VCE Business Studies

In contemporary Australian society, there is a wide variety of business organisations in terms of size, ownership, objectives, resources and location. Business Management examines the ways in which people at various levels within a business organisation manage resources to achieve the objectives of the organisation. Students develop an understanding of the complexity, challenges and rewards that come from business management and gain an insight into the various ways resources can be managed in small, medium and large-scale organisations.

Business Management recognises that there is a range of management theories. In each unit students examine some of these theories and, through exposure to real business scenarios and direct contact with business, compare them with management in practice.

In studying Business Management, students develop knowledge and skills that enhance their confidence and ability to participate effectively as socially responsible and ethical members of the business community, and as informed citizens, consumers and investors.

The study is made up of four units:

Unit 1: Planning a business

Unit 2: Establishing a business

Unit 3: Managing a business

Unit 4: Transforming a business

Units 1 and 2 focus on the factors affecting business ideas and the internal and external environments within which businesses operate, and the effect of these on planning a business. Students then look at  the establishment phase of a business’s life, including legal requirements, staffing and marketing. There are no prerequisites for entry to units 1, 2 and 3. Students must undertake unit 3 prior to undertaking unit 4.

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.

Students cover three areas of study:

1.   The business idea

2.   The external environment

3.   The internal environment

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.

Students cover three areas of study:

1.   Legal requirements and financial considerations

2.   Marketing a business

3.   Staffing a business

Assessment: Units 1 and 2

Following the criteria set out by the VCAA, assessment occurs within the school and is based on a student’s performance on a selection of assessment tasks such as case studies, tests, media analysis, analytical exercises and research reports.

The award of satisfactory completion for units 1 and 2 is based on a decision that the student has demonstrated achievement of the set of outcomes specified for the unit. This decision will be based on the teacher’s assessment of the student’s overall performance on assessment tasks.

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.

Students cover three areas of study:

1.  Business foundations

2.  Managing employees

3.   Operations management

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

Students cover two areas of study:

1.   Reviewing performance – the need for change

2.   Implementing change

Assessment: Units 3 and 4

The award of satisfactory completion for a unit is based on a decision that the student has demonstrated achievement of the set of outcomes specified for the unit. This decision will be based on the teacher’s assessment of the student’s overall performance on designated assessment tasks.

The student’s level of achievement in units 3 and 4 will be determined by SAC and an end-of-year examination. SAC for units 3 and 4 will each contribute 25% as follows:

Unit 3 SAC - 25%

Unit 4 SAC - 25%

Units 3 and 4 external end-of-year exam - 50%

The end-of-year examination is set by the VCAA and assessed externally.  There will be opportunities for students to practise for this.

The distribution of SAC marks for Unit 3 is as follows:

The distribution of SAC marks for Unit 4 is as follows: