Operations Management

This Course provides essential knowledge on how businesses operate. A great overview of how business functions are interrelated, both to other competitors and the economic environment overall. Study from home, earn while you learn.

Course Code: VBS201
Fee Code: S3
Duration (approx) Duration (approx) 100 hours
Qualification Statement of Attainment
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LEARN HOW DO YOU IMPROVE A BUSINESS? 

Are you about to launch a new business? Do you have a business idea and need to learn more about the processes of the business? Are you moving upwards in your current workplace and need to develop skills of managing the business operations? Do you want a new set of skills on your resume or CV?

Business Operations provides absolutely essential knowledge on how most businesses operate and understanding how their functions are interrelated to other competitors and the economic environment overall. Learn more and confidently lead the operations of the business you work in!

 

Businesses are like a machine.

When a car has an incompetent driver; things go wrong. When a chainsaw has an unskilled operator, the chances of an accident escalate.  In the same way; a business needs to have someone competent at the helm.

Proper operational management of a business results in sustained success.

Bad operational management can result in decline and ultimately collapse of even the very best business.

 

Lesson Structure

There are 9 lessons in this course:

  1. The Economic Environment
    • The world of economics
    • Scarcity
    • Opportunity costs
    • Goods
    • Definitions
    • Economic systems
    • Economic ownership
    • Performance criteria for an economy
    • Other economic performance indicators
    • Basic economic principles
    • Law of demand
    • Law of Substitution
    • Law of diminishing return
    • Law of diminished marginal utility
    • Competition
    • Sustainability
    • Total Quality Management
    • Strategic Planning
    • Creating a strategic plan
  2. External Influences
    • Monopoly
    • Monopolistic Competition
    • Oligopoly
    • Perfect competition
    • External Influences
    • International markets and trade-able commodities
    • Globalisation
    • Supply and demand
    • Market forces
    • Demand
    • Supply
    • Elasticity
    • Economics of scale
    • Cost structures
    • Liquidity
  3. Information Management
    • Scope and nature of office work
    • Functions of an office
    • Common jobs in an office: reception, clerical, secretarial, information processing
    • Departments within an organisation
    • Office processes
    • Data knowledge, storage and management
    • Filing systems
    • Classifying information
    • Hard copy
    • Filing procedure
    • Data protection
    • Financial records
    • Books needed in business
    • Different ways to approach bookkeeping
    • Steps in the bookkeeping process
    • Developing a record keeping and accounting system
    • Flow of information
    • Financial reports
    • Ledger
    • Journal
    • Source documents
    • Cash transactions
    • Credit transactions
    • Returns and allowances
    • Other business documents
    • Use of business documents
    • The cash book
    • Credit sales and credit purchases journal
    • The general journal
    • The ledger
    • A trial balance
    • Bank reconciliation
    • Petty cash
  4. Strategic Planning
    • Strategic planning
    • Documenting the strategy
    • Operational planning
    • Documenting an operational plan
    • Key components of a business plan
    • SWOT analysis
    • A planning procedure
    • Decisions
    • What to plan for
    • Finance
    • Structure for a Financial plan
    • Developing a budget
    • Structure for a marketing plan
    • Plan drawing
  5. Implementing Strategies
    • Implementing strategy
    • Bench marking
    • Reviewing strategy and strategy management
    • Environmental audits
    • Key elements of EIA
    • Steps in an environmental assessment process
    • Study design
    • Baseline studies
    • Predicting impacts
    • Mitigation measures
    • Flora and fauna assessment
    • Open space management plan
    • Rehabilitation plan
  6. Developing a Business Plan
    • Business planning
    • Case study: nursery development plan
    • Sensitivity analysis
    • PBL project to formulate criteria required for implementation of a business proposal to develop a business plan.
  7. Business Control Systems
    • Financial statements
    • The balance sheet
    • Classification in the balance sheet
    • Working capital
    • Profit and loss statement
    • Link between profit and balance sheet
    • Depreciation of assets
    • Analysis and interpretation of accounting reports
    • Analytical ratios
    • Ratio yardsticks
    • Profitability ratios
    • Operating efficiency ratios
    • Efficiency ratios and profitability
    • Liquidity ratios
    • Liquidity analysis and cash budgeting
    • Financial stability ratios
    • Gearing rate of return on investment
    • Limitations to ratio analysis
    • Risk
    • Risk analysis
    • Contingency planning
    • Business systems
    • Quality systems
    • Innovation management
    • PERT (Program evaluation and review)
    • CPA (Critical path analysis)
    • GNATT Charts Fastest and slowest completion times
    • Business expansion and sources of finance
    • Record keeping
  8. Evaluating Marketing
    • Introduction
    • Market research
    • The marketing mix
    • Marketing planning
    • Services marketing
    • Customer service
    • Buying, selling and decision making
    • Different heuristics
    • Decision making process
    • Customer satisfaction
    • Goodwill
  9. Marketing Strategies
    • Target markets and market segmentation
    • Targeting strategies
    • Defining your target market
    • Determining market segmentation
    • Projecting the future
    • Positioning
    • Case study
    • The business portfolio

