ib business management
IntroductionThe IB Diploma Programme business and management course is a rigorous and dynamic subject in group 3, individuals and societies. The course explores how business decision-making processes impact on and are affected by internal and external environments. It is perfectly placed as a group 3 subject since it is the study of both the way in which individuals and groups interact in an organization and of the transformation of resources.
The Diploma Programme business and management course is designed to develop an understanding of business theory, as well as an ability to apply business principles, practices and skills. As a course it aims to encourage a holistic view of the world of business by promoting an awareness of social, cultural and ethical factors in the actions of organizations and individuals in those organizations. Developing international mindedness and an awareness of different cultural perspectives is at the heart of the course – enabling students to think critically and appreciate the nature and significance of change in a local, regional and global context. |
Business Portfolio's 2015/17
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Business Management- Command Terms
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Paper 1 Case Study: LadyA
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Tackling the exam paper: - Section A answer 2 out of 3 structured questions - Section B answer 1 compulsory, evaluative question - Section C answer 1 compulsory decision-making question using extension material. Total marks = 80% Weighting = 40% Timing = 2 1/4 hrs Paper 1 is difficult in that it seeks extensive analytical and critical thinking skills. The pre-issued case study paper will assess students' skills of problem identification, data handling and analysis, critical thinking, judgmental ability, logical reasoning and justified decision-making. Now....let's look at the top things to do now we have the case study. |
1) Make a copy of the case study - one as an original reference and one to write notes on.
2) Read through the case study carefully to get an overall feeling and idea about the business, the people involved and the problems the business faces.....do this twice.
3) Make sure that you understand all the issues arising from the case study. Use a dictionary to look up key terms or words that you do not understand.
4) Use one copy of the case study to highlight all possible key terms (there are usually well over 100). Make sure that you can define each one in the context of the case study. Definition questions will appear in the examination.
5) Try answering some practise questions from past exam papers (in the context of the case study).
Preparation Activities
2) Read through the case study carefully to get an overall feeling and idea about the business, the people involved and the problems the business faces.....do this twice.
3) Make sure that you understand all the issues arising from the case study. Use a dictionary to look up key terms or words that you do not understand.
4) Use one copy of the case study to highlight all possible key terms (there are usually well over 100). Make sure that you can define each one in the context of the case study. Definition questions will appear in the examination.
5) Try answering some practise questions from past exam papers (in the context of the case study).
Preparation Activities
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Exam Tip 1 - Courtesy of Paul Hoang
Trying to learn the whole Business & Management syllabus without a proper plan is not going to work. A more effective technique is to revise sections of the syllabus in manageable sessions, following a well-structured revision timetable. For example, you might want to revise Accounts and Finance in one particular revision session, perhaps focusing on one or two topics, such as cash flow forecasting (Unit 3.3) or sources of finance (Unit 3.1).
It is vital to build in revision time to learn your quantitative methods. There are plenty of formulae to learn – not all of them are given in the Formulae Booklet, including:
• Payback period (Unit 3.2)
• Average costs (Unit 5.2)
• Break-even output (Unit 5.3)
• Margin of safety (Unit 5.3)
• Closing balance (Unit 3.3)
• LIFO / FIFO (Unit 3.5)
• Net profit (Unit 3.5)
• Full costing (Unit 4.4)
• Reducing balance depreciation (Unit 3.5)
• Variance (Unit 3.4)
HL topics appear in italics
The HL B&M Internal Assessment requires students to propose an Action Plan (along with the Research Proposal); producing a revision schedule is a similar process. Whatever you do, don’t leave everything until the last minute – you simply cannot revise the entire B&M curriculum in one or two nights. Without a plan, you simply don’t know where you’re going and how you’re going to get there. This means valuable revision time is likely to be wasted. Remember the famous saying that failing to plan is planning to fail – and we don’t want that! Below is a list of some of the things you could try as part of your revision plan:
• Draw up a revision plan for each week – and stick to it! Some flexibility might be necessary but remain focused and disciplined.
