The key to success in VCE Business Management is the ability to demonstrate strong knowledge of the theory, while also being able to apply the theory to case studies appropriately. That is why it can be extremely helpful to analyse high scoring responses to examine exactly how they both show and competently apply strong theoretical knowledge, all in the space of a few lines.
In this article, our Senior Business Management lecturer Lauren Savige walks you through two highly challenging, Study Design-compliant questions from past VCAA Business Management exams. Give the question a try first, before diving into her best tips, tricks and analyses of these questions and examples of high-scoring responses.
Productivity measures the amount of outputs (finished goods and services) that can be generated from a given amount of inputs (raw materials, labour, capital, time and money). An increase in productivity means that a business is able to generate a greater quantity of output for every unit of input, this effectively lowers costs for the business.
When a business lowers its costs, it can translate these lower costs into lower prices. This allows the business to gain a competitive advantage regarding price, thus boosting the competitiveness of the organisation.
Social responsibility refers to the business’ obligations, above and beyond what is legally required, to benefit employees, the environment and society as a whole.One operations management strategy is the management of quality. This can involve quality control in the form of inspectors, quality assurance adopting the ISO 9000 standard and/or Total Quality Management (TQM). TQM is the most effective of these as it is an ongoing organisation-wide approach to maintaining quality. It involves three main aspects: continuous improvement, customer focus and employee empowerment. TQM is a continual and collective commitment to aspiring to achieve perfection.