Task 1: Prepare a 1500-word internal memorandum for the directors of the care home, critically discussing the advantages and disadvantages of at least two strategic planning models appropriate to the care sector in England.
HRM5002D Performance Improvement and Management in Health & Social Care
As part of the formal assessment for the programme you are required to submit a Performance Improvement and Management in Health & Social Care assessment. Please refer to your Student Handbook for full details of the programme assessment scheme and general information on preparing and submitting assignments
1. Analyse, evaluate and apply a range of strategic planning models.
2. Calculate, interpret and critique a range of financial strategic performance measures such as Return on Investment (ROI) Residual Income (RI) and Economic Value Added (EVA).
3. Evaluate the use of problem solving and investment appraisal models.
4. Critically evaluate the use of non-financial and multidimensional models of performance management.
Maximum word count: 4000 words
As a manager of BME Luxury Care Home - a registered business operating in England, the directors have asked you to consider the viability of investing in a privately owned and managed nursing home. This is of course led by an ever-increasing demand for such services among an aging population in England. The mission statement is: “a commitment to excellence in long-term support and care”. The plan is to, expand over time, to a network of at least five luxury facilities in London. The vision of the directors is to achieve the highest possible level of person-centred care in a home-like environment. Long-term care includes medical and non-medical care for individuals who need support with their activities of daily living. Many of the service users would be self-funding but some would be eligible for social care funding. Users may have a range of complex needs and/or disability that may challenge their ability to carry out certain activities of daily living.
Task 1: Prepare a 1500-word internal memorandum for the directors of the care home, critically discussing the advantages and disadvantages of at least two strategic planning models appropriate to the care sector in England. The directors expect a recommendation as to which model you propose for business growth and why?
Task 2: The word count for 2a and 2b should not exceed 1000 words in total. a. Briefly discuss the usefulness of a Du Pont analysis to shareholders and then apply it to BME Luxury Care Home using the financial statements above as a basis for your calculations. You must discuss the purpose of each formula, and each step in your calculations to make sure you have not made any errors. Discuss your findings in the context of the following industry averages: Total margin 3.5% Total asset turnover 1.5 Equity multiplier 2.5 Return on equity (ROE) 13.1%
b. Calculate and interpret the following ratios. You must explain the purpose of each formula, and each step in each calculation. Discuss your findings in the context of the following industry averages Return on assets (ROA) 5.2% Current ratio 2.0 Days cash on hand 22 days Average collection period 19 days Debt ratio 69% Debt-to-equity ratio 2.5 Fixed asset turnover ratio 1.4
Task 3: Critically evaluate the use of non-financial and multidimensional models of performance management in preparation for a discussion with your management team. Choose the Balanced Scorecard or the Performance Pyramid as a basis for your discussion.
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