3409958604885College of Vocational Business Education: Diploma of Business
3409958604885College of Vocational Business Education: Diploma of Business
0College of Vocational Business Education: Diploma of Business
right28173003665413686048Diploma of Business
Company Profile for Case Studies
00Diploma of Business
Company Profile for Case Studies
-1837690150495000right7476004395114862772300
Table of Contents
TOC o "1-3" h z u Company Profile: PAGEREF _Toc71236312 h 2Mission Statement PAGEREF _Toc71236313 h 3Vision Statement PAGEREF _Toc71236314 h 3Current state of the company: PAGEREF _Toc71236315 h 3Current product list PAGEREF _Toc71236316 h 3Assessment framework PAGEREF _Toc71236317 h 4Governance and Compliance PAGEREF _Toc71236318 h 5Responsibilities of all employees/departments PAGEREF _Toc71236319 h 5Policies PAGEREF _Toc71236320 h 6Sustainability PAGEREF _Toc71236321 h 6Risk PAGEREF _Toc71236322 h 7Risk management PAGEREF _Toc71236323 h 7Continuous improvement PAGEREF _Toc71236324 h 9Legislative Requirements PAGEREF _Toc71236325 h 10Work Health and Safety PAGEREF _Toc71236326 h 10Privacy and Confidentiality PAGEREF _Toc71236327 h 11Anti-Discrimination PAGEREF _Toc71236328 h 12Equal Opportunity PAGEREF _Toc71236329 h 12Racial and Religious Tolerance PAGEREF _Toc71236330 h 13Code of Ethics PAGEREF _Toc71236331 h 14References PAGEREF _Toc71236332 h 15
Disclaimer: This document contains fictional data prepared for a fictional case study to be used for educational purposes only.
Company Profile:
Stingray Corporation is a Melbourne based technology organisation that employs over 1,200 people globally. Established in 2001, Stingray commenced operations as a mobile phone manufacturer and quickly became recognised as an innovative and disruptive force within the communications industry.
Their small, easy to use phones are designed and priced to appeal to the pre-teen market. In 2005, Stingray expanded its product line to include tablets and laptops with designs aimed at the teen and young adult markets.
Manufacturing takes place in Geelong with materials sourced globally to ensure the highest quality at the lowest prices, using state-of-the-art process plant with modern equipment. Stingray uses various services from several contractors in the areas of transport, maintenance, storage, wholesale distribution, advertising, accounting, and auditing.
Key departments at Stingray include human resources, operations, production, sales and marketing, and finance.
Stingray sells their products direct to market through several self-branded stores in major cities around the world as well as through their online stores. Their products are also sold through retail and electronic outlets with distribution centres set up in major cities and rural areas.
Figure SEQ Figure * ARABIC 1: Stingrays Operations
With more than 1 billion smartphone users worldwide, it is vital for Stingray to stay competitive and design more tech innovations for the mobile phone market.
Mission StatementStingrays mission is to enhance user experience through innovative technology, designing experiences to meet the needs of its customers everywhere. We will devote our resources and technology to create superior products and services, to advance the way the world connects.
Vision StatementStingray wants to create a world where everybody is connected and design products that enrich people's lives, enabling the full potential of every person to be realized.
Current state of the company:Stingray is currently ranked 5th in the smartphone market, claiming 9.1% market share as shown in Table 1. The company experienced a 6% annual growth in the third quarter and preliminary data collected indicates that this upward trend will continue in the fourth quarter and into next year.
To maintain this competitive edge and close the gap between its branded phones and Apple; Stingray invest 40% of profits into research and development. With so much money invested, they need to ensure the products released can compete in this crowded marketplace and continue to provide them the growth they require.
Table 1: Worldwide smartphone shipments and annual growth
Current product listMobile phones
Tablets
Laptops
Headphones
Earphones
Smart Watch
Assessment frameworkEach assessment will solve a problem for Stingray and should be framed within the following functions:
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Retail
Marketing challenge, customer can be framed within a retail problem
Example introduction of new products and/or services
Marketing opportunity
Social media campaign to promote store or product/service
Production
Risk, sustainability, resources and financial challenges can be framed within a production problem
Example - COVID-19 saw a reduction in availability of raw materials and electronic components sources outside of Australia
Impact of sourcing goods locally possibilities, impact on COGS
Continuous improvement in production
Sustainable use of resources and green company
Can any components be recycled/reusedHuman Resources
Emotional intelligence and critical thinking challenges can be framed within a HR setting.
