VCE Business Management examines the ways businesses manage resources to achieve objectives. Units 1 & 2 Business Management follows the process from the initial idea for a business concept, to planning and establishing a business. Units 3 & 4 Business Management examines the complexity and challenge of managing business in the contemporary business world.
Planning a Business
Businesses of all sizes are major contributors to the economic and social wellbeing of a nation. The ability of entrepreneurs to establish a business 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, as well as the effect of these on planning a business. They also consider the importance of the business sector to the national economy and social wellbeing.
Establishing a business
This unit focuses on the establishment phase of a business. Establishing a business involves compliance with legal requirements as well as 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 met 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 management practices by applying key knowledge to contemporary business case studies from the past four years.
on inventory, accounts receivable, accounts payable and non-current assets. Students use manual processes and ICT, including spreadsheets, to prepare historical and budgeted accounting reports. They use relevant financial and other information to predict, budget and compare the potential effects of alternative strategies on the performance of the business. Using these evaluations, students develop and suggest to the owner strategies to improve business performance.
- Area of Study 1: Accounting for inventory
- Area of Study 2: Accounting for and managing accounts receivable
and accounts payable Area of
- Study 3: Accounting for and managing
Assessment will be based on a variety of tasks that may be selected from the following:
- a case study analysis
- short-answer and extended-answer structured questions
- a business research report
- development of a business plan and/or feasibility study
- an interview with and a report on a chosen business
- a school-based, short-term business activity
Managing a business
In this unit students explore the key processes and considerations for managing a business efficiently
and effectively to achieve business objectives. Students examine different types of businesses and their respective objectives and stakeholders. They investigate strategies to manage both staff and business operations to meet objectives and develop an understanding of the complexity and challenge of managing businesses. Students compare theoretical perspectives with current practice through the use of contemporary Australian and global business case studies from the past four years.
Transforming a business
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 effective management and leadership in change management. Using one or more contemporary business case studies from the past four years, students evaluate business practice against theory.
Assessment may be selected from the following:
- Case study analysis
- Structured questions
- a report
- a media analysis
School-assessed coursework for Unit 3 will contribute 25 percent to the final assessment
School-assessed coursework for Unit 4 will contribute 25 percent to the final assessment
The level of achievement for Units 3 and 4 is also assessed by an end-of-year examination which will contribute 50 percent to the final assessment.
Student Point of View
What kind of learner is best suited to study this subject?
Analytical, critical and logical thinker
What key skills are required for success?
Analysis, evaluation, interpretation and application as well as solid ability to construct coherent responses.
What are the learning activities in this subject like?
Problem solving, research, practical tasks, group presentations
What advice would you give to a student about to embark on this subject?
Be organised, keep up with the content, learn and use the appropriate business terminology, follow domestic and international business news.
Studies in VCE BUSINESS MANAGEMENT can lead to study and career options in the following areas:
Human resource developer