• Use the B&M syllabus as a starting point when planning your revision.
• Take careful note of the “Learning Outcomes” in the syllabus – examiners use these when setting questions!
• Allocate more time to the topic areas that you find most difficult.
• Build in time for sufficient rest breaks and recreation – a refreshed mind is a more productive one.
• Practice, practice, practice using past exam papers and the case study questions from your textbook.
• Don’t procrastinate – turn off your mobile phone, home entertainment systems and the Internet (personally, I think Facebook, YouTube and Angry Birds are great – but they must be the world’s best procrastination tools!) You can play COD after the exams
Good luck with the planning!
It is vital to build in revision time to learn your quantitative methods. There are plenty of formulae to learn – not all of them are given in the Formulae Booklet, including:
• Payback period (Unit 3.2)
• Average costs (Unit 5.2)
• Break-even output (Unit 5.3)
• Margin of safety (Unit 5.3)
• Closing balance (Unit 3.3)
• LIFO / FIFO (Unit 3.5)
• Net profit (Unit 3.5)
• Full costing (Unit 4.4)
• Reducing balance depreciation (Unit 3.5)
• Variance (Unit 3.4)
HL topics appear in italics
The HL B&M Internal Assessment requires students to propose an Action Plan (along with the Research Proposal); producing a revision schedule is a similar process. Whatever you do, don’t leave everything until the last minute – you simply cannot revise the entire B&M curriculum in one or two nights. Without a plan, you simply don’t know where you’re going and how you’re going to get there. This means valuable revision time is likely to be wasted. Remember the famous saying that failing to plan is planning to fail – and we don’t want that! Below is a list of some of the things you could try as part of your revision plan:
• Draw up a revision plan for each week – and stick to it! Some flexibility might be necessary but remain focused and disciplined.
• Use the B&M syllabus as a starting point when planning your revision.
• Take careful note of the “Learning Outcomes” in the syllabus – examiners use these when setting questions!
• Allocate more time to the topic areas that you find most difficult.
• Build in time for sufficient rest breaks and recreation – a refreshed mind is a more productive one.
• Practice, practice, practice using past exam papers and the case study questions from your textbook.
• Don’t procrastinate – turn off your mobile phone, home entertainment systems and the Internet (personally, I think Facebook, YouTube and Angry Birds are great – but they must be the world’s best procrastination tools!) You can play COD after the exams
Good luck with the planning!
Exam Tip 2
Here’s the second exam tip for the IB B&M exams about learning the quantitative methods…
The IB B&M syllabus incorporates many quantitative techniques such as:
• Decision trees (1.6)
• Investment appraisal (3.2)
• Budgeting (3.4)
• Cash flow forecasting (3.3)
• Balance Sheets (3.5)
• Depreciation (3.5)
• Profit and Loss accounts (3.5)
• Cost allocation (4.4)
• Costs and revenue (5.2)
• Break-even analysis (5.3)
• Ratio analysis (3.6)
• Make-or-buy decisions (5.7)
• Elasticity of demand (4.4)
• Critical path analysis (5.8)
Note: Higher level concepts appear in italics
It is important to learn these quantitative techniques and to be able to use them to aid business decision-making. Whilst students are given a formulae booklet in the IB B&M exams, they are not provided with formulae for the following quantitative concepts:
• Average Cost
• Break-even
• Capacity utilization
• Closing Balance
• Cost of sales
• Earliest start time
• Gross profit
• Labour productivity
• Labour turnover
• Latest finishing time
• Market share
• Net assets
• Net Cash Flow
• Net Profit
• Profit
• Payback period
• Safety margin
• Straight line depreciation
• Total costs
• Unit contribution
• Variance
• Working capital
Again, make sure you learn the definitions and the formulae for these concepts. Note that the terms in italics apply only to HL students.