Example- staff training sessions
Developing and coaching others
Conflict resolution
Governance and ComplianceStingray is committed to building and embedding a sustainable governance and compliance framework within all areas of the organisation.
Stingray have established a Governance Steering Committee that guides the strategic direction of the organisation with an emphasis on corporate governance.
The Steering Committees role and responsibilities include:
Continuously identifying, measuring and managing risks that might impact the organisations achievement of financial, strategic and operational objectives;
Monitoring effectiveness of our risk management systems, compliance and controls; and ensuring a safe environment for staff, customers and visitors alike;
Ensuring that all Stingrays activities comply with legal requirements;
Embed sustainability in business practices
Improve resource efficiency, focusing on waste management
Create synergies through strategic partnerships
Where practical, create opportunities to achieve greener facilities.
Stingray will remains committed to the challenge of building and entrenching a sustainable governance and compliance framework.
The Governance Steering Committee will oversee, monitor and improve the effectiveness of this framework in all areas including legal and regulatory compliance, health and safety, environment, trade practices and employment obligations.
Responsibilities of all employees/departmentsEach Employee/Department shall:
Reduce or eliminate unnecessary use of supplies and other resources.
Turn off personal, non-essential computers when leaving work for the day.
Turn off monitors when leaving work area for an extended period of time throughout the workday.
Purchase copy paper meeting current Federal guidelines for percentage of Post-Consumer Waste content.
Comply with internal policies, as developed within each department, that support the sustainability goal of the county.
Comply with the policies outlined in this document.
PoliciesSustainabilityWith the ubiquitous use of smart devices around the globe, measuring the environmental impacts of devices is essential to the future of our planet. Stingray is committed to fostering the sustainable use of the Earth's resources when operating our facilities and making our products.
We take responsibility for the emissions associated with our own operations, as well as the entire lifecycle of all our products and accessories as we believe that our products should be safe for anyone who assembles, uses, or recycles them. Our Environmental Management System (EMS) complies with the requirements of international standard ISO 14001.
Stingray is working towards using more renewables in our manufacturing plant and retail stores and reducing our e-waste by reusing a minimum of 80% of products returned to the company whilst reducing waste sent to landfill.
As a global corporate citizen, our mission is to create meaningful social values that are in line with the UN Sustainable Development Goals (SDGs). We will select suppliers and partners that share these core values, who will help us deliver innovative products and services along the value chain.
Stingray conforms to the following legislative requirements:
Environment Protection and Biodiversity Conservation Act 1999 - The EPBC Act provides a legal framework to protect and manage nationally and internationally important flora, fauna, ecological communities and heritage places defined in the Act as matters of national environmental significance CITATION Dep19 l 3081 (Department of the Environment and Energy, 2019).
Sustainability Victoria Act 2005 - This Act provides for the establishment of a body corporate called Sustainability Victoria to facilitate and promote environmental sustainability in the use of resources.
Stingray Corporation is committed to the management of our business in an environmentally responsible manner, to care for the environment in which we live and work and o sustain its quality for the benefit of future generations.
We will work towards this objectively by conducting our business in ways which:
Rank the protection of the environment equally with other business objectives;
Minimise harm to the environment;
Use natural resources more efficiently;
Minimise, and where possible eliminate waste;
Maintain our workplace in a clean and tidy state;
Continuously improve our environmental performance;
Comply at all times with the provisions of applicable environmental laws.
Risk
Stingray Corporation manages and monitors risks across all facets of the business including compliance, operational, reputational and financial risks. Effective risk management is integral to Stingrays operations and a vital component of its mission.
Stingray has a systematic approach to risk management which conforms to:
Occupational Health and Safety Act 2004 (OHS Act) - the main workplace health and safety law in Victoria. The OHS Act seeks to protect the health, safety and welfare of employees and other people at work. It also aims to ensure that the health and safety of the public is not put at risk by work activities ( CITATION Wor19 l 3081 (WorkSafe Victoria, 2019).
Occupational Health and Safety Regulations 2017 (OHS Regulations) - build on the OHS Act. They set out how to fulfil duties and obligations, and particular processes that support the OHS Act CITATION Wor19 l 3081 (WorkSafe Victoria, 2019).
