Business Administration Level 3 Business Fundamentals

Business Administration Level 3 Business Fundamentals

Understands the application of business principles such as Managing Change, Business Finances and Project Management. You need to explain why the business needs to make changes and then how these can be completed. For business finances, you will need to explain how finances work in a business environment, and this can include part of the profit and loss section. For the project management side of the assignment, you will need to explain what project management is in your role and then outline a couple of projects you have been involved in.

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Principles of Financial Processes Accounting Recording Transactions Keeping records of sales receipts or other forms of income Monitoring Activity To check spending levels Auditing Internal and external Payroll Create Pay statements Make salary payments and deductions Processing employee business expenses Calculating NI contributions Calculating pension contributions

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Managing Budgets Identifying Priorities Negotiating and agreeing financial resources Recording income and expenditure Monitoring expenditure against planned activity Making corrective actions

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Documentation for financial processes Income statement [profit and loss] Balance Sheet Purchase Orders Delivery notes Invoices Receipts Statement of Account [summarizes transactions between organizations]

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Principles of Change Management Types of Change Step Change Incremental Change Planned Change Unplanned Change Create Urgency Form Powerful Group Create vision Communicat e Vision Remove Obstacles Short term wins Build Change Anchor Change

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Requirements for Effective Change Management Effective Leadership Organization Justification Contingency Planning when implementing Regular evaluation and assessment Adaptation

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Impact of Effective Change Management Highlights where change is necessary/beneficial Provides opportunities for promotion Impacts on the organization by Increasing competitiveness Creating more effective/efficient performance Ensuring compliance Retaining [the right] employees

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Project Management Principles Impact on administrative role Creates clear responsibilities and objectives Enables effective time management Helps prioritization Impact on Organization Creates opportunities to adapt Enables successful resolution of risks/problems Develops PM Best Practice Operational Improvements can be made

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Types of Change [Exercise] ABC Company is moving head office. After advertising the imminent move, groups are created to manage different aspects of the move [logistics, finance, flexible work options, employee support] before a general meeting is held to promote the value of the move ABC Company wants to switch all company vehicles from diesel to electric by 2025. It starts making plans for the switch ABC Company’s owner announces he is selling the company to Saudi investors ABC Company looks at adapting current diesel vehicles into electric hybrids whilst also reviewing the lease on existing diesel vehicles with a plan to switch

Knows the fundamentals of business, including finances, managing change and project management Knows the fundamentals of business, can relate them to their administrative occupation and show how they make an impact Project Management Task ABC Company is moving head office. After advertising the imminent move, groups are created to manage different aspects of the move [logistics, finance, flexible work options, employee support] before a general meeting is held to promote the value of the move ABC Company wants to switch all company vehicles from diesel to electric by 2025. It starts making plans for the switch ABC Company’s owner announces he is selling the company to Saudi investors ABC Company looks at adapting current diesel vehicles into electric hybrids whilst also reviewing the lease on existing diesel vehicles with a plan to switch SWOT Analysis and GANTT Chart