Business Mangement

Unit 1-4

Rationale

In contemporary Australian society there are a range of businesses managed by people who establish systems and processes to achieve a variety of objectives. These systems and processes are often drawn from historical experience and management theories designed to optimise the likelihood of achieving success. In studying VCE Business Management, students develop knowledge and skills that enhance their confidence and ability to participate effectively as socially responsible and ethical members, managers and leaders of the business community, and as informed citizens, consumers and investors. The study of Business Management leads to opportunities across all facets of the business and management field, such as small-business owner, project manager, human-resource manager, operations manager or executive manager. Further study can lead to specialisation in areas such as marketing, public relations and event management.

Aims

This study enables students to:

Understand and apply business concepts, principles and terminology
Understand the complex and changing environments within which businesses operate
Understand the relationships that exist between a business and its stakeholders
Recognise the contribution and significance of business within local, national and global markets
Analyse and evaluate the effectiveness of management strategies in different contexts
Propose strategies to solve business problems and take advantage of business opportunities

Structure

The study is made up of four units.

Unit 1: Planning a business
Unit 2: Establishing a business
Unit 3: Managing a business
Unit 4: Transforming a business

Entry

There are no prerequisites for entry to Units 1, 2 and 3. Students must undertake Unit 3 prior to undertaking Unit 4. Units 1 to 4 are designed to a standard equivalent to the final two years of secondary education. All VCE studies are benchmarked against comparable national and international curriculum.

Recommended to complete before taking:
Pre VCE Legal, Politics and Money

Unit 1: Planning a business

Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. Therefore, how businesses are formed and the fostering of conditions under which new business ideas can emerge are vital for a nation’s wellbeing. Taking a business idea and planning how to make it a reality is the cornerstone of economic and social development. In this unit, students explore the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business.

Unit 2: Establishing a business

This unit focuses on the establishment phase of a business’s life. Establishing a business involves complying with legal requirements as well as making decisions about how best to establish a system of financial record-keeping, staff the business and establish a customer base. In this unit, students examine the legal requirements that must be satisfied to establish a business. They investigate the essential features of effective marketing and consider the best way to meet the needs of the business in terms of staffing and financial record-keeping. Students analyse various management practices in this area by applying this knowledge to contemporary business case studies from the past four years.

Unit 3: Managing a business

In this unit, students explore the key processes and issues concerned with managing a business efficiently and effectively to achieve the business objectives. Students examine the different types of businesses and their respective objectives. They consider corporate culture, management styles, management skills and the relationship between each of these. Students investigate strategies to manage both staff and business operations to meet objectives. Students develop an understanding of the complexity and challenge of managing businesses, and through the use of contemporary business case studies from the past four years have the opportunity to compare theoretical perspectives with current practice.

Unit 4: Transforming a business

Businesses are under constant pressure to adapt and change to meet their objectives. In this unit, students consider the importance of reviewing key performance indicators to determine current performance and the strategic management necessary to position a business for the future. Students study a theoretical model to undertake change and consider a variety of strategies to manage change in the most efficient and effective way to improve business performance. They investigate the importance of leadership in change management. Using a contemporary business case study from the past four years, students evaluate business practice against theory.

Assessment

Satisfactory Completion:

The award of satisfactory completion for a unit is based on the teacher’s decision that the student has demonstrated achievement of the set of outcomes specified for the unit. Demonstration of achievement of outcomes and satisfactory completion of a unit are determined by evidence gained through the assessment of a range of learning activities and tasks.

Levels of Achievement

Units 1 and 2:

Procedures for the assessment of levels of achievement in Units 1 and 2 are a matter for school decision. Assessment of levels of achievement for these units will not be reported to the VCAA. Schools may choose to report levels of achievement using grades, descriptive statements or other indicators.

Units 3 and 4:

The VCAA specifies the assessment procedures for students undertaking scored assessment in Units 3 and 4. Designated assessment tasks are provided in the details for each unit in VCE study designs. The student’s level of achievement in Units 3 and 4 will be determined by School-assessed Coursework (SACs) and/or School-assessed Tasks (SATs) as specified in the VCE study designs, and external assessment.

Percentage contributions to the study score in VCE Business Management are as follows:
Unit 3 School-assessed Coursework: 25 %
Unit 4 School-assessed Coursework: 25 %
End-of-year examination: 50 %

Key skills required

Unit 1:

Data interpretation, creativity and imagination with developing their own business, report-writing and case-study investigations.

Unit 2:

Awareness of current issues relating to small business, ability to work with others, ability to draw on own workplace experiences, creativity and imagination and case-study investigations.

Unit 3:

Awareness of current business issues, ability to draw on individual experience, application and analysis of business literature, information and case studies.

Unit 4:

Awareness of current business issues, ability to draw on individual experience, application and analysis of business literature, information and case studies.