Risk managementRisk management is the term applied to a logical and systematic method of establishing the context, identifying, analysing, evaluating, treating, monitoring and communicating risks associated with any activity, function or process in a way that will enable the hospital to minimise losses and maximize opportunities.
Stingray complies with AS ISO31000:2018 process for managing risk, represented by Figure 2.
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1537182126161Figure SEQ Figure * ARABIC 2: Process for managing risk
0Figure SEQ Figure * ARABIC 2: Process for managing risk
Stingrays approach to risk management is to go through a process of identifying risks, assessing risks and understanding the scope of possible risks and their effect, then developing strategies to manage these risks. A risk management plan and a business impact analysis are then created to help the organisation understand what the potential risks to our business are and finding ways to minimise their impacts. This will assist the organisation recover quickly if an incident occurs and aids in meeting our legal obligations for providing a safe workplace and can reduce the likelihood of an incident negatively impacting on our business.
The identified risks are then documented in the companys risk register where the relative significance for each of the identified risks is assessed in two ways:
Qualitative techniques this allows us to prioritise each risk., separating minor risks that may be acceptable from major risks that must be managed immediately.
Quantitative risk analysis this is used to determine the combined effect of risks on objectives.
Risk response planning is the next step of the process where the hospital aims to either avoid, reduce, transfer or accept threat. Risks also expose opportunities to exploit, enhance, share or reject. A cost benefit analysis determines the time, cost, resources and course of action for risks with low impact and high cost to determine their impact on the business. The final step is the implementation of agreed responses where project teams may be formed to ensure their implementation.
The risk management process in utilised by each department of the company. A person conducting a business or undertaking (PCBU) is nominated for each departments reporting to the Work Health and Safety (WHS) Manager. Risk issues, findings, progress reports are discussed at a monthly WHS committee meeting and urgent issues are relayed to the WHS manager immediately.
Continuous improvementContinuous improvement involves reviewing and improving each area of operations through regular self-audits, feedback mechanisms and benchmarking against best practice hospitals. The Executive Committee encourages innovation and is always looking to new technology to improve process, service and functionality.
Staff and customer safety is of utmost importance and Stingray focuses on minimising key risk areas through constant monitoring and feedback. Staff are encouraged to report incidents using the cpmpanys incident reporting system to effectively monitor and track the effectiveness of risk controls and prevent future incidents occurring.
Stingray adopts a four-step quality assurance method known as the plan-do-check-act (PDCA) cycle as shown in Figure 3. This is also known as the Deming Method, it involves:
Plan: Identify an opportunity and plan for change.
Do: Implement the change on a small scale.
Check: Use data to analyse the results of the change and determine whether it made a difference.
Act: If the change was successful, implement it on a wider scale and continuously assess your results. If the change did not work, begin the cycle again.
center414020008121173274214Figure SEQ Figure * ARABIC 3: Continuous Improvement PDCA Cycle
Figure SEQ Figure * ARABIC 3: Continuous Improvement PDCA Cycle
Legislative RequirementsThe following legalisations can be used as required. Please addt to this list as your unit of competency requires.
Work Health and SafetyWork health and Safety (WHS) aims to provide all workers in Australia with the same standard of health and safety protection regardless of the work they do or where they work. This may include the health and safety of employees, visitors, contractors, and volunteers.
In Victoria Occupational Health and Safety (OHS) is the main workplace health and safety law. It aims to ensure that the health and safety of the public is not put at risk by work activities. They help in avoiding injuries from occurring, provide reasonable workplace injury insurance for employers, help injures workers get back to work and manage workers compensation.
OHS has specific requirements and obligations that people need to follow. They include:
Use of safe operation of major hazard facilities and mines
Provide training of high-risk work
Managing and removing asbestos
Licenses for specific activities
Work health and Safety (WHS) aims to provide all workers in Australia with the same standard of health and safety protection regardless of the work they do or where they work. This may include the health and safety of employees, visitors, contractors, and volunteers. In Victoria Occupational Health and Safety (OHS) is the main workplace health and safety law. It aims to ensure that the health and safety of the public is not put at risk by work activities. They help in avoiding injuries from occurring, provide reasonable workplace injury insurance for employers, help injures workers get back to work and manage workers compensation.
