements that are not feasible for a specific release. Maybe next time, but the project remains strong without them. This is a great way to avoid project scope creep . Once initiatives are placed in the not-have-time category, teams know that they’re not a priority for this go-around and can place them on the back burner and out of their mind. This allows them to focus more sharply on those requirements that are important to the project.

What Is the MoSCoW Method Used For?

The MoSCow method can be of use to anyone who has work and needs to prioritize that work to know what’s essential and what can be ignored. It’s mostly used in product development, software development and project management. In project management that helps determine which tasks, requirements, products and user stories (in agile projects) the team needs to prioritize.

How to Implement the MoSCoW Method in 3 Steps

The MoSCoW method is a valuable tool, but only if you know how to use it. Here are three steps that will help you use the MoSCoW method when prioritizing your project.

1. Gather Project Requirements

Start by identifying all project requirements . Just make a giant list and be as thorough as possible. You don’t want to leave out anything that might prove essential to the project.

2. Prioritize Project Requirements

Now go through that list and attach a letter to each, according to the MoSCoW method of M for must-have, S for should have, C could have and W for what you won’t have. This allows you to prioritize the work and know what can be put aside to focus on what’s important.

3. Track the Completion of Project Deliverables

Now that you’ve classified your requirements, you can carry out the work in a timely manner. Tracking that work ensures that you don’t miss any deadlines and that all high-priority requirements will be met.

Benefits of the MoSCoW Method

The clear benefit of using the MoSCoW method is that it provides a means to prioritize work and know what is essential to the project and what can be ignored if time and cost prevent one from completing every requirement. But there are more advantages of the MoSCoW method, some of which we list below.

Helps Ensure Stakeholder Satisfaction

Stakeholders have a vested interest in the project and the project should satisfy their expectations . The MoSCoW method helps manage stakeholders by getting them to all agree on the prioritization of requirements and, therefore, helps to resolve any conflicts that might arise over the execution of those requirements.

It’s Easy to Understand and Implement

Using the MoSCoW method identifies the priority of project requirements. This information can then be disseminated to the project team so it’s clear to everyone what must be done. Now the team understands what’s prioritized and can implement those requirements first.

Helps Teams Cut Unnecessary Costs

The MoSCoW method allows everyone on the project team to know what they have to get done first, which increases revenue by decreasing operational costs, improving productivity and increasing customer satisfaction.

Moscow Method Example

Leadership guru Susanne Madsen leads this training video on how to use the MoSCoW Method to prioritize your requirements in a project.

How ProjectManager Helps You Prioritize

ProjectManager is online project management software that can make sure your requirements are being met throughout the life cycle of the project. Because our software gives you real-time data, you’re able to meet your priorities.

Our real-time dashboard shows real-time data that is displayed over six different project metrics. These numbers are crunched and illustrated in colorful, easy-to-read graphs and charts that keep project managers keenly assessed on the progress of their priorities.

Workflow is also visualized with kanban boards that keep teams focused on their priorities. Online Gantt charts can link dependencies and teams can collaborate at the task level, adding comments, documents and images.

There’s so much more that ProjectManager offers. To get a full picture of what we can do to help you better manage your next project, try our free 30-day trial today.

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• MoSCoW Method

What is the MoSCoW Method?

The MoSCoW Method is a prioritization tool that helps professionals in managing their time and effort .

To do so, it proposes to classify the importance of the different characteristics of a product (or a Project) according to their importance .

Its name is an acronym of the 4 Prioritization Categories proposed (adding two “o”):

• M ust Have .
• S hould Have .
• C ould Have .
• W on’t Have .

Four Prioritization Categories

Must Have : Essential Requirements that the product or project must have.

• Critical Features without replacement.

Should Have : Important desired Requirements for the product or project.

• They can be substituted if necessary.

Could Have : Improvements to the product or project.

• There are different alternatives.

Won’t have : Characteristics agreed not to be adopted .

• No one will waste time implementing them.

