VCE BUSINESS MANAGEMENT

STUDY CHECKLIST 2023

UNIT 3 – Area of Study 1: Business foundations
KEY KNOWLEDGE
• types of businesses including sole traders, partnerships, private limited companies, public
listed companies, social enterprises and government business enterprises

CONTENT Should know/ Should be able to:

Sole trader Describe features/characteristics
Strengths & weaknesses
Example
Partnership Describe features/characteristics
Strengths & weaknesses
Example
Private Limited Company Describe features/characteristics
Strengths & weaknesses
Example
Public Listed Company Describe features/characteristics
Strengths & weaknesses
Example
Social enterprises Describe features/characteristics
Strengths & weaknesses
Example
Government business Describe features/characteristics
enterprises
Strengths & weaknesses
Example

• business objectives including to make a profit, to increase market share, to improve efficiency,
to improve effectiveness, to fulfil a market need, to fulfil a social need and to meet shareholder
expectations

CONTENT Should know/ Should be able to:

To make a profit Explain
To increase market share Explain
To improve efficiency Explain with example
To improve effectiveness Explain with example
To fulfil a market need Explain with example
To fulfil a social need Explain with example
To meet shareholder Explain
expectations

• characteristics of stakeholders of businesses including their interests, potential conflicts

between stakeholders, and corporate social responsibility considerations

CONTENT Should know/ Should be able to:

Stakeholder Definition
Manager, owner (shareholder), Examples of four stakeholders and their interests
employee, supplier,
community, customer
Examples of at least two potential conflicts
Corporate social responsibility Define

• the areas of management responsibility including operations, finance, human resources, sales
and marketing, and technology support, and how each area contributes to the achievement of
business objectives
Senge’s learning organisation – system thinking

CONTENT Should know/ Should be able to:

Operations Describe what this area does
Example of how it can contribute to an objective
Finance Describe what this area does
Example of how it can contribute to an objective
Human resources Describe what this area does
Example of how it can contribute to an objective
Sales and marketing Describe what this area does
Example of how it can contribute to an objective
Technology support Describe what this area does
Example of how it can contribute to an objective

• management styles including autocratic, persuasive, consultative, participative and laissez-

faire

CONTENT Should know/ Should be able to:

Autocratic Describe features/characteristics re:
(communication/control/decision-making)
Advantages/Disadvantages
Know when it should be used
Compare with other styles
Persuasive Describe features/characteristics re:
(communication/control/decision-making)
Advantages/Disadvantages
Know when it should be used
Compare with other styles
Consultative Describe features/characteristics re:
(communication/control/decision-making)
Advantages/Disadvantages
Know when it should be used
Compare with other styles
Participative Describe features/characteristics re:
(communication/control/decision-making)
Advantages/Disadvantages
Know when it should be used
Compare with other styles
Laissez-faire Describe features/characteristics re:
(communication/control/decision-making)
Advantages/Disadvantages
 Know when it should be used
Compare with other styles

• the appropriateness of management styles in relation to the nature of task, time, experience of
employees and manager preference

CONTENT Should know/ Should be able to:

Nature of task How factor affects appropriateness of style
Select appropriate style based on scenario
Time How factor affects appropriateness of style
Select appropriate style based on scenario
Experience of employees How factor affects appropriateness of style
Select appropriate style based on scenario
Manager preference How factor affects appropriateness of style
Select appropriate style based on scenario

• management skills including communicating, delegating, planning, leading, decision-making

and interpersonal

CONTENT Should know/ Should be able to:

communicating Define/describe/explain skill
Apply to a scenario – say how manager would
use it
delegating Define/describe/explain skill
Apply to a scenario – say how manager would
use it using the step-by-step
planning Define/describe/explain skill
Apply to a scenario – say how manager would
use it using the step-by-step
leading Define/describe/explain skill
Apply to a scenario – say how manager would
use it
decision-making Define/describe/explain skill
Apply to a scenario – say how manager would
use it using the step-by-step
interpersonal Define/describe/explain skill
Apply to a scenario – say how manager would
use it

