What is Business Management all about?

VCE Business Management examines the ways businesses manage resources to achieve objectives. The VCE Business Management study design follows the process from the first idea for a business concept, to planning and establishing a business, through to the day-to-day management of a business. It also considers changes that need to be made to ensure continued success of a business. Students develop an understanding of the complexity of the challenges facing decision makers in managing these resources. A range of management theories is considered and compared with management in practice through contemporary case studies drawn from the past four years. Students learn to propose and evaluate alternative strategies to contemporary challenges in establishing and maintaining a business.

 

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

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 are the cornerstones 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. Each unit deals with specific content contained in areas of study and is designed to enable students to achieve a set of outcomes for that unit. Each outcome is described in terms of key knowledge and key skills.

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.

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.

Levels of Achievement

Units 1 and 2

School-based assessment consisting of coursework, assessment tasks and an exam

Units 3 and 4

  • Unit 3 school-assessed coursework: 25 %
  • Unit 4 school-assessed coursework: 25%
  • End-of-year examination: 50 %