Finally, it is important that despite what the numbers might point to, managers need to consider qualitative issues before making any final decision. As Plato famously said “A good decision is based on knowledge and not on numbers.”
The IB B&M syllabus incorporates many quantitative techniques such as:
• Decision trees (1.6)
• Investment appraisal (3.2)
• Budgeting (3.4)
• Cash flow forecasting (3.3)
• Balance Sheets (3.5)
• Depreciation (3.5)
• Profit and Loss accounts (3.5)
• Cost allocation (4.4)
• Costs and revenue (5.2)
• Break-even analysis (5.3)
• Ratio analysis (3.6)
• Make-or-buy decisions (5.7)
• Elasticity of demand (4.4)
• Critical path analysis (5.8)
Note: Higher level concepts appear in italics
It is important to learn these quantitative techniques and to be able to use them to aid business decision-making. Whilst students are given a formulae booklet in the IB B&M exams, they are not provided with formulae for the following quantitative concepts:
• Average Cost
• Break-even
• Capacity utilization
• Closing Balance
• Cost of sales
• Earliest start time
• Gross profit
• Labour productivity
• Labour turnover
• Latest finishing time
• Market share
• Net assets
• Net Cash Flow
• Net Profit
• Profit
• Payback period
• Safety margin
• Straight line depreciation
• Total costs
• Unit contribution
• Variance
• Working capital
Again, make sure you learn the definitions and the formulae for these concepts. Note that the terms in italics apply only to HL students.
Finally, it is important that despite what the numbers might point to, managers need to consider qualitative issues before making any final decision. As Plato famously said “A good decision is based on knowledge and not on numbers.”
Exam Tip 3
Here’s the next exam tip - this one focuses on evaluation, the essential skill required to get a Level 7…
“Do not go where the path may lead; go instead where there is no path and leave a trail.”
- Ralph Waldo Emerson (1803-1882), American philosopher
What is evaluation?
• It’s the skill required to be awarded a Level 7 in the examinations!
• Evaluation compares different views about a B&M issue or problem.
• Views and arguments are substantiated, with evidence provided where possible.
• Judgement is made about which argument holds most significance.
• It requires a reasoned (justified) conclusion.
• There is evidence of critical thinking (TOK).
Evaluation and Theory of Knowledge (TOK)
The skill of evaluation is embedded in TOK. Evaluation is as much about asking questions as answering them. For example, students might question:
• Business and Management theories – are these culturally biased? Do they apply to different organisations across the globe? Are they applicable (realistic) in the real and complex business world?
• Data and statistics – how reliable are the results? Is there a ‘hidden agenda’ behind the figures (such as the possibility of window dressing)? How up-to-date are the data?
Evaluation and the integrated nature of B&M
Remember that B&M is an integrated discipline and therefore a single event will have impacts on other aspects of the business. For example, a hostile takeover is likely to affect:
• Organizational structure
• Leadership and management
• Levels of motivation
• Organizational culture
• Crisis management
• Cash flow and working capital
• Budgets
Useful evaluation phrases
The suggested phrases below might help students to focus their answers and to incorporate critical thinking to show that they are evaluating B&M concepts, theories and tools. Remember that the best answers are written in context, with application of real world examples where appropriate.
• However ...
• Nevertheless …
• On the other hand …
• Conversely…
• In reality …
• Other stakeholders of the organization might …
• In the short term … but in the long term ...
• Time lags should be considered because…
• This is likely to cause ... because …
• The most significant of these factors to UWP is ... because …
• Managers might question the feasibility of this option because…
• This could cause conflict in the organisation because …
• Hence, this might not be practical because …
• Other factors should be considered by the organization, such as ... because …
• The outcome depends on several factors such as …
• The decision depends on whether ...
• The data suggests that … although …
• The data in the case study imply … but …
• Considering the evidence in the case study, …
• Overall, ...