Each lesson culminates in an assignment which is submitted to the school, marked by the school's tutors and returned to you with any relevant suggestions, comments, and if necessary, extra reading.

Aims

  • Explain the economic environment in which business operates.
    • Appraise the impact of external influences.
    • Establish the type of information required for operations in both commercial businesses and service organisations.
    • Examine the process and analyse approaches to strategic planning.
    • Examine the process and analyse approaches to strategy formation and implementation.
    • Prepare a business plan.
    • Assess the importance of business control systems utilising IT integration into financial management; prepare, read and interpret annual statements, appreciate the importance of budgetary control.
    • Identify the benefits involved when preparing marketing plans; analyse organisational strengths, weaknesses, opportunities and threats.
    • Formulate customer-orientated and realisable strategies for selected markets FINANCIAL

RECORDS MUST BE KEPT



An owner or manager needs to know whether the business is making profit.
 
It does not matter how small the business is, accounting should be seen as being part of the overall management strategy, with financial information relating to all facets of the business being readily available.

There are many different uses for financial information and the nature of these uses varies depending on its intended purpose. It is the user of the financial information who determines how it is to be used. Accounting must meet the needs of the individual users and therefore must be flexible enough to satisfy a variety of purposes.
 

Sometimes information must be kept for legal reasons; and at other times records are essential to just ensure smooth running of the enterprise.

Some of the main users of accounting information and their areas of interest are:

  • Owner/manager: profit, liquidity, stability, sales, growth, budgets, stock management, debtors, creditors, rates of return.

  • Prospective owners: budgets, future earnings, predicted returns, stability, growth.

  • Banks/Lenders: liquidity, stability, budgets.

  • Suppliers of Materials: credit rating, reliability, stability.

  • Government Departments: e.g. Taxation department, Bureau of Statistics, Small Business Corporation – these have specific needs pertaining to their own specialist areas.

  • Employees/Unions: stability of employment, profits – likelihood of wage increases?

If a business owner is well informed in relation to all aspects of the firm, it has a better chance of not only surviving, but of being successful.

Financial information helps management to make better decisions. In order to do this, financial data must be collected, sorted, classified, recorded and finally reported in a meaningful form. These steps make up the basic accounting process.

It is extremely important to keep accurate, clear and accessible records of all financial transactions which take place in a business. Different businesses have different types of book keeping systems. The options are very great. A balance must be struck though where you decide between a system which gives you the detail you require and one which doesn't take too much time to maintain.

Financial records are needed because:

  • They help you manage your finances.
  • You can make decisions about what something is likely to cost in the future by seeing what it cost in the past.
  • They allow you to see whether your business is making a profit or loss.
  • They give you a basis upon which you can calculate what you will charge your customers/buyers.
  • They allow you to prepare and submit you tax returns.
  • They are legally required by government.
  • You can track the fluctuation in cash flow, month by month.


By law, you are required to keep the following financial records for taxation purposes:

  • Bank statements, deposit books and cheque butts
  • Sales transactions, together with the relevant source documents
  • Purchase transactions, together with the relevant source documents
  • Expense payment transactions, together with the relevant source documents

If you employ staff:

  • Wages transactions
  • Fringe benefits Tax Records
  • Superannuation or Pension guarantee records
  • If you are a contractor or sub-contractor
  • Prescribed payment records.
  • If you are involved in the clothing or fishing industries
  • Reportable payment records
  • Expenditure relating to assets
  • Stock-take records
  • List of debtors and creditors
  • Depreciation schedules for assets and stock
  • Lease agreements and documentation
  • Records pertaining to the start-up of a business, and the sale of a business
  • Occupational health and safety records.

Each of these records also gives us a way of monitoring business performance and controlling the business operations.

 

WHERE CAN THIS COURSE TAKE YOU AFTER STUDY?

Are you about to launch a new business? Do you have a business idea and need to learn more about the processes of the business? Are you moving upwards in your current workplace and need to develop skills of managing the business operations? Do you want a new set of skills on your resume or CV? Business Operations provides absolutely essential knowledge on how most businesses operate and understanding how their functions are interrelated to other competitors and the economic environment overall. Learn more and confidently lead the operations of the business you work in!