CITATION The201 l 3081 (The Australian Government, 2020)
Privacy and ConfidentialityThe Privacy Act 1988 controls how an individuals personal information is handled by an organisation including the collection, use, storage and disclosure of personal information. The Privacy Act defines personal information as: information or an opinion, whether true or not, and whether recorded in a material form or not, about an identified individual, or an individual who is reasonably identifiable.
An organisation or office needs an individuals consent before they can collect their information. Employers should tell their employees what personal information will be collected, used, and disclosed.
Employers should also ensure that information they collect is not used for an unrelated purpose without the employee's consent. It is true that workplaces need to collect some personal information, but they need to keep these to a minimum and limit the impact on personal privacy.
Confidentiality is very important in the workplace. It is the employee's responsibility to treat all the information in the workplace with care and caution. An employee should not share any personal details with fellow colleagues at work. This helps to maintain a professional attitude at work.
An employee should know what files are permitted to be accessed to in the office. Under no circumstances should these files be shared or given to unauthorized people. This is because if it reaches the wrong hands, it can be considered as a breach of confidentiality and the employee may risk being fired.
Personal data relating to employees, customers and suppliers should be kept well filed to avoid discrimination in the workplace.
All privacy policies should be updated regularly.
By maintaining confidentiality standards in the workplace, it improves employee productivity and helps ensure a safe working environment.
CITATION The20 l 3081 (The Australian Government, 2020)
Anti-Discrimination
It is illegal to directly or indirectly discriminate against a person because of a personal characteristic such as sex, race or disability, to sexually harass anyone or authorise or assist others, such as employees, to do so. Two pieces of legislation work together to combat discrimination and vilification in Victoria. Claims and disputes under the Acts can be made to the Commission established to administer them.
Equal Opportunity
Racial and Religious Tolerance
Equal Opportunity
The Equal Opportunity Act 2010 came into effect in August of 2011. Its primary objective is to encourage the identification of discrimination, victimisation and sexual harassment, and further to eliminate them all. The outcome of which is to promote and facilitate equality within Australias workplaces.
Equal Opportunity Act 2010 (Vic)
Effective employers want to run an organisation where everyone is treated fairly, differences are accepted, and people are treated with tolerance and respect.Various pieces of anti-discrimination legislation will help them do that.
The Victorian Equal Opportunity Act (2010) covers discrimination in employment, sexual harassment and victimisation at work. It includes employees, job applicants and contractors and aims to protect people who are associated with them, such as carers, friends or relatives.
You are not allowed to discriminate against someone because of:
race or skin colour
sex or sexual orientation
age
physical or mental disability
marital status
family or carers responsibilities
pregnancy
religion or political opinion
national extraction or social origin
CITATION The18 l 3081 (The Law Handbook, 2018)
Racial and Religious ToleranceTheRacial and Religious Tolerance Act 2001(Vic) (RRTAct) also provides remedies for racial and religious vilification. Complaints about vilification can also be brought to the VEOHRC or VCAT. It is possible to bring a dispute about racial or religious vilification and racial or religious discrimination under the EO Act to the VEOHRC simultaneously. Complaints of serious racial or religious vilification can be made to Victoria Police.
The aims of the RRTAct are:
to promote the full and equal participation of every person in a society that values freedom of expression and is an open and multicultural democracy;
to maintain the right of all Victorians to engage in robust discussion of any matter of public interest; or to engage in, or comment on, any form of artistic expression, discussion of religious issues or academic debate where such discussion, expression, debate or comment does not vilify or marginalise any person or class of people;
to promote dispute resolution and resolve tensions between people who (as a result of their ignorance of the attributes of others and the effect that their conduct may have on others) vilify others on the grounds of race or religious belief or activity and those who are vilified.
CITATION The18 l 3081 (The Law Handbook, 2018)
Code of EthicsWhat Is a Code of Ethics?
A code of ethics is a guide of principles designed to help professionals conduct business honestly and with integrity. A code of ethics document may outline the mission and values of the business or organization, how professionals are supposed to approach problems, the ethical principles based on the organization's core values, and the standards to which the professional is held.
A code of ethics sets out an organization's ethical guidelines and best practices to follow for honesty, integrity, and professionalism.