• the relationship between management styles and management skills

CONTENT Should know/ Should be able to:

Autocratic Explain how the manager would use
communicating, delegating, planning, leading,
decision-making and interpersonal

Persuasive Explain how the manager would use

communicating, delegating, planning, leading,
decision-making and interpersonal
Consultative Explain how the manager would use
communicating, delegating, planning, leading,
decision-making and interpersonal
Participative Explain how the manager would use
communicating, delegating, planning, leading,
decision-making and interpersonal
Laissez-faire Explain how the manager would use
communicating, delegating, planning, leading,
decision-making and interpersonal

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

CONTENT Should know/ Should be able to:

Corporate culture Define/explain

Official corporate culture Define/explain/ distinguish from real corporate

culture
Real corporate culture Define/explain/ distinguish from official
corporate culture
Strategies to develop corporate Explain train employees in the culture
culture
Explain reward employees who exhibit the
culture
Explain recruit employees who fit the culture
Explain communicate the culture
Explain role model the culture
UNIT 3 – AREA OF STUDY 2: Human Resource Management
KEY KNOWLEDGE
• the relationship between human resource management and business objectives

CONTENT Should know/ Should be able to:

Relationship between Explain the relationship
managing employees and
business objectives
Example of the relationship
Strategies used to manage employees: training,
performance management, motivation strategies

• key principles of the following theories of motivation: Hierarchy of Needs (Maslow), Goal
Setting Theory (Locke and Latham) and the Four Drive Theory (Lawrence and Nohria)

CONTENT Should know/ Should be able to:

Hierarchy of needs Describe/explain theory with main ideas

How to apply theory to a case study

Compare with other theories
Goal setting theory Describe/explain theory with main ideas

How to apply theory to a case study

Compare with other theories
Four Drive Theory Describe/explain theory with main ideas

How to apply theory to a case study

Compare with other theories

• motivation strategies including performance related pay, career advancement, investment in

training, support strategies and sanction strategies

CONTENT Should know/ Should be able to:

Performance related pay Describe/explain the strategy

Link strategy with various motivational theories

Career advancement Describe/explain the strategy

Link strategy with various motivational theories

Investment in training Describe/explain the strategy

Link strategy with various motivational theories

support Describe/explain the strategy

Link strategy with various motivational theories

sanction Describe/explain the strategy
 Link strategy with various motivational theories

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

CONTENT Should know/ Should be able to:

Performance related pay Advantages/Disadvantages

Know whether it is a short or long-term motivator

Career advancement Advantages/Disadvantages

Know whether it is a short or long-term motivator

Investment in training Advantages/Disadvantages

Know whether it is a short or long-term motivator

support Advantages/Disadvantages

Know whether it is a short or long-term motivator

sanction Advantages/Disadvantages

Know whether it is a short or long-term motivator

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

CONTENT Should know/ Should be able to:

Training define
On-the-job training Explain/describe
Advantages/ disadvantages
Recommend for a case study on the basis of
advantages/disadvantages
Off-the-job training Explain/describe
Advantages/ disadvantages
Recommend for a case study on the basis of
advantages/disadvantages

• performance management strategies to achieve both business and employee objectives,

including management by objectives, appraisals, self-evaluation and employee observation

CONTENT Should know/ Should be able to:

Performance management define
Management by Objectives Explain/describe
Explain how it might be applied
Recommend for a case study
appraisals Explain/describe
Explain how it might be applied
Recommend for a case study
Self-evaluation Explain/describe
Explain how it might be applied
Recommend for a case study
Employee observations Explain/describe
Explain how it might be applied
 Recommend for a case study

• termination management including retirement, redundancy, resignation and dismissal,

entitlement considerations and transition considerations

CONTENT Should know/ Should be able to:

Retirement Explain/ describe
Redundancy Explain/describe
Distinguish between voluntary and involuntary
Dismissal Explain/describe
Resignation Explain/describe
Entitlement issues Explain paying unused leave (accrued benefits)
Explain redundancy packages
Transition issues Explain confidentiality towards departing
employees
Explain ensure dismissal is carried out lawfully

