Jacaranda Key Concepts in VCE Business Management Units 3&4 7E (learnON & Print)

Jacaranda Key Concepts in VCE Business Management Units 3 and 4

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The best Business Management series for the new VCE Study Design. Developed by expert Victorian teachers for VCE students.

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Students can start preparing from lesson one, with past VCAA exam questions embedded in every lesson. Practice, customisable SACs available for all Units to build student competence and confidence.

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Table of Contents

About this resource vii

About the authors xiv

Acknowledgements xv

Unit 3 Managing a Business 1

Area of Study 1 Business Foundations

1 Business foundations 3

1.1 Overview 4

1.2 Types of businesses 7

1.3 APPLY YOUR SKILLS Analysing and discussing social enterprises 17

1.4 Business objectives 20

1.5 Business stakeholders 27

1.6 Potential conflicts between stakeholders and corporate social responsibility considerations 34

1.7 Extend Your Knowledge Stakeholders and corporate social responsibility 40

1.8 Management styles 43

1.9 The appropriateness of management styles 50

1.10 APPLY YOUR SKILLS Management styles 53

1.11 Management skills 56

1.12 The relationship between management styles and skills 68

1.13 Corporate culture - both official and real 69

1.14 APPLY YOUR SKILLS Styles, skills and corporate culture 72

1.15 Review 77

Area of Study 2 Human Resource Management

2 Human resource management 85

2.1 Overview 86

2.2 BACKGROUND KNOWLEDGE Overview of the employment cycle 89

2.3 The relationship between human resource management and business objectives 92

2.4 Theories of motivation 96

2.5 EXTEND YOUR KNOWLEDGE Comparing theories of motivation 107

2.6 Motivation strategies 112

2.7 EXTEND YOUR KNOWLEDGE Financial and non-financial motivation 121

2.8 APPLY YOUR SKILLS Evaluating motivation strategies 124

2.9 Training options 128

2.10 APPLY YOUR SKILLS Comparing and evaluating training strategies 134

2.11 Performance management strategies 137

2.12 EXTEND YOUR KNOWLEDGE Getting value from performance management 145

2.13 Termination management 148

2.14 Workplace relations - the roles of participants in the workplace 155

2.15 Awards and agreements 165

2.16 Extend Your Knowledge Determining enterprise agreements and Awards 172

2.17 BACKGROUND KNOWLEDGE Disputes in workplace relations 177

2.18 Dispute resolution 180

2.19 APPLY YOUR SKILLS Dispute resolution and methods of determining wages and conditions of work 187

2.20 Review 191

Area of Study 3 Operations Management

3 Operations management 203

3.1 Overview 204

3.2 The relationship between operations management and business objectives 207

3.3 EXTEND YOUR KNOWLEDGE Efficiency and effectiveness of operations 213

3.4 Key elements of an operations system 217

3.5 Operations management in manufacturing and service businesses 222

3.6 Technological developments 225

3.7 Materials management 234

3.8 The management of quality 242

3.9 Waste minimisation 249

3.10 Lean management 253

3.11 APPLY YOUR SKILLS Managing technological developments, quality, materials and waste minimisation 259

3.12 Corporate social responsibility considerations in an operations system 263

3.13 EXTEND YOUR KNOWLEDGE Socially responsible operations management 267

3.14 Global considerations in operations management 270

3.15 APPLY YOUR SKILLS Comparing, evaluating, proposing and justifying operations management strategies 275

3.16 Review 280

Unit 4 Transforming a Business 289

Area of Study 1 Reviewing Performance - the Need for Change

4 Reviewing performance - the need for change 291

4.1 Overview 292

4.2 The concept of business change and approaches to change 295

4.3 Key performance indicators - analysis of business performance 298

4.4 Key principles of the Force Field Analysis theory (Lewin) 306

4.5 Driving forces for change in business 310

4.6 Restraining forces in business 317

4.7 APPLY YOUR SKILLS Forces affecting change 322

4.8 APPLY YOUR SKILLS Driving and restraining forces 324

4.9 Strategic management by Porter’s Generic Strategies (1985) 326

4.10 APPLY YOUR SKILLS Lower cost and differentiation 331

4.11 Extend Your Knowledge Data-driven change 334

4.12 Review 336

Area of Study 2 Implementing Change

5 Implementing change 343

5.1 Overview 344

5.2 The importance of leadership in change management 348

5.3 Management strategies to respond to key performance indicators and seek new business opportunities 352

5.4 APPLY YOUR SKILLS Seeking new business opportunities 364

5.5 Corporate culture and strategies for its development 366

5.6 The principles of the Learning Organisation (Senge) 371

5.7 Low-risk strategies to overcome employee resistance 376

5.8 High-risk strategies to overcome employee resistance 381

5.9 The principles of the Three-step Change Model (Lewin) 385

5.10 The effect of change on stakeholder groups 389

5.11 Corporate social responsibility considerations when implementing change 396

5.12 EXTEND YOUR KNOWLEDGE The impact of change on stakeholders and social responsibility 402

5.13 Reviewing key performance indicators to evaluate transformation 404

5.14 EXTEND YOUR KNOWLEDGE Dealing with multiple changes 409

5.15 APPLY YOUR SKILLS Sources of change 412

5.16 Review 414

Appendix - VCE task words 423

Glossary 425

Index 431