Business Management

This area of study introduces students to the key characteristics of businesses and their stakeholders. Students investigate potential conflicts between the different demands of stakeholders on a business. They examine corporate culture and a range of management styles and management skills that may be used when managing a business, and apply these to contemporary business case studies from the past four years.

• types of businesses including sole traders, partnerships, private limited companies, public listed companies, social enterprises and government business enterprises
• types of businesses including sole traders, partnerships, private limited companies, public listed companies, social enterprises and government business enterprises
  7
• business objectives including to make a profit, to increase market share, to improve efficiency, to improve effectiveness, to fulfil a market need, to fulfill a social need and to meet shareholder expectations
• business objectives including to make a profit, to increase market share, to improve efficiency, to improve effectiveness, to fulfil a market need, to fulfill a social need and to meet shareholder expectations
  4
• stakeholders of businesses including owners, managers, employees, customers, suppliers and the general community
• stakeholders of businesses including owners, managers, employees, customers, suppliers and the general community
  3
• characteristics of stakeholders of businesses including their interests and potential conflicts between stakeholders
• characteristics of stakeholders of businesses including their interests and potential conflicts between stakeholders
  2
• management styles including autocratic, persuasive, consultative, participative and laissez-faire
• management styles including autocratic, persuasive, consultative, participative and laissez-faire
  5
• the appropriateness of management styles in relation to the nature of the task, time, experience of employees and manager preference
• the appropriateness of management styles in relation to the nature of the task, time, experience of employees and manager preference
  4
• management skills including communication, delegation, planning, leadership, decision-making and interpersonal
• management skills including communication, delegation, planning, leadership, decision-making and interpersonal
  4
• the relationship between management styles and management skills
• the relationship between management styles and management skills
• corporate culture, both official and real
• corporate culture, both official and real
  2

In this area of study students investigate considerations for the effective management of employees to ensure business objectives are achieved. They consider employee motivation in terms of Maslow's Hierarchy of Needs, Locke and Latham's Goal Setting Theory, and Lawrence and Nohria's Four Drive Theory. Using these theories of motivation and motivation strategies, students propose and justify possible strategies for employee management in contemporary business case studies from the past four years. Students study an overview of workplace relations, including the main participants and their roles in the dispute resolution process.

• the relationship between human resource management and business objectives
• the relationship between human resource management and business objectives
  1
• key principles of the following theories of motivation: Hierarchy of Needs (Maslow), Goal Setting Theory (Locke and Latham) and the Four Drive Theory (Lawrence and Nohria)
• key principles of the following theories of motivation: Hierarchy of Needs (Maslow), Goal Setting Theory (Locke and Latham) and the Four Drive Theory (Lawrence and Nohria)
  8
• motivation strategies including performance-related pay, career advancement, investment in training, support strategies and sanction strategies
• motivation strategies including performance-related pay, career advancement, investment in training, support strategies and sanction strategies
  5
• advantages and disadvantages of motivation strategies and their effect on short- and long-term employee motivation
• advantages and disadvantages of motivation strategies and their effect on short- and long-term employee motivation
  2
• training options including on-the-job and off-the-job training, and the advantages and disadvantages of each
• training options including on-the-job and off-the-job training, and the advantages and disadvantages of each
  2
• performance management strategies to achieve both business and employee objectives, including management by objectives, appraisals, self-evaluation and employee observation
• performance management strategies to achieve both business and employee objectives, including management by objectives, appraisals, self-evaluation and employee observation
  2
• termination management including retirement, redundancy, resignation and dismissal, entitlement considerations and transition considerations
• termination management including retirement, redundancy, resignation and dismissal, entitlement considerations and transition considerations
  4
• the roles of participants in the workplace including human resource managers, employees, employer associations, unions and the Fair Work Commission
• the roles of participants in the workplace including human resource managers, employees, employer associations, unions and the Fair Work Commission
  3
• awards and agreements as methods of determining wages and conditions of work
• awards and agreements as methods of determining wages and conditions of work
  4
• an overview of the dispute resolution process including mediation and arbitration
• an overview of the dispute resolution process including mediation and arbitration
  2

The production of goods and services is a core objective of businesses. Effective management of the process of transforming inputs into outputs is vital to the success of a business, both in terms of maximising the efficiency and effectiveness of the production process and meeting the needs of stakeholders. In this area of study students examine operations management and consider the best and most responsible use of available resources to produce a quality final good or service in a competitive, global environment.

• the relationship between operations management and business objectives
• the relationship between operations management and business objectives
  3
• key elements of an operations system: inputs, processes and outputs
• key elements of an operations system: inputs, processes and outputs
  3
• characteristics of operations management within both manufacturing and service businesses
• characteristics of operations management within both manufacturing and service businesses
  3
• strategies to improve both the efficiency and effectiveness of operations related to technological developments, including the use of automated production lines, robotics, computer-aided design, computer-aided manufacturing techniques, artificial intelligence and online services
• strategies to improve both the efficiency and effectiveness of operations related to technological developments, including the use of automated production lines, robotics, computer-aided design, computer-aided manufacturing techniques, artificial intelligence and online services
  7
• strategies to improve both the efficiency and effectiveness of operations related to materials, including forecasting, master production schedule, materials requirement planning and Just in Time
• strategies to improve both the efficiency and effectiveness of operations related to materials, including forecasting, master production schedule, materials requirement planning and Just in Time
  6
• strategies to improve both the efficiency and effectiveness of operations related to quality, including quality control, quality assurance and Total Quality Management
  4
• strategies to improve both the efficiency and effectiveness of operations related to quality, including quality control, quality assurance and Total Quality Management
• strategies to improve the efficiency and effectiveness of operations through waste minimisation in the production process, including reduce, reuse, recycle
• strategies to improve the efficiency and effectiveness of operations through waste minimisation in the production process, including reduce, reuse, recycle
  2
• the pull, one-piece flow, takt, zero defects strategy to improve the efficiency and effectiveness of operations related to lean management
• the pull, one-piece flow, takt, zero defects strategy to improve the efficiency and effectiveness of operations related to lean management
  5
• corporate social responsibility considerations for an operations system, including the environmental sustainability of inputs and the amount of waste generated from processes and production of outputs
• corporate social responsibility considerations for an operations system, including the environmental sustainability of inputs and the amount of waste generated from processes and production of outputs
  4
• global considerations for operations management including global sourcing of inputs, overseas manufacture and global outsourcing
• global considerations for operations management including global sourcing of inputs, overseas manufacture and global outsourcing
  2

In this area of study students develop their understanding of the need for change. Managers regularly review and evaluate business performance through use of key performance indicators and use the results to make decisions affecting the future of a business. Managers can take both a proactive and reactive approach to change. Students investigate the ways a business can search for new business opportunities as a source of future business growth and consider current forces for change on a business. They apply Lewin's Force Field Analysis theory to contemporary case studies from the past four years and consider approaches to strategic management using Porter's Generic Strategies.

• the concept of business change
• the concept of business change
• proactive and reactive approaches to change
• proactive and reactive approaches to change
  2
• key performance indicators as sources of data to analyse the performance of businesses, percentage of market share, net profit figures, rate of productivity growth, number of sales, rates of staff absenteeism, level of staff turnover, level of wastage, number of customer complaints, number of website hits and number of workplace accidents
• key performance indicators as sources of data to analyse the performance of businesses, percentage of market share, net profit figures, rate of productivity growth, number of sales, rates of staff absenteeism, level of staff turnover, level of wastage, number of customer complaints, number of website hits and number of workplace accidents
  13
• key principles of the Force Field Analysis theory (Lewin) including weighting, ranking, implementing a response and evaluating the response
• key principles of the Force Field Analysis theory (Lewin) including weighting, ranking, implementing a response and evaluating the response
  2
• driving forces for change in business including owners, managers, employees, competitors, legislation, pursuit of profit, reduction of costs, globalisation, technology, innovation and societal attitudes
• driving forces for change in business including owners, managers, employees, competitors, legislation, pursuit of profit, reduction of costs, globalisation, technology, innovation and societal attitudes
  5
• restraining forces in businesses including managers, employees, time, organisational inertia, legislation and financial considerations
• restraining forces in businesses including managers, employees, time, organisational inertia, legislation and financial considerations
  4
• the two key approaches (lower cost and differentiation) to strategic management according to Porter's Generic Strategies
• the two key approaches (lower cost and differentiation) to strategic management according to Porter’s Generic Strategies
  5

In this area of study students explore how businesses respond to evaluation data. It is important for managers to know where they want a business to be positioned for the future before implementing a variety of strategies to bring about the desired change. Students consider the importance of leadership in change management and discuss and evaluate effective strategies for managing change. Students consider how leaders can inspire change and the effect change can have on stakeholders of a business. They consider the principles of Senge's Learning Organisation and apply the Three-step Change Model (Lewin) in implementing change in a business. Using one or more contemporary business case studies from the past four years, students evaluate business practice against theory, considering how corporate social responsibility can be incorporated into the change process.

• the importance of leadership in change management
• the importance of leadership in change management
  2
• management strategies to respond to key performance indicators and/or seek new business opportunities, including staff training, staff motivation, change in management styles or management skills, increased investment in technology, improving quality in production, cost cutting, initiating lean production techniques, redeployment of resources (natural, labour and capital), innovation, global sourcing of inputs, overseas manufacture and global outsourcing
• management strategies to respond to key performance indicators and/or seek new business opportunities, including staff training, staff motivation, change in management styles or management skills, increased investment in technology, improving quality in production, cost cutting, initiating lean production techniques, redeployment of resources (natural, labour and capital), innovation, global sourcing of inputs, overseas manufacture and global outsourcing
  9
• corporate culture and strategies for its development
• corporate culture and strategies for its development
  4
• an overview of the principles of the Learning Organisation (Senge) and the need to create a positive culture for change
• an overview of the principles of the Learning Organisation (Senge) and the need to create a positive culture for change
  2
• low-risk strategies to overcome employee resistance including communication, empowerment, support and incentives
• low-risk strategies to overcome employee resistance including communication, empowerment, support and incentives
  4
• high-risk strategies to overcome employee resistance including manipulation and threat
• high-risk strategies to overcome employee resistance including manipulation and threat
  2
• key principles of the Three-step Change Model (Lewin)
• key principles of the Three-step Change Model (Lewin)
  3
• the effect of change on stakeholder groups including owners, managers, employees, customers, suppliers and the general community
• the effect of change on stakeholder groups including owners, managers, employees, customers, suppliers and the general community
  4
• corporate social responsibility considerations when implementing change
• corporate social responsibility considerations when implementing change
  4
• the importance of reviewing key performance indicators to evaluate the effectiveness of business transformation
• the importance of reviewing key performance indicators to evaluate the effectiveness of business transformation
  1