 

Member of Study Gold Coast Education Network.

ACS Global Partner - Affiliated with colleges in seven countries around the world.

Since 1999 ACS has been a recognised member of IARC (International Approval and Registration Centre). A non-profit quality management organisation servicing education.

UK Register of Learning Providers, UK PRN10000112


How can I start this course?

You can enrol at anytime and start the course when you are ready. Enrolments are accepted all year - students can commence study at any time. All study is self paced and ACS does not set assignment deadlines.

Please note that if a student is being assisted by someone else (e.g. an employer or government subsidy), the body offering the assistance may set deadlines. Students in such situations are advised to check with their sponsor prior to enrolling. The nominal duration of a course is approximately how long a course takes to complete. A course with a nominal duration of 100 hours is expected to take roughly 100 hours of study time to complete. However, this will vary from student to student. Short courses (eg. 100 hrs duration) should be completed within 12 months of enrolment. Certificates, Advanced Certificates and Awards (eg. over 500 hours duration) would normally be completed within 3 -5 years of enrolment. Additional fees may apply if a student requires an extended period to complete.
If a student cannot submit their assignments for 6 months to ACS, they should advise the school to avoid cancellation of their student
registration. Recommencement fees may apply.

Simply click on the ENROL OPTIONS button at the top of this screen and follow the prompts.

You can see the course price at the top of this page. Click 'enrolment options' to see any payment options available.

You can pay by Credit Card, PayPal, Afterpay or bank transfer.

Yes! We have payment plans for most courses. Click 'enrolment options' to see the available payment plans.
We also have Afterpay that will allow you to pay for your course or payment plans in four instalments (if you are in Australia).


What do I need to know before I enrol?

There are no entry requirements that you need to meet to enrol in our courses, our courses are for everyone.
If you are under 18, we need written permission from your parent/ guardian for your enrolment to continue, we can arrange that after you have enrolled.

You don’t need to purchase any additional resources to complete our courses.

We aim to teach you the essentials without you having to purchase any specific computer program.
We recommend that you have access to a word processing program, such as Microsoft Word or Google Docs, so that you can easily complete and submit your assignments.

You sure can. We are here to help you learn whatever your abilities.

Yes, if you are enrolling in a Certificate or Advanced Certificate, you might be eligible for credits if you have evidence of your previous studies or relevant experience. More information is here.

We recommend that you are able to browse websites, send emails and conduct online research. You will need to be able to type and submit your assignments.
If you have limited computer skills, we can make special arrangements for you.

This is possible, it depends on the institution. We recommend that if you would like to use our courses that you contact the institution first. Our Course Handbook is a good resource for this.

Our courses are written in English and we only have English speaking academic staff. If you can read and complete your assignments in English, our courses are ideal for you.

Our courses are designed to build knowledge, hands on skills and industry connections to help prepare you to work in the area, running your own business, professional development or as a base for further study.

This course has been designed to cover the fundamentals of the topic. It will take around 100 hours to complete, which includes your course reading, assignment work, research, practical tasks, watching videos and anything else that is contained in the course. Our short courses are a great way to do some professional development or to learn a new skill.

It’s up to you. The study hours listed in the course are a rough guide, however if you were to study a short course (100 hours) at 10 hours per week, you could finish the course in 10 weeks (just an example). Our courses are self-paced, so you can work through the courses in your own time. We recommend that you wait for your tutor to mark and return your assignment before your start your next one, so you get the benefits of their feedback.

The course consists of course notes, videos, set tasks for your practical work, online quizzes, an assignment for each lesson (that you receive feedback from your tutor from) and ends in an exam (which is optional, if would like to receive the formal award at the end), using our custom built Learning Management System - Login.Training.

Our courses are designed for adults to gain professional development and skills to further their careers and start businesses.

Our custom online learning portal allows you to conduct your learning online. There may be practical tasks that you can do offline. You have the option of downloading your course notes or print them to read later.

There is also the option to pay an additional fee for printed course notes and or USB (availability limited to location and deliverability).

Yes, if you don’t have access to the internet, you can receive the course as paper notes or on a USB stick for an additional fee. We can also make alternative arrangements for you to send your assignments to us.

We offer printed notes for an additional fee. Also, you can request your course notes on a USB stick for an additional fee.

Yes, your tutor is here to help you. Simply post any questions you have in your login.training portal or contact the office and we can pass on a message to your tutor.