• the roles of participants in the workplace including human resource managers, employees,
employer associations, unions, and the Fair Work Commission

CONTENT Should know/ Should be able to:

Human resource managers Explain the role in workplace relations – 4 roles
Employees Explain the role in workplace relations
Employer associations Explain the role in workplace relations
Unions Explain the role in workplace relations
Fair Work Commission Explain the role in workplace relations

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

CONTENT Should know/ Should be able to:

Awards Explain/describe
Strengths/ weaknesses
Recommend on basis of strengths and
weaknesses in a case study
Compare with agreements
Agreements Explain/describe
Strengths/ weaknesses
Recommend on basis of strengths and
weaknesses in a case study
Compare with agreements

• an overview of the dispute resolution process including mediation and arbitration.

CONTENT Should know/ Should be able to:

Mediation Explain/ describe
Compare with arbitration
Arbitration Explain/describe
Compare with mediation
UNIT 3 – Area of Study 3: Operations management
KEY KNOWLEDGE
• the relationship between operations management and business objectives
CONTENT Should know/ Should be able to:
Relationship between Explain the relationship
operations management and
business objectives
Example of the relationship

• key elements of an operations system: inputs, processes and outputs

CONTENT Should know/ Should be able to:
Inputs Explain/ describe

Examples in service and manufacturing

Processes Explain/ describe

Examples in service and manufacturing

Outputs Explain/ describe

Examples in service and manufacturing

• characteristics of operations management within both manufacturing and service

businesses
CONTENT Should know/ Should be able to:
Characteristics of operations in Explain
a manufacturing business
Compare with characteristics of service business
Characteristics of operations in Explain
a service business
Compare with characteristic of manufacturing
business

• strategies to improve the efficiency and effectiveness of operations related to

technological developments, including the use of automated production lines, robotics,
computer-aided design, computer-aided manufacturing techniques, artificial
intelligence, online services

CONTENT Should know/ Should be able to:

Efficiency define
Effectiveness define
Automated production lines Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Robotics Describe/explain strategy
Explain how it improves efficiency and
effectiveness
Computer-aided design (CAD) Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Computer-aided Describe/explain strategy
Manufacturing (CAM)
Explain how it improves efficiency and
effectiveness
Artificial Intelligence Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Online Services Describe/explain strategy
Explain how it improves efficiency and
effectiveness

• strategies to improve both the efficiency and effectiveness of operations related to

materials, including forecasting, master production schedule, materials requirement
planning and Just In Time (JIT)
CONTENT Should know/ Should be able to:
forecasting Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Master production schedule Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Materials requirement planning Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Just-in-Time Describe/explain strategy

Explain how it improves efficiency and

effectiveness

• strategies to improve the efficiency and effectiveness of operations related to quality,

including quality control, quality assurance and Total Quality Management
CONTENT Should know/ Should be able to:
quality define
Quality control Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Quality assurance Describe/explain strategy

Explain how it improves efficiency and

effectiveness
Total Quality Management Describe/explain strategy
(TQM)
- Customer focus Explain how it improves efficiency and
- Continues effectiveness
improvement
- Employee
empowerment

• strategies to improve the efficiency and effectiveness of operations through waste

minimisation in the production process, including reduce, reuse, recycle
CONTENT Should know/ Should be able to:
Waste minimisation define
Lean management define

Explain the principles of lean management

Explain how it improves efficiency and
effectiveness

• the pull, one-piece flow, takt, zero defects strategy to improve the efficiency and
effectiveness of operations related to lean management
CONTENT Should know/ Should be able to:
Pull Describe/explain strategy
One-Piece Flow Describe/explain strategy
TAKT Describe/explain strategy
Zero Defects Describe/explain strategy
Waste minimisation define
Lean management define

Explain the principles of lean management

Explain how it improves efficiency and
effectiveness

• 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
CONTENT Should know/ Should be able to:
Environmental sustainability of Explain/ describe at least two CSR considerations
inputs & examples of strategies
Amount of waste generated Explain/ describe at least two CSR considerations
from processes & examples of strategies
Production of outputs Explain/ describe at least two CSR considerations
& examples of strategies

• global considerations for operations management, including global sourcing of inputs,

overseas manufacture and global outsourcing
CONTENT Should know/ Should be able to:
Global sourcing of inputs Explain/ describe

Advantages/ disadvantages
Overseas manufacture Explain/ describe

Advantages/ disadvantages
Global outsourcing Explain/ describe

Advantages/ disadvantages
Supply chain management Explain/describe
Explain the importance of supply chain
management to the operations system
UNIT 4: AREA OF STUDY 1 – Reviewing performance – the need
for change
KEY KNOWLEDGE

• the concept of business change

• proactive and reactive approaches to change
CONTENT Should know/ Should be able to:
Business change define
Proactive change Describe/ explain
Reactive change Describe/ explain

Contemporary example Example of a business change within the past 4

years

• key performance indicators as sources of data to analyse the performance of

businesses, including 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 website hits and number of
workplace accidents
CONTENT Should know/ Should be able to:
Key performance indicator define
Percentage of market share define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Net profit figures define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Rate of productivity define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Number of sales define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Rate of staff absenteeism define
Interpret data
 Apply to a case study
Recommend/ justify to a case study as suitable
KPI to measure success of a change
Level of staff turnover define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Level of wastage define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Number of customer define
complaints
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Number of website hits define
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change
Number of workplace define
accidents
Interpret data

Apply to a case study

Recommend/ justify to a case study as suitable
KPI to measure success of a change

• key principles of the Force Field Analysis theory (Lewin) including weighting,
ranking, implementing a response and evaluating the response
CONTENT Should know/ Should be able to:
Lewin’s Force Field Analysis Explain/ Describe the main ideas
Explain how a manager would use it following
the steps (weighting, ranking, implenting and
evaluating)
Explain the benefits of a Force Field Analysis
Weighting Explain/ Describe the main ideas
Ranking Explain/ Describe the main ideas
Implementing a response Explain/ Describe the main ideas
Evaluating the response Explain/ Describe the main ideas
Driving force Define
Restraining force Define
• driving forces for change in business, including owners, managers, employees,
competitors, legislation, pursuit of profit, reduction of costs, globalisation, technology,
innovation and societal attitudes
CONTENT Should know/ Should be able to:
managers + owner/shareholder Explain how it acts as a driving force
employees Explain how it acts as a driving force
competitors Explain how it acts as a driving force
legislation Explain how it acts as a driving force
Pursuit of profit Explain how it acts as a driving force
Reduction of costs Explain how it acts as a driving force
globalisation Explain how it acts as a driving force
technology Explain how it acts as a driving force
innovation Explain how it acts as a driving force
Societal attitudes Explain how it acts as a driving force

• restraining forces in businesses, including managers, employees, time, organisational

inertia, legislation and financial considerations
CONTENT Should know/ Should be able to:
managers Explain how it acts as a restraining force
employees Explain how it acts as a restraining force
time Explain how it acts as a restraining force
Organisational inertia Define
Explain how it acts as a restraining force
legislation Explain how it acts as a restraining force
Financial considerations Explain how it acts as a restraining force

• the two key approaches, lower cost and differentiation, to strategic management by
Porter’s Generic Strategies (1985).
CONTENT Should know/ Should be able to:
Lower cost strategy Explain/ Describe strategy and how it provides a
competitive advantage
Explain how a manager might implement it
Strengths/weaknesses
Differentiation Explain/ Describe strategy and how it provides a
competitive advantage
Explain how a manager might implement it
Strengths/weaknesses
UNIT 4 – AREA OF STUDY 2: Implementing change
KEY KNOWLEDGE
• the importance of leadership in change management

CONTENT Should know/ Should be able to:

