HSC Business Studies Question Thread

[fantasticbeasts3]

How do I do this one report question?

"Analyse how understanding the influences on financial management can contribute to business success."

I can't really make a strong argument of the syllabus dot points...

of course you can! the influences are pretty much your sources of finance (equity and debt, but also global influences, government, etc). relate them to your objectives of financial management (PLEGS), because business success essentially means to make a profit, and by understanding the influences, a business owner can acquire funds to expand, etc. this was very brief because i finished my business trial a couple of days ago and haven't done work since then but if you need any more help, feel free to message me and i'll look through my notes a bit more. :-)

[diesxel]

Hey!!

 I have a quick question, can someone please explain to me what exactly the strategic goals of a business are? I keep seeing it everywhere, does it just mean profitability? A bit confused about this and a quick clarification would be awesome!

Thanks!!!

[Opengangs]

Hey!!

 I have a quick question, can someone please explain to me what exactly the strategic goals of a business are? I keep seeing it everywhere, does it just mean profitability? A bit confused about this and a quick clarification would be awesome!

Thanks!!!

Hi, diesxel!

When we say strategic business goals, we refer to them as the long term goals of a business from future planning, which are then divided into specific goals and tasks within the business.

Profitability is just one strategic goal of a business, because in the long run, the business aims to make a profit. Along with profitability, businesses also try to increase their market share in order to grow as a business.

Hopefully, this helps with tackling questions referring to strategic business goals.

[diesxel]

Hi, diesxel!

When we say strategic business goals, we refer to them as the long term goals of a business from future planning, which are then divided into specific goals and tasks within the business.

Profitability is just one strategic goal of a business, because in the long run, the business aims to make a profit. Along with profitability, businesses also try to increase their market share in order to grow as a business.

Hopefully, this helps with tackling questions referring to strategic business goals.

Thanks so much this really helped!


I have another question, I'm studying the HR influences and I was confused about legal influences for the dotpoint about employment contracts.

When talking about common law, minimum employment standards, awards etc. are these all TYPES of employment contracts??

Thanks

[Opengangs]

Thanks so much this really helped!


I have another question, I'm studying the HR influences and I was confused about legal influences for the dotpoint about employment contracts.

When talking about common law, minimum employment standards, awards etc. are these all TYPES of employment contracts??

Thanks

Hi, diesxel!

Employment contracts are a bit tricky to grasp, because there are so many elements that fall under the employment contract.
The easiest way I remember it is by referring it back to a business situation.

When employees and employers are first introduced to each other, both parties are required to sign some sort of legally-binding agreement. This is the employment contract -- a legally binding and formal agreement between the employer and employee.
From here, we can branch out into two different forms of contract, depending on the industry. If the industry is sustainable enough to customise their own form of agreement, we call this the enterprise agreement -- which is the employment contract of that specific industry.

On the other hand, we have the awards -- which is government-based. They will supply the same information as the enterprise agreement, but the awards is government-regulated, meaning that the hours and payrates are standard across all of the industries.

Min. employment standards, and other employment contracts are all found under the employment contract, which basically refers to what is being agreed on.
Common laws are laws that must be followed, as it is the law developed by the courts, tribunals, and judges. Think of it as: illegal vs. legal.

[kiiaaa]

HELLO, EVERYONE!

Could someone please explain (teach) me supply chain management as a strategy for operations. I struggle to wrap my head around the thing no matter how many times I read the textbook and thought many another perspective/way of teaching might help

also, could someone also help me and explain profitability strategies under finance. I struggle to understand those too =/

thank you so so so much!

[Kekemato_BAP]

Hi
Could I have some feedback on my sect.3 exec summary?

Spoiler

This report will assist management at Fly Easy Airlines in addressing the concerns of expanding into the foreign global market, appropriate methods of financing new equipment, and the outsourcing of maintenance.
The strategies recommended will include:
-The use of marketing strategies and penetration pricing to establish market share.
-The advantages/disadvantages of debt and equity relating to the matching principle.
-The advantages/disadvantages of outsourcing.
These recommendations are to assist Fly Easy Airlines to effectively deal with their management concerns and maximise business success.

[olliesfield]

How would you answer the 2016 Human resources question for the extended essay

Evaluate the response of human resource management to legal and ethical influences

Thanks
Ollie

[Kekemato_BAP]

Why is factoring considered a debt finance?
Does it depend if it is with or without recourse?

[_____]

Why is factoring considered a debt finance?
Does it depend if it is with or without recourse?

I believe this is because the business technically owes the factoring firm in most instances. If they can't recover the debt, the business is still responsible for the cash balance. If by recourse you mean a guarantee to pay (business's responsibility rather than factoring firm) then the answer is yes. BoS probably didn't want to add another dot point.

Hi
Could I have some feedback on my sect.3 exec summary?

Spoiler

This report will assist management at Fly Easy Airlines in addressing the concerns of expanding into the foreign global market, appropriate methods of financing new equipment, and the outsourcing of maintenance.
The strategies recommended will include:
-The use of marketing strategies and penetration pricing to establish market share.
-The advantages/disadvantages of debt and equity relating to the matching principle.
-The advantages/disadvantages of outsourcing.
These recommendations are to assist Fly Easy Airlines to effectively deal with their management concerns and maximise business success.

Have you been taught to use dot points rather than full sentