Innovation and identification of opportunities and risk taking Leadership traits – skilled communication, social awareness, skilled futures thinking, self-discipline, responsibility and to inspire and motivate. Entrepreneurship requires an understanding of processes to test the viability and ethical nature of new ideas Innovative ideas come to fruition through the development of clear feasibility studies (see Unit 6). Business ethics is how businesses are expected to conduct their affairs in the context of the expectations and requirements of society. It concerns the socially accepted standards of right attitudes and conduct concerning the way a business interacts with other businesses, individuals, society, the environment, and governments. Business decisions and behaviours often involve ethical considerations which may conflict with profit considerations and corporate culture Businesses undertake audits to determine corporate social responsibility and develop codes of conduct. UNIT 2: OPERATIONS MANAGEMENT (20 The focus of this unit is Operations Management (OM) which involves businesses efficiently and effectively converting inputs (resources) into quality products or services desired by customers. Business knowledge Business reasoning Business decision-marking Key concepts in OM Inputs, process and outputs Competitive advantage, e.g. cost leadership and product differentiation Production - efficiency Implications for effective OM decision-making and business planning. Role of operations managers Operational decisions – purchasing, dispatching, inventory control, planning and scheduling, maintenance and quality control involving planning, developing, and the use of established and leading edge technology Strategic decisions – planning, developing and controlling the activities required to create a product and supply a Implications for effective OM decision-making and business planning.
Stages acquisition – staffing requirements, job design, selection and recruitment development – induction and training maintenance – agreements, contracts and performance management separation – voluntary and involuntary (retirement, resignation, retrenchment and dismissal) The role of social media in the employment cycle. Implications for effective HRM decision-making and business planning. Social, environmental, legal and ethical issues in HRM Business closure or restructure The rights of employees Child labour. Possible conflicts between personal and business goals, which at times may differ. Understanding individual and diversity, showing tolerance to other points of view and encouraging consensus and collaboration to assist in achieving mutually beneficial outcomes and better business decisions. UNIT 4: FINANCIAL MANAGEMENT (30 The focus of this unit is Financial Management (FM). This occurs through the analysis and interpretation of financial data and information and is necessary to achieve business goals. Business knowledge Business reasoning Business decision-making The nature of financial statements used for external reporting Balance Sheets purpose classified by elements (current assets, assets, current liabilities, non-current liabilities, owner’s equity) link to financial objectives Income Statements purpose classified by elements (net sales, cost of goods sold, expenses) link to financial objectives. Calculation of ratios: measures of profitability: Gross Profit Ratio, Net Profit Ratio and Rate of Return on Owner’s Equity. measure of financial stability: Gearing (or Debt to Equity) Ratio measure of liquidity: Current (or Working Capital) Ratio measure of efficiency: Debtors Collection Period (Refer to Appendix 2 for formulae). Interpretation of an Income Statement in of its main elements Interpretation of a balance Sheet in terms of its main elements Interpretation of financial ratios in terms of profitability, financial stability, liquidity and efficiency comparison of ratios to 3 previous years and industry average Recommendations to improve business performance. The nature of a Cash Budget as a planning tool Importance of cash flow to business viability Interpretation of a Cash Budget
Sources of finance equity term debt (e.g. bank overdraft and trade creditors) long term debt (e.g. mortgages, leasing) Managing the risks of finance Purpose of a Cash Budget Components (expected cash receipts/inflows and expected cash payments/outflows) Link to financial objectives. Recommendations to improve business performance. Cost-volume-profit (CVP) or analysis Cost behaviour: and variable Contribution margin Break-even point (Refer to Appendix 2 for formulae). Calculation of variable cost, fixed cost, profit or sales volume Calculation of contribution margin per unit Calculation of break-even point Calculation of effect on profit/loss of changes in any component. Analysis and interpretation of results to changing decisions about volumes, pricing and costs. Business knowledge Business reasoning Business decision-making Social, environmental, and ethical issues in FM non-disclosure or distortion of financial information, business closure or restructure and the rights of financial stakeholders. Implications for effective FM decision-making and business planning. UNIT 5: MARKETING MANAGEMENT (30 The focus of this unit is Marketing Management (MM). This involves businesses researching consumer markets and tailoring products, ideas and services to satisfy the changing needs and wants of consumers and society. Business knowledge Business reasoning Business decision-making Nature of marketing The notion and importance of marketing Attributes of marketing The marketing planning process: use of the tool – SWOT analysis (Strengths, Weaknesses, Completion of a SWOT analysis. Implications of the SWOT analysis for business planning.