For members of an organization, violating the code of ethics can result in sanction including termination.
In some industries, including banking and finance, specific laws govern business conduct. In others, a code of ethics may be voluntarily adopted
CITATION Ada20 l 3081 (Hayes, 2020)
References BIBLIOGRAPHY Department of the Environment and Energy, 2019. EPBC. [Online] Available at: https://www.environment.gov.au/about-us/legislation[Accessed 10 November 2019].
Hayes, A., 2020. Code of Ethics. [Online] Available at: https://www.investopedia.com/terms/c/code-of-ethics.asp
La, L., 2020. Top foldable phones. [Online] Available at: https://www.cnet.com/news/top-foldable-phones-galaxy-z-flip-motorola-razr-2020-huawei-mate-x-and-more/[Accessed 31 March 2020].
The Australian Government, 2020. The Privacy Act. [Online] Available at: https://www.oaic.gov.au/privacy/the-privacy-act/
The Australian Government, 2020. Work health and safety. [Online] Available at: https://www.business.gov.au/Risk-management/Health-and-safety/Work-health-and-safety
The Law Handbook, 2018. Victorian anti-discrimination law. [Online] Available at: https://www.lawhandbook.org.au/2019_11_01_03_victorian_anti_discrimination_law/
WorkSafe Victoria, 2019. Occupational Health and Safety Act and Regulations. [Online] Available at: https://www.worksafe.vic.gov.au/occupational-health-and-safety-act-and-regulations[Accessed 10 November 2019].
STUDENT KNOWLEDGE ASSESSMENT TASK
Task Number 1 of 3. Task Name Knowledge Questions
National unit/s code BSBOPS501
BSBFIN501 National unit/s title Manage Business Resources
Manage Budgets and Financial plans
National qualification code BSB50120 National qualification title Diploma of Business
RMIT Program code C5406 RMIT Course code BUSM6517C
ACCT5434C
Section A Assessment Information
Assessment duration and/or due date Due end of Week 7, Sunday 11:59pm
Task instructions
Type of Product (tick which applies)
Project
Report
Portfolio
Knowledge questions
This assessment is Assessment Task one (1) of three (3) assessment tasks in this cluster of two courses: BSBOPS501
Manage Business Resources and BSBFIN501 Manage Budgets and Financial plans. All three (3) assessment tasks must be satisfactorily completed to be deemed competent in these two courses.
Summary and Purpose of Assessment
The purpose of this assessment is to create an environment where you can demonstrate your understanding and application of a range of business resources management skills and team leadership and participation skills. You will be required to analyse business resources requirement, review and report on resource usage, review company performance and recommend strategies, plan financial management approaches, monitor and control finances, review and evaluate financial management processes, identify and explain relevant legislations.
Assessment Instructions
For this assessment task you will need to complete a series of knowledge-based questions related to manage business resources and manage budgets & financial plans. You will be using a scenario that enables you to demonstrate the necessary skills to complete this assessment.
What
For this assessment task you will need to complete 14 knowledge-based questions (see below) related to managing business resources and managing budgets & financial plans. You will be using a scenario that enables you to demonstrate the necessary skills to complete this assessment.
Scenario
This scenario Junior Management Accountant has been derived from the Stingray Corporation an overarching case study used throughout in the Diploma of Business. A full copy of the case study can be downloaded from Canvas.
In this assessment task students are required to:
Access and retrieve from CANVAS the Stingray Corporation company profile for guidance
Answer all questions
The Scenario
Congratulation! You have been shortlisted by Stingray Corporation Human Resources Talent Team for the position of Junior Management Accountant in the Finance department.
You are now invited to the final phase of the recruitment process in accordance with Stingrays HR policy and procedure to sit a short technical and knowledge test which has been organised by Stingrays external Business Advisors Pitcher Partners Pty Ltd Geelong Division.
The technical and knowledge test requires you to answer fifteen (15) short knowledge questions encompassing basic knowledge of Accounting principles, budgeting, financial plans and legislatives requirements, and managing business resources.
Please read carefully the questions below and use the candidate/student answer sheet to insert your answers accordingly.
Where
You will be provided with class/online time to work on this assessment however, it is expected that you will complete your individual work outside of class.
How
You will be assessed against the criteria listed in the marking guide in Section B of this task. To achieve a satisfactory result, you will need to address all criteria satisfactorily.
Conditions for assessment
This is an individual task and students must not copy the work of others. For more information regarding Academic Integrity please refer to RMIT Academic Integrity Guidelines)
You must submit answers to all the questions. The assessor will assess the documentation provided.
You must complete the task by the due date.
In certain circumstances, you may be eligible for an assessment adjustment (e.g. a disability or long-term medical or mental health condition; an unavoidable employment, family, cultural, religious or elite sporting commitment known in advance; other unexpected circumstance outside your control).
Make prior arrangements with the instructor at least one week prior to the assessment due date if you require special allowance, allowable adjustment to this task or extension of time.
You will be assessed as satisfactory or not satisfactory.
All criteria listed in the marking guide must be deemed satisfactory for students to gain an overall judgement of satisfactory for this task.
You will have the opportunity to resubmit (once) any product deemed unsatisfactory.
You can appeal the assessment decision according to the RMIT Assessment ProcessesInstructions on submitting your Assessment
You are required to place their answers in a Word document and upload this to Canvas by the due date listed above.
Students to name their submission file as <student_#_student name_ BSBOPS501_BSBFIM501_AT1_Knowledge questions>. For example, 23456789JohnSmith_ BSBOPS501_BSBFIN501_AT1_knowledge questions.docx
Equipment/resources students must supply (if applicable): Equipment/resources to be provided by RMIT or the workplace (if applicable):
Computer and Internet access
Computer software
Relevant texts/notes/web information
Students are required to bring a FULLY charged computer with internet access (in class setting) Internet access and computer access should students not have a laptop
Students will be able to access the internet and relevant RMIT databases through the Library.
Section B:
Question 1:
Describe the basic accounting principles of
Economic/separate entity and
Revenue recognition
Economic/separate entity:
Revenue recognition:
Question 2
List and describe 2 types of:
Operational budgets and
Financial budgets
Operational budgets
..
..
Financial budgets:
..
..
Question 3
Explain briefly the following legislations requirements
GST
Business activity statement (BAS)
GST.
BAS..Question 4
Describe why businesses must have a proper financial record-keeping system.
Question 5
Identify and briefly describe at least three (3) principles for managing work teams
.
.
.
Question 6
Describe briefly the principles and techniques used by businesses to manage each of the following areas of organisational budget/financial plans: :(100-150 words)
budgeting
cash flows
electronic spreadsheets
goods and services tax
ledgers and financial statements
profit and loss statements
evaluation of budget and financial plans
budgeting
>
cash flows
>
electronic spreadsheets
>
goods and services tax
>
ledgers and financial statements
>
profit and loss statements
>
evaluation of budget and financial plans
>
Question 7
Describe briefly contingency planning in a budgeting context.
Question 8
List and describe two legislative requirements that Stingray must comply with when dealing with:
Recruitment (employment and HR laws)
Importation of raw material/goods to Australia (import laws)
Recruitment
>
>
Importation of raw material/goods to Australia.
>
>
Question 9
Explain the importance of setting timelines and review procedures as integral parts of the budgeting process/resource planning.
Question 10
Explain the difference between:
The cost of sales budget and
The purchases budget
The cost of sales budget
>
The purchases budget
>
Question 11
Most organisations will have policies and procedures outlining the management of resources requirements, project management, and the acquisition process of resources. Discuss briefly a process for:
Recruitment of new employee
Applying for a long-term bank loan
and outline why is it important to have a sound review procedure once these resources have been allocated.
Recruitment of new employee
>
Applying for a long-term bank loan
>
Question 12
Describe three characteristics and three benefits/objectives of a strategic business unit (SBU).
Characteristics
.
Benefits/objectives
.
.
.
Question 13
List and describe three strategies/actions an organisation might take to mitigate the increased cost per unit of production and to achieve efficiency:
Strategies:
.
.
.
Question 14
The current Federal government is planning to introduce new legislation to parliament that will impose a 15% tariff on all raw materials imported from China.
Describe the potential risk that Stingray Corporation might realistically face and
list the 5 steps in the risk management process as per Stingray Risk management process policy
Potential risk:
..
5 steps in the risk management process
..
..
..
Section C Feedback to Student
Has the student successfully completed the task? Yes No
Feedback to student:
Assessor Name Date