Leading Define
Importance of leadership in Explain what leaders need to do when undergoing
change management change
Explain the benefits of showing leadership during
change
Explain the potential consequences of not
demonstrating leadership

• management strategies to respond to key performance indicators and/or seek new business
opportunities, including 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), innovation, global sourcing of inputs, overseas manufacture and global outsourcing

CONTENT Should know/ Should be able to:

Staff training Explain the strategy and how it could be used
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Staff motivation Explain the strategy and how it could be used
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Change in management styles Explain the strategy and how it could be used
or skills
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Increased investment in Explain the strategy and how it could be used
technology
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Improving quality of Explain the strategy and how it could be used
production
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Cost cutting Explain the strategy and how it could be used
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study
Initiating lean production Explain the strategy and how it could be used
techniques
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
 study
Redeployment of resources Explain the strategy and how it could be used
(land, labour and capital)
Know which KPIs it could be used to respond to
Recommend on the basis of KPI data in a case
study

• corporate culture and strategies for its development

CONTENT Should know/ Should be able to:

Corporate vulture and change Explain/Describe
Distinguish between real and offcial
Strategies for developing Explain/Describe the strategies
official
Explain/Describe the impact

Strategies for developing real Explain/Describe the strategies

Explain/Describe the impact

• an overview of the principles of the Learning Organisation (Senge) and the need to create a
positive culture for change

CONTENT Should know/ Should be able to:

Learning Organisation Define/ explain
Systems thinking Explain/ Describe
Apply to case study
Personal mastery Explain/ Describe
Apply to case study
Shared vision Explain/ Describe
Apply to case study
Team learning Explain/ Describe
Apply to case study
Mental models Explain/ Describe
Apply to case study

• low-risk strategies to overcome employee resistance including communication, empowerment,

support and incentives

CONTENT Should know/ Should be able to:

Low-risk strategies Define/ explain
Communication Define/ explain
Strengths/ weaknesses
Apply to case study
Empowerment Define/ explain
Strengths/ weaknesses
Apply to case study
Support Define/ explain
Strengths/ weaknesses
 Apply to case study
Incentives Define/ explain
Strengths/ weaknesses
Apply to case study

• high-risk strategies to overcome employee resistance including manipulation and threat

CONTENT Should know/ Should be able to:

High-risk strategies Define/ explain
Manipulation Define/ explain
Strengths/ weaknesses
Apply to case study
Threat Define/ explain
Strengths/ weaknesses
Apply to case study

• key principles of the Three Step Change Model (Lewin)

CONTENT Should know/ Should be able to:

Unfreeze Explain/ Describe the step
Identify the elements present in the step
Communicate the purpose and Explain how the step would be applied in to a
values of the change and make case study or contemporary example
all stakeholders on the same
page
Change Explain/ Describe the step
Identify the elements present in the step
Support, training, mental Explain how the step would be applied in to a
counselling case study or contemporary example
Refreeze Explain/ Describe the step
Identify the elements present in the step
Update of policy to make the Explain how the step would be applied in to a
new change become routine case study or contemporary example

• the effect of change on stakeholder groups, including owners, managers, employees,

customers, suppliers and the general community

CONTENT Should know/ Should be able to:

Managers Describe stakeholder
Explain effects of change on stakeholder
Example
Employees Describe stakeholder
Explain effects of change on stakeholder
Example
Customers Describe stakeholder
Explain effects of change on stakeholder
Example
Suppliers Describe stakeholder
Explain effects of change on stakeholder
Example
General community Describe stakeholder
Explain effects of change on stakeholder
 Example

• corporate social responsibility considerations when implementing change

CONTENT Should know/ Should be able to:

Corporate social responsibility Explain/ Describe at least two CSR
consideration when considerations when implementing change
implementing change
Explain how the considerations make the
business socially responsible

• the importance of reviewing key performance indicators to evaluate the effectiveness of

business transformation.

CONTENT Should know/ Should be able to:

Importance of reviewing key Explain/describe why it is important for managers
performance indicators to review KPIs to assess the success of a change
Explain what might happen if the manager does
not review KPIs