Let’s see the first example:

MoSCoW Method example

Imagine that you have been hired to create a Website for a Law firm.

They want a professional Site where people can Register and, once inside, track their court cases .

Since you want to deliver the best possible Site on time, you decide to follow the MoSCoW method .

How does it look like?

Must Have :

• Solid programming without any bugs.
• A Solid Register System.
• A Safe and Reliable personal directory.

Should Have :

• A Fast Site.
• An outstanding Design.
• Notifications sent by e-mail.

Could Have :

• Custom menus.
• Suggestions.
• A Blog section with latest news.

Won’t Have :

• Paid content.
• A Public Members section.

As we usually say, this Method may seem obvious.

Then… Why is it important?

Why is the MoSCoW Method important?

Many of professionals end up wasting time , effort and resources on useless task s that are ultimately not essential at all.

Surely you have experienced this situation working in a Team:

• Everyone spends hours modifying a minor feature and, ultimately, the important thing is missing .

That is why this Method is so important:

• Because it concentrates your efforts and forces you to think about what is really important .

As you can imagine, this Tool can be employed in practically all kinds of situations.

But when do we especially recommend it?

When should you use the MoSCoW Method?

We highly recommend to use the MoSCoW Method:

• To put order and prioritization.
• To avoid wasting time with non-essential touch-ups.
• In order to meet the Essential Requirements.
• When the product can have very different characteristics.

Now, let’s see more examples:

MoSCoW Method examples

We have chosen different real examples where the MoSCoW Method can be of great help for the development of certain products.

Let’s begin:

A Wallet - MoSCoW Method example

Let’s imagine that you are developing a wallet .

As you know, wallets are very modular products.

They can have:

• Several or few departments for cards.
• Coin purse… or not.
• 1 or 2 bill slots.

There is not a canonical wallet (one that is the benchmark for all the others).

• That is why you decided to use the MoSCoW Method to develop it.

After some thoughts, you decide that your wallet:

• 2 bill slots.
• 8 compartments for credit cards.
• High resistance materials and sewing.
• Leather as its main material.
• A translucid Credit card compartment.
• A transverse horizontal compartment.
• A striking color on the inside of the bill slots.
• Completely black exterior color.
• One translucid compartment for small photos.
• A Coin purse.
• A Passport compartment.

Making a Cake - MoSCoW Method example

In this example, we’ll imagine that you are preparing a wedding Cake .

• You have a very rigid deadline (the wedding day, of course).

In addition, as you also know, Cakes can have lots of variations.

• We could say they are very modular .

That is why you decide to use the MoSCoW Method.

How does it look?

Well, your Cake:

• White coating.
• Two sugar figurines on top.
• 6 layers of sponge cake inside.
• Belgian chocolate between the layers.
• Decorations on the edges
• Sugar flowers.
• Chocolate balls.
• Scattered sugar pearls.
• Multicolor layers.
• An excessive amount of decoration.
• Fruit flavor.

Designing a Poster - MoSCoW Method example

You are now an artist hired to Design a poster for a Rock concert.

Obviously, this is a Design job with infinite variations possible.

• Also, you have a close deadline to finish it.

No need to mention that you will use the MoSCoW Method.

Finally, the Poster:

• The name of the Main rock band, very prominent.
• Images and colors that best suit their style.
• A typeface that best suits the musical style.
• An illustration related to Rock in the middle.
• The name of the rest of the bands that will play.
• Where and when it will take place.
• Where you can buy the tickets.
• Nearby metro and bus stations.
• The name of the city.
• The maximum capacity of the stadium
• At what time each band will play.

Summarizing

The MoSCoW Method is a prioritization tool that helps professionals in managing their time and effort.

It proposes to classify the importance of the different characteristics of a product in 4 Categories :

• M ust Have.
• S hould Have.
• C ould Have.
• W on’t Have.

Although this Method can be used in all kinds of situations, we highly recommend to use it:

• When working in a team .
• In Design tasks .
• When there is a close deadline .
• With modular products or projects .
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