Solution of Assessment 2Change Management Plan1. IntroductionInstructions: In 200 words,Write about the background of Australian Rural Development Bank(ARDB) and explain about its organizational objectives, policies, and practices.Also write why or how the board of ARDB came with the decision to introduce organizational changes. (Read the first para of Assessment 2 scenario)In background you may include ‘When was the bank established? When did it receive banking license? What are the objectives of the bank? Please note that this is RURAL DEVELOPMENT BANK. Understand the functions of a rural development bank first. Where is its headquarters located (say Sydney)? How many branches are there? What products or services do the bank offer? What policies (e.g. Related to operations, loans, lending, finances, etc.) are developed in the bank and what kind of banking practices do the bank follow?For more on banking practices please read the following link.https://www.finanssiala.fi/en/material/Good-Banking-Practice-2015.pdfIn the second part, mention the problems in the bank and explain that to overcome these problems and improve the performance of the organization, the CEO or the board members of the bank want to bring organizational changes. Explain what your role and your tasks in the last line.2. Rationale for the Change2.1 Drivers for changesInstructions: In 100 words, explain the drivers or factors or reasons that pushes the board of the ARDB to decide on bringing the organizational changes. In short why they want to bring the changes. List the drivers for changes and explain them in brief.Some of the drivers for organizational changes are given in the link below. Explain the drivers that are relevant to ARDBhttps://www.entrepreneurshipinabox.com/6001/32-drivers-of-organizational-change/2.2 Constraints for changesInstructions: In 50 words explain the constraints of the changes. Do not confuse it with barriers for changes. Constraints mean limitations related to the organizational changes here. You can talk about three constraints.Time constraints: How much time do you have to plan and implement the changes?Cost constraints: How much budget is allocated for the planning and implementation?(This may be related to cost benefit analysis in topic 6)Scope: Where will the changes apply?3. Organizational changesInstructions: Explain what changes are required in the organization. Please note that these changes should solve the problems of the Australian Rural Development Bank as mentioned in the first para of the assessment 2.Read the assessment scenario and the types and examples of changes. What are the main elements in the change plan? [E.g. people/culture, systems/technology, documentation, positions/roles, process, skills] Each of these elements may require a focus in the change plan.S. No.ProblemsOrganizational changes(Please note that this should be specific for example do not just say ‘Introduction of new technology, say what new tech, what exactly?)Elements of the change plan1. Lack of modern/robust banking technologyIntroduction of– net banking services– cloud computing– smart cards– ATM machine in rural areas– Electronic payment system– Core banking solutions– Modern banking software and networks, etc.Systems/technology2.Lack of rural awareness in policy makers of ARDBSay specific changes that are being brought3.Inconsistent client experienceSay specific changes that are being brought4.Employee dissatisfaction or lack of encouragementSay specific changes that are being brought4. Stakeholder consultation and identification of operational change requirementsInstructions: In 50 words explain who the stakeholders are concerned with the changes. In 50 words again explain how consultation are done with the stakeholders. In 100 words explain what operational change requirements are identified after consultation with the stakeholders.Explain the reason for these requirements.5. Factors affecting changeInstruction: Explain like market trends, events, government legislations, etc that may impact the change. Study about the external and internal factors from the link below.https://www.ilearnlot.com/factors-affecting-organizational-change-external-and-internal/45443/6. Cost benefit analysisInstructions: Perform cost benefit analysis for all changes being introduced in the ARDB bank.7. Risks managementInstructions: Explain about risk identification (mention the identified risks associated with change management projects), perform risk analysis and suggest the mitigation strategies for the identified risks.8. Develop Change PlanInstructions: Develop a change plan including performance measures [how will you know the change plan is effective?]. Ensure the plan is adequately resourced.ActionsWhoWhenResources requiredPerformance MeasuresWhat actions are being done to bring changes? Note that this column is related to the third column of topic 3. Mention the specific actions.Who is responsible for the action?When should the action be finished?What resources are required for the action?How will the performance of the action be measured?9. Approvals on change management process and reporting protocolsInstructions: After the change management plan is developed you need to get and approval with the board members of ARDB on the change management process. i.e. the sponsors of the organizational changes must agree or approve the process of change management proposed by you. Explain what process of change management has been approved by the sponsors. Scroll down and read change management process from the link below;https://www.prosci.com/resources/articles/change-management-processhttps://www.smartsheet.com/8-elements-effective-change-management-processInstructions: Explain about the reporting protocols or reporting requirements in change management projects that need to be done to bring the changes in the organization. i.e. how reporting is done? Who should report about the update or progress of the projects to whom? What kind of reporting should be passed to the sponsors or the board members of ARDB? What kind of reporting is to be done to you as a change manager or the project managers of different project? You can also talk about the progress and status reports and the time duration to send these reports, and to whom?