Create an implementation plan in which you:
Explain how you will measure the change and how you will know when you have reached your improvement goal.
Create a list of outcomes required to reach your outcomes goal. This will allow you to determine the actions needed and the priority of tasks that will result in the desired outcome.
Determine who will be responsible for each outcome (typically each is assigned to a team member who is motivated in seeing the successful implementation of the plan).
Determine the actions needed to take place for each outcome to occur. Questions to consider when determining what action needs to take place:
Who do we need to talk to?
What needs to be decided?
What resources are needed?
Supplies and equipment
What milestones need to be set to know we’re on track?
When do we need to check on the progress of those milestones?
Overall timeframe for the project
What potential setbacks do we need to plan for?
Risk management plan
Do any tasks need to be done before taking this action?
Establish budget, roles, and responsibilities (who will be responsible for what).
Determine how you will monitor progress, which provides you the means of tracking actions as they are completed and will make you aware of actions that are late or off track.
However, the average inflation target is usually around 2% which is quite contrasting to that of Venezuela’s. Long term economic growth is thought to be optimised when price stability is maintained, which is done by controlling inflation (Investopedia 2019). At the level of inflation currently being faced by Venezuela, it is more suitable to refer to it as hyperinflation – a more extreme inflation during which price increases are uncontrollable and the value of money erodes to the extent that it is rendered worthless (thebalance 2019). Under these circumstances, few people benefit, however, debt holders and individuals who had taken out loans are amongst those who do, as inflation has the effect of eroding debt. Depending on the spread and severity of the inflation, the increase in prices make a debt worthless by comparison, under hyperinflation conditions, it’s virtually eliminated. Therefore, they find themselves able to pay back loans with ease and worthless money. Venezuela’s national debt had risen to approximately $156 billion in 2018 suggesting that they’d benefit from this immensely (MarketsInsider 2019). Similarly, those who are involved in the commodities export businesses are also at advantage. The decrease in value of a local currency results in cheaper exports in comparison to those of an exporter’s foreign competitors, at the same time, hard foreign currency is obtained (thebalance 2019) by the exporter. Individuals who had however, lent money as opposed to loaned it, are likely to be most negatively impacted due to their money becoming worthless. Understandably, the negatives associated with inflation with regards to Venezuela considerably outweigh any benefits. As of January 2020, Maduro initiated an increase in the national minimum wage. The minimum monthly salary earner is currently receiving 250,000 bolivars (£2.80) , a 67% increase from the previous minimum wage – 150,000 bolivars. Alongside this, he implemented a food bonus of 200,000 bolivars (Quartz 2020) – that goes for individuals who are actually employed. It was predicted that Venezuela’s unemployment rate would have reached 50% by this year..>GET ANSWER