We are more learning focussed, rather than assessment focussed. You have online quizzes to test your learning, written assignments and can complete an exam at the end of the course (if you want to receive your certificate). You will not receive a pass/ fail on your course work. If you need to add more details on your assignment, we will ask you to resubmit and direct you where you need to focus. If you need help, you can ask your tutor for advice in the student room.

Each module (short course) is completed with one exam.

Exams are optional, however you must sit an exam if you would like to receive a formal award. You will need to find someone who can supervise that you are sitting the exams under exams conditions. There is an additional cost of $55 (AUS) $50 (O/S) for each exam.
More information is here

There are practical components built into the course that have been designed to be achieved by anyone, anywhere. If you are unable to complete a task for any reason, you can ask your tutor for an alternative.

When you complete the course work and the exam and you will be able receive your course certificate- a Statement of Attainment. Otherwise, you can receive a Letter of Completion.

You can bundle the short courses to create your own customised learning bundle, Certificates or Advanced Certificates. More information is on this page.

Yes, our courses are built to be applicable for people living anywhere in any situation. We provide the fundamentals, and each student can apply their own unique flair for their own interests, region and circumstances with the one-on-one guidance of a tutor. There is also a bit of student directed research involved.

Employers value candidates with industry skills, knowledge, practical skills and formal learning. Our courses arm you with all of these things to help prepare you for a job or start your own business. The longer you study the more you will learn.

ACS has an arrangement with OAMPS (formerly AMP) who can arrange Professional Indemnity from Australian and New Zealand graduates across all disciplines. Ph: 1800 222 012 or email acs@oamps.com.au.


Who are ACS Distance Education?

ACS Distance Education have been educating people for over 40 years.

We are established and safe- we have been in education for over 40 years.
We are focused on developing innovative courses that are relevant to you now and what you will need to know in the future.
We are focused on helping you learn and make the most of your experience.
You can enrol at any time, you can work on your course when it suits you and at your own pace.
We are connected to many industry bodies and our staff participate in continuous improvement and learning activities to ensure that we are ahead of what learning is needed for the future.

Our courses are not accredited by the Australian Government. However many of our courses are recognised and held in high regard by many industry bodies.

Our courses are written by our staff, who all have many years experience and have qualifications in their speciality area. We have lots of academic staff who write and update our courses regularly.


How do I enrol my staff/ sponsored students?

Yes, you can do a request for a bulk enrolment and request an invoice on our Invoice Request Form

We can prepare an invoice, quote or proforma invoice. Simply complete your details on our Invoice Request form

We can arrange bulk discounts for your course enrolment, please get in touch with us to discuss your needs.

Yes, we have many students who are in locked facilities, such as prisons or hospitals. We can cater by also offering paper notes at an additional cost.


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Course Contributors

The following academics were involved in the development and/or updating of this course.

Rosemary Davies

Businesswoman, Journalist, Editor, Broadcaster, Teacher, Consultant for over 30 years.

John Mason

Writer, Manager, Teacher and Businessman with over 40 years interenational experience covering Education, Publishing, Leisure Management, Education, and Horticulture. He has extensive experience both as a public servant, and as a small business owner.
J

Adriana Fraser

Freelance writer, businesswoman, educator and consultant for over 30 years. Adriana has written extensively for magazines including free living publications -Grass Roots and Home Grown; and has authored or co authored many books ranging from a biography





Tutors

Meet some of the tutors that guide the students through this course.

Lyn Quirk

Lyn has 35 years of experience in the Fitness, Health and Leisure Industries. She has a string of qualifications that are far too long to list here; being qualified and registered to teach, coach or instruct a wide range of different sports and other skills.

Lyn established and managed Health clubs at three major five star resorts on Australia's Gold Coast, including The Marriott. She was a department head for a large government vocational college (TAFE), and has conducted her own aquafitness business for many years. Lyn has among her other commitments worked as a tutor for ACS for almost 10 years, and over that time, participated in the development or upgrading of most courses in her fields of expertise.

Jade Sciascia

Former Business Coordinator, Scottish Environmental Protection Agency, Secondary School teacher (Biology); Administrator (Recruitment), Senior Supervisor (Youth Welfare). International Business Manager for IARC. Academic officer and writer with ACS for over 10 years, both in Australia and in the UK.

Tracey Jones

Tracey has over 20 years experience within the psychology and social work field, particularly working with people with learning disabilities. She is also qualified as a teacher and now teaches psychology and social work related subjects.

She is a book reviewer for the British Journal of Social Work. Tracey has also written a text book on Psychology and has had several short stories published.

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