RATING ‘C’ RATING ‘B’ RATING ‘A’ The learner: The learner: The learner: identifies responses to business issues and indicates an obstacle or risk describes responses to business issues and outlines obstacles and risks explains responses to business issues and formulates strategies to overcome potential obstacles and mitigate risks identifies probable impacts of recommendations on stakeholders, locally, nationally and globally describes probable impacts of recommendations on stakeholders, locally, nationally and globally explains probable impacts of recommendations on stakeholders, locally, nationally and globally uses a provided set of criteria for improving business performance and assesses solutions against it establishes a set of criteria for improving business performance and analyses solutions against it establishes a set of criteria for improving business performance and critically analyses solutions against it presents a valid recommendation to improve management effectiveness and business performance argues a reasoned recommendation to improve management effectiveness and business performance, correctly identifying short-term or long-term effects argues reasoned, coherent and sustainable recommendations to improve management effectiveness and business performance, correctly identifying short-term and long-term effects assesses a social, economic, environmental, legal and ethical implication and makes a recommendation to improve business performance. analyses the social, economic, environmental. legal and ethical implications and makes recommendations to improve business performance. critically analyses the social, economic, environmental, legal and ethical implications and makes recommendations to improve business performance. 5: *COMMUNICATE BUSINESS IDEAS AND INFORMATION RATING ‘C’ RATING ‘B’ RATING ‘A’ Related to the study of business, the learner: Related to the study of business, the learner: Related to the study of business, the learner: constructs and uses written, oral/signed, and multimodal presentations as directed to produce a response that includes the most relevant details and generally follows the required structure selects, constructs and uses appropriate written, oral/signed and multimodal presentations to produce a response that conveys most of the relevant details and follows the required structure selects, constructs and uses appropriate written, oral/signed and multimodal presentations to accurately and precisely convey meaning, including all relevant details, and are clearly and correctly structured communicates ideas and explanations clearly and correctly using appropriate language conventions and business terminology communicates complex ideas and coherent explanations clearly, selecting and correctly using appropriate language communicates complex ideas and coherent and sustained explanations effectively, selecting and correctly using appropriate
conventions and business terminology language conventions and business terminology for specific audiences and purposes differentiates the information, images, ideas and words of others from the learner’s own clearly identifies the information, images, ideas and words of others used in the learner’s work clearly identifies the information, images, ideas and words of others used in the learner’s work identifies the sources of information, images, ideas and words that are not the learner’s own. Referencing conventions and methodologies are generally followed correctly clearly identifies sources of the information, images, ideas and words that are not the learner’s own. Referencing conventions and methodologies are followed correctly clearly identifies sources of the information, images, ideas and words that are not the learner’s own. Referencing conventions and methodologies are followed with a high degree of accuracy creates appropriate reference lists/bibliographies. creates appropriate, structured reference creates appropriate, reference lists/ bibliographies. 6: UNDERTAKE RESEARCH ABOUT BUSINESS OPPORTUNITIES RATING ‘C’ RATING ‘B’ RATING ‘A’ Related to the study of business, the learner: Related to the study of business, the learner: Related to the study of business, the learner: locates a limited range of primary and secondary sources related to business opportunities and issues locates a range of primary and secondary sources relevant to the business opportunities and issues locates a wide range of primary and secondary sources relevant to the business opportunities and issues records sources of information accurately records sources of information accurately records sources of information uses a limited range of tools and strategies to collect and organise information selects and uses a of tools and strategies to collect and organise information selects and effectively uses and strategies to effectively collect and organise information uses given categories to organise information to indicate relationships, patterns and trends selects and uses categories to effectively organise information to indicate relationships, patterns and trends selects and uses appropriate and useful categories to methodically organise information for analysis of relationships, patterns and trends assesses relevance and relative significance of information to issues and events analyses relevance and relative significance of information to issues and events evaluates relevance and relative significance of information to issues and events assesses reliability, contestability and validity of selected information, its origin, purpose and context analyses reliability, contestability and validity of selected information, its origin, purpose and context evaluates reliability, contestability and validity of selected information, its origin, purpose and context
identifies omissions or deficiencies in available sources. analyses impact of omissions or deficiencies in available sources. evaluates impact of omissions or deficiencies in available sources. 7: APPLY INQUIRY SKILLS TO PLAN AND PREPARE A FEASIBILITY STUDY RATING ‘C’ RATING ‘B’ RATING ‘A’ Related to the study of business, the learner: Related to the study of business, the learner: Related to the study of business, the learner: uses given inquiry questions, designs inquiry, clearly stating aims and appropriate methodology poses inquiry questions, discussing their connections to observations; designs inquiry, clearly stating aims and describing appropriate methodology composes clearly structured inquiry questions, explaining their connections to observations; designs comprehensive inquiry, clearly stating aims and explaining appropriate methodology in detail identifies time, resources and equipment needed to complete inquiry, and develops and employs a research plan identifies time, resources and equipment needed to complete inquiry, and develops and employs a coherent research plan identifies time, resources and equipment needed to complete inquiry, and develops a systematic and coherent research plan reflects – orally and in writing – on progress towards meeting goals and timelines, articulating some ways in which goals may be met in the future reflects – orally and in writing – on progress towards meeting and timelines; analyses progress to plan future actions reflects – orally and in writing – on progress towards meeting goals and timelines; critically evaluates progress to plan future actions meets specified/negotiated timelines and addresses most task characteristics. meets specified/negotiated timelines and addresses all task characteristics. specified/negotiated timelines and addresses all required task characteristics with a high degree of accuracy. Qualifications Available Business Studies, Level 3 (with the award of): EXCEPTIONAL ACHIEVEMENT HIGH ACHIEVEMENT COMMENDABLE ACHIEVEMENT SATISFACTORY ACHIEVEMENT PRELIMINARY ACHIEVEMENT Award Requirements The final award will be determined by the Office of Tasmanian Assessment, Standards and Certification from 12 ratings (7 from the internal assessment, 5 from external assessment). The minimum requirements for an in Business Studies, Level 3, are as follows: