VCE Business Management Units 3 and 4 Key Knowledge Checklist (ALL Areas of Study) PDF

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Checklist for business management review for final exam...

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VCE Business Management Units 3 and 4 Key Knowledge Checklist Chapter 1= Unit 3 AOS 1 Chapter 2= Unit 3 AOS 2 Chapter 3= Unit 3 AOS 3 Chapter 4= Unit 4 AOS 1 Chapter 5= Unit 4 AOS 2 ● Chapters refer to the Edrolo textbook

Chapter

Key Knowledge dot point

1A

types of businesses including: ● ● ● ● ● ●

1B

business objectives including to: ● ● ● ● ●

1C

Make a profit Increase market share Fulfil a market need Fulfil a social need Meet shareholder expectations

characteristics of stakeholders of businesses including their: ● ● ●

1D

Sole traders Partnerships Private limited companies Public listed companies Social enterprises Government business enterprises

Interests Potential conflicts between stakeholders Corporate social responsibility considerations

the areas of management responsibility including: ● ● ● ● ●

Operations Finance Human resources Sales and marketing Technology support

and how each area contributes to the achievement of business objectives

Know well :)

REVISE AGAIN!

I NEED HELP!!!

1E

corporate culture both official and real, and strategies for its development.

1F

management styles including ● ● ● ● ●

1G

the appropriateness of management styles in relation to: ● ● ●

1H

Autocratic Persuasive Consultative Participative Laissez-faire

The nature of task Time Experience of employees and manager preference

management skills including: ● ● ● ● ● ●

Communicating Delegating Planning Leading Decision-making Interpersonal

1I

the relationship between management styles and management skills

2A

the relationship between managing employees and business objectives

2B

key principles of the following theories of motivation:

Maslow 2C Lawrence and Nohria 2D

● ● ●

Hierarchy of Needs (Maslow), Goal Setting Theory (Locke and Latham) Four Drive Theory (Lawrence and Nohria)

Locke and Latham 2E

motivation strategies including ● ● ● ● ●

Performance related pay Career advancement Investment in training Support Sanction

2F

advantages and disadvantages of motivation strategies and their effect on short- and long-term employee motivation

2G

training options including on-the-job and offthe-job training, and the advantages and disadvantages of each

2H

performance management strategies to achieve both business and employee objectives, including: ● ● ● ●

2I

termination management including: ● ● ● ● ● ●

2J

Management by objectives Appraisals Self-evaluation Employee observation

Retirement Redundancy Resignation Dismissal Entitlement Transition issues

the roles of participants in the workplace including: ● ● ● ●

Human resource managers Employees Employer associations Unions

●

Fair Work Commission

2K

awards and agreements as methods of determining wages and conditions of work

2L

an overview of the dispute resolution process including: ● ● ●

Grievance procedures Mediation Arbitration

3A

the relationship between operations management and business objectives

3B

key elements of an operations system: ● ● ●

Inputs Processes Outputs

3C

characteristics of operations management within both manufacturing and service businesses

3D

strategies to improve the efficiency and effectiveness of operations related to technological developments, including the ● ● ● ●

3E

Use of automated production lines Computer-aided design Computer-aided manufacturing techniques Website development

strategies to improve the efficiency and effectiveness of operations related to materials, including: ● ● ● ●

Forecasting Master production schedule Materials requirement planning Just In Time

3F

strategies to improve the efficiency and effectiveness of operations related to: ● ● ●

3G

strategies to improve the efficiency and effectiveness of operations through: ●

3H

Quality, (including quality control) Quality assurance Total Quality Management

Waste minimisation in the production process, including the principles of lean management

global considerations in operations management, including: ● ● ● ●

global sourcing of inputs overseas manufacture global outsourcing an overview of supply chain management.

3I

corporate social responsibility considerations in an operations system, including the environmental sustainability of inputs and the amount of waste generated from processes and production of outputs

4A

the concept of business change

4A and 4B

key performance indicators as sources of data to analyse the performance of businesses, including:

They cross over, so I am using a Colour code 4A: Cyan 4B: Orange

● ● ● ● ● ● ● ● ●

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 workplace accidents

4C

key principles of the Force Field Analysis theory (Lewin)

4D and 4E

driving forces for change in business, including:

They cross over, so I am using a Colour code 4D: Cyan 4E: Orange

4F

● ● ● ● ● ● ● ● ●

Managers Employees Competitors Legislation Pursuit of profit Reduction of costs Globalisation Technology Innovation and societal attitudes

restraining forces in businesses including: ● ● ● ● ● ●

Managers Employees Time Organisational inertia Legislation Financial considerations

4G

the two key approaches, lower cost and differentiation, to strategic management by Porter’s Generic Strategies (1985).

5A

the importance of leadership in change management

5B and 5C

management strategies to respond to key performance indicators, including:

They cross over, so I am using a Colour code 5B: Cyan 5C: Orange

● ● ● ● ● ●

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)

5D

management strategies to seek new business opportunities both domestically and globally

5E

an overview of the principles of the Learning Organisation (Senge)

5F

low-risk strategies to overcome employee resistance, including: ● ● ● ●

5G

Communication Empowerment Support Incentives

high-risk strategies to overcome employee resistance, including: ● ●

Manipulation Threat

5H

key principles of the Three Step Change Model (Lewin)

5I

the effect of change on stakeholders, including: ● ● ● ● ●

Managers Employees Customers Suppliers General community

5J

corporate social responsibility considerations when implementing change

5K

the importance of reviewing key performance indicators to evaluate the effectiveness of business transformation....