• On the whole, …
• In conclusion, ...
Good luck!
“Do not go where the path may lead; go instead where there is no path and leave a trail.”
- Ralph Waldo Emerson (1803-1882), American philosopher
What is evaluation?
• It’s the skill required to be awarded a Level 7 in the examinations!
• Evaluation compares different views about a B&M issue or problem.
• Views and arguments are substantiated, with evidence provided where possible.
• Judgement is made about which argument holds most significance.
• It requires a reasoned (justified) conclusion.
• There is evidence of critical thinking (TOK).
Evaluation and Theory of Knowledge (TOK)
The skill of evaluation is embedded in TOK. Evaluation is as much about asking questions as answering them. For example, students might question:
• Business and Management theories – are these culturally biased? Do they apply to different organisations across the globe? Are they applicable (realistic) in the real and complex business world?
• Data and statistics – how reliable are the results? Is there a ‘hidden agenda’ behind the figures (such as the possibility of window dressing)? How up-to-date are the data?
Evaluation and the integrated nature of B&M
Remember that B&M is an integrated discipline and therefore a single event will have impacts on other aspects of the business. For example, a hostile takeover is likely to affect:
• Organizational structure
• Leadership and management
• Levels of motivation
• Organizational culture
• Crisis management
• Cash flow and working capital
• Budgets
Useful evaluation phrases
The suggested phrases below might help students to focus their answers and to incorporate critical thinking to show that they are evaluating B&M concepts, theories and tools. Remember that the best answers are written in context, with application of real world examples where appropriate.
• However ...
• Nevertheless …
• On the other hand …
• Conversely…
• In reality …
• Other stakeholders of the organization might …
• In the short term … but in the long term ...
• Time lags should be considered because…
• This is likely to cause ... because …
• The most significant of these factors to UWP is ... because …
• Managers might question the feasibility of this option because…
• This could cause conflict in the organisation because …
• Hence, this might not be practical because …
• Other factors should be considered by the organization, such as ... because …
• The outcome depends on several factors such as …
• The decision depends on whether ...
• The data suggests that … although …
• The data in the case study imply … but …
• Considering the evidence in the case study, …
• Overall, ...
• On the whole, …
• In conclusion, ...
Good luck!
The Extended Essay- Business Management
Your Research Question will be answered by using a range of IB Business Management analytic tools. Using the right analytic tools will lead you to the answer of your research question.
Explain why you chose each tool to answer your RQ and discuss how it informs you of your actual answer. Each analytic tool must be linked back to the RQ (why is it being used?) and the findings of the analysis must be explicitly tied to the answer to your RQ. |
The essay is marked out of a maximum possible of 36 marks. See the 'The Ultimate Guide to Achieving Maximum Marks in the Extended Essay' for how marks are awarded. Usually* a mark of 29+ will see the student receive an 'A' grade. *The grade boundaries do occasionally shift from examination period to examination period
Extended Essay Exemplar 1
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Extended Essay Exemplar 2
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Below is the examiners report for the EE cohort of 2012.
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The Research Question
How do I come up with a good research question?It isn't easy, but it is important!
Adapted from O'Farrell, Finbar. Approach your assessment the IB Way: Extended Essay. pg. 13
How do I come up with a good research question?It isn't easy, but it is important!
- Decide on a subject in which to write the essay = Business Management : ) DONE
- Decide on a topic within this subject (see my Twitter for regular EE topics that might be good)
- Explore some possible research questions relating to this topic
- This means you will need to do some research!
- Discuss these with your advisor = ME!!!
- During the first meeting with your me, discuss the research you've done, your ideas, and the requirements. Also, be prepared to discuss some of the other RQ's you may have been looking into.
- Decide on the most suitable research question
- Your revised research question proposal will have a due date.....don't be late.
Adapted from O'Farrell, Finbar. Approach your assessment the IB Way: Extended Essay. pg. 13