VCE Business Management

This information is based on the study information provided by VCAA (updated for the 2017 course).

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.

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.

Entry

There are no prerequisites for entry to Units 1, 2 and 3. Students must undertake Unit 3 prior to undertaking Unit 4.

Assessment

Satisfactory Completion must be demonstrated through achievement of the set of outcomes specified for each unit.

Unit 1

On completion of this unit, the student should be able to:

  1. Outcome 1: describe how and why business ideas are created and developed, and explain the methods by which a culture of business innovation and entrepreneurship may be fostered in a nation.
  2. Outcome 2: describe the external environment of a business and explain how the macro and operating factors within it may affect business planning.
  3. Outcome 3: describe the internal business environment and analyse how factors from within it may affect business planning.

Unit 2

On completion of this unit, the student should be able to:

  1. Outcome 1: explain the importance when establishing a business of complying with legal requirements and financial record keeping, and establishing effective policies and procedures.
  2. Outcome 2: explain the importance of establishing a customer base and a marketing presence to achieve the objectives of the business, analyse effective marketing and public relations strategies and apply these strategies to business-related case studies.
  3. Outcome 3: discuss the staffing needs for a business and evaluate the benefits and limitations of management strategies in this area from both an employer and an employee perspective.

Unit 3

On completion of this unit, the student should be able to:

  1. Outcome 1: discuss the key characteristics of businesses and stakeholders, and analyse the relationship between corporate culture, management styles and management skills.
  2. Outcome 2: explain theories of motivation and apply them to a range of contexts, and analyse and evaluate strategies related to the management of employees.
  3. Outcome 3: analyse the relationship between business objectives and operations management, and propose and evaluate strategies to improve the efficiency and effectiveness of business operations.

Unit 4

On completion of this unit, the student should be able to:

  1. Outcome 1: explain the way business change may come about, use key performance indicators to analyse the performance of a business, discuss the driving and restraining forces for change and evaluate management strategies to position a business for the future.
  2. Outcome 2: evaluate the effectiveness of a variety of strategies used by managers to implement change and discuss the effect of change on the stakeholders of a business.

Levels of Achievement

Units 1 and 2

Individual school decision on levels of achievement.

Units 3 and 4

School assessed coursework and end of year examination

  1. Unit 3 school assessed coursework (25%)
  2. Unit 4 school assessed coursework (25%)
  3. Units 3 and 4 examination (50%)