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July 15, 2024, 10:16:54 pm

Author Topic: VCE Business Management Question Thread!  (Read 234510 times)  Share 

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EspoirTron

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VCE Business Management Question Thread!
« on: June 26, 2013, 06:28:40 pm »
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VCE BUSINESS MANAGEMENT Q&A THREAD

To go straight to posts from 2020, click here.

What is this thread for?
If you have general questions about the VCE Business Management course or how to improve in certain areas, this is the place to ask!


Who can/will answer questions?
Everyone is welcome to contribute; even if you're unsure of yourself, providing different perspectives is incredibly valuable.

Please don't be dissuaded by the fact that you haven't finished Year 12, or didn't score as highly as others, or your advice contradicts something else you've seen on this thread, or whatever; none of this disqualifies you from helping others. And if you're worried you do have some sort of misconception, put it out there and someone else can clarify and modify your understanding! 

There'll be a whole bunch of other high-scoring students with their own wealths of wisdom to share with you, including TuteSmart tutors! So you may even get multiple answers from different people offering their insights - very cool.


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Original post.
Hello everyone,

I see that there are questions thread for mathematics and other subjects so I thought I would make one for business management. Please feel free to leave any questions relating to business management and hopefully it can be answered. Seeing that this is a theory heavy subject hopefully this thread can enable everyone to work together in understanding the theory behind business management.

Thanks!
« Last Edit: February 26, 2020, 03:23:04 pm by PhoenixxFire »
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lala1911

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Re: VCE Business Management Question Thread!
« Reply #1 on: July 10, 2013, 01:36:29 am »
+1
What are the similarities and difference of Locke's theory of motivation and Maslow's theory of motivation. It's going to be a question on my SAC, but I'm really.. really.. confused. I'm not sure if it was a mistake question, but they are entirely different, I've been sitting here for ages trying to identify similarities.. and they are so different that I can't even mention any differences.

._.

CH3ezEC4KE

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Re: VCE Business Management Question Thread!
« Reply #2 on: July 10, 2013, 09:57:00 am »
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What are the similarities and difference of Locke's theory of motivation and Maslow's theory of motivation. It's going to be a question on my SAC, but I'm really.. really.. confused. I'm not sure if it was a mistake question, but they are entirely different, I've been sitting here for ages trying to identify similarities.. and they are so different that I can't even mention any differences.

._.

Well both aim to motivate employees. However  Locke is more focused on motivating employees through setting and achieving goals whereas maslows is a sequential step process.

They also both recognise the need to belong. However Locke says needs are achieved through goals whereas Maslow states that once needs are met, you can move to the next level, moving from basic needs to more social needs.

With most business stuff, as long as it sounds professional and yo convey you know the content you'll be fine

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götze

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Re: VCE Business Management Question Thread!
« Reply #3 on: July 10, 2013, 10:40:31 am »
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Clearly the first thing is that they all motivate :).

You can then talk about how Locke's goal setting theory encourages feedback and recognition (as does Herzberg and Maslows, however at different stages Maslow being in the esteem stage and Herzberg as a motivating factor).

The factors that leads to positive job attitudes do so because they satisfy the individual's need for self-actualisation in their work (Herzberg and Maslow)

Both Herzberg and Maslow theories base their motivation on fulfilling human needs (instrinsic sorta). Both theories are hiearchal where the bottom level must be met before the above levels can be satisfied (to the fullest)

Herzberg and Locke base their theories on achievement and recognition of employee goals, and the work itself. Both theories are two-way meaning employees are more likely to negotiate tasks with the manager and are also more likely to be motivated to achieve them

lala1911

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Re: VCE Business Management Question Thread!
« Reply #4 on: July 10, 2013, 05:08:39 pm »
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Thank you very much for your responses.

unfamila

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Re: VCE Business Management Question Thread!
« Reply #5 on: July 12, 2013, 01:09:30 pm »
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Apart from improved job satisfaction,  can you describe two other benefits to the LSO that could be achieved through the use of Herzberg’s motivational theory?
Thanks in advance.

academicbulimia

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Re: VCE Business Management Question Thread!
« Reply #6 on: July 12, 2013, 03:16:54 pm »
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Apart from improved job satisfaction,  can you describe two other benefits to the LSO that could be achieved through the use of Herzberg’s motivational theory?
Thanks in advance.
  • Higher levels of motivation, thus resulting in increasing rates of productivity.
  • Less staff turnover/absenteeism
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götze

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Re: VCE Business Management Question Thread!
« Reply #7 on: July 12, 2013, 03:54:59 pm »
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If you want to discuss it more you could say that less staff turnover translates to a decrease in recruitment costs, gives the lso a good image which would make it  employer of choice

EspoirTron

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Re: VCE Business Management Question Thread!
« Reply #8 on: July 12, 2013, 07:55:45 pm »
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If you want to discuss it more you could say that less staff turnover translates to a decrease in recruitment costs, gives the lso a good image which would make it  employer of choice

  • Higher levels of motivation, thus resulting in increasing rates of productivity.
  • Less staff turnover/absenteeism

I think these are all excellent points, I'd just like to go a little bit further and connect it back to a previous area of study. We know that motivations theories are well...supposed to motivate workers (I love this). So basically we can correlate increased motivation with increased rates of productivity as mentioned by academicilimia and a decrease in costs as mentioned by gotze. However, there is another point I'd like to give light to, increased motivation levels in staff may result in the following:

  • A smoother integration and adaptation of the organisation's corporate culture, motivated employees would promptly - for the most part - adapt new changes and be willing to foster cultures that are characterised by rapid change.
  • Increased satisfactions levels among employees as they feel that their needs are being fulfilled by the organisation and increased levels of satisfaction result in higher productivity rates and a decrease in staff absenteeism; also costs associated with recruitment and training.

And as with most business management areas, the extent of the success of motivating employees could be measured using Key Performance Indicators or just P.Is as they're now called. For the aforementioned points, the following P.Is could be used: level of staff absenteeism, results of a staff satisfaction survey, rate of productivity growth and the level of staff turnover.

I hope that helped! :)
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tomford

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Re: VCE Business Management Question Thread!
« Reply #9 on: July 17, 2013, 02:22:17 pm »
+5
LOCKE, MASLOW, AND HERZBERG's THEORIES OF MOTIVATION EXPLAINED....
- WHO DID WHICH?
Abraham Maslow ‘Hierarchy of Needs’   
Frederick Herzberg ‘Two-Factor Motivational Theory’   
Edwin Locke‘Goal-Setting Theory’

Abraham Maslow (1943): ‘Hierarchy of needs’ (represented as a pyramid)
A five-stage hierarchy with needs ranked from the most basic needs (physiological and safety needs) situated at the bottom of the hierarchy, progressing to higher level needs at the top of the hierarchy (social, self-esteem and self-actualisation needs)
Once a particular need is satisfied it is no longer a motivator.
Similar to Locke—lower to higher level needs (cf. Locke’s less challenging to more challenging goals); but Maslow’s external/internal satisfaction of needs is unique to this theorist   

Hertzberg (1959): ‘Two-factor theory’ of work motivation
Two factors:
Hygiene factors (lower level):
relate to the work environment— such as work safety, pay and working conditions, job security status, quality of supervision, administration
Motivational factors (higher level):
linked to job satisfaction and performance—achievement, recognition, responsibility, promotional opportunities, advancement
Similar to Maslow and Locke—lower level factors (cf. levels of needs and goals) are easier to achieve

   Locke (1968): ‘Goal-setting theory’
A motivation technique based on what effect setting goals has on a person’s performance—easily attained goals tend to correlate with lower performance than more difficult goals
A number of factors are important:
•   the goals are challenging but achievable
•   the goals are understood and accepted by employees
•   motivation increases with the difficulty of the task
•   clearly defining the goal (goal specificity) will increase the probability of achieving it
•   managers provide feedback on progress towards achieving goals
•   if an individual participates in selecting workplace goals they will have a higher commitment to them

I'm sure this will help you achieve 100% on these questions.

T. Ford - Business Management Uniits 3 and 4 2012. Study Score: 48

EspoirTron

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Re: VCE Business Management Question Thread!
« Reply #10 on: July 17, 2013, 11:03:04 pm »
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Thank you for that contribution Tom, it is greatly appreciated.
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geemajic

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Re: VCE Business Management Question Thread!
« Reply #11 on: July 22, 2013, 05:16:29 pm »
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My teacher's revision sheet for our AOS1 Sac A says we have to know about ESM when it comes to the establishment phase...
Can anybody provide some examples, please?
I'm a bit confused..
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mattjarrett

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Re: VCE Business Management Question Thread!
« Reply #12 on: July 24, 2013, 09:12:33 pm »
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Do you know what ESM stands for? If you could explain that, then I might be able to help
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EspoirTron

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Re: VCE Business Management Question Thread!
« Reply #13 on: July 24, 2013, 10:59:29 pm »
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My teacher's revision sheet for our AOS1 Sac A says we have to know about ESM when it comes to the establishment phase...
Can anybody provide some examples, please?
I'm a bit confused..

Do you know what ESM stands for? If you could explain that, then I might be able to help

I think 'ESM' refers to Ethics and Socially Responsible Management. So basically a HR manager would take into the following considerations (in my opinion, I think E+SRM has some form of subjectivity involved in it depending on your moral stances):

- Make sure that during the recruitment stage all candidates are dealt with in a fair an equal manner and especially avoiding any form of discrimination, for example rejecting the candidate due to their race, religion, sex, sexual preference, political opinions, etc.
- Not being biased towards one employee, this point directly correlates to internal recruitment.
- For SRM, the HR manager could implement incentive schemes for candidates in the internal recruitment phase.

These are only a very few, however, if you need any more examples please feel free to ask!
I hope that helped!
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mattjarrett

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Re: VCE Business Management Question Thread!
« Reply #14 on: July 25, 2013, 09:48:53 pm »
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I think 'ESM' refers to Ethics and Socially Responsible Management. So basically a HR manager would take into the following considerations (in my opinion, I think E+SRM has some form of subjectivity involved in it depending on your moral stances):

- Make sure that during the recruitment stage all candidates are dealt with in a fair an equal manner and especially avoiding any form of discrimination, for example rejecting the candidate due to their race, religion, sex, sexual preference, political opinions, etc.
- Not being biased towards one employee, this point directly correlates to internal recruitment.
- For SRM, the HR manager could implement incentive schemes for candidates in the internal recruitment phase.

These are only a very few, however, if you need any more examples please feel free to ask!
I hope that helped!

That all sounds good^, but the study design doesn't specify that you need to know ESM strategies for the employment cycle at all

Under the required knowledge, it lists this:

Management practices and processes associated with the key phases of the employment cycle:
Establishment phase:
– human resource planning related to business strategy
– job analysis and job design
– types of recruitment methods and selection processes
– employment arrangements and remuneration
Maintenance phase:
– induction
– training and development
– recognition and reward
– performance management
Termination phase:
– termination management, including entitlement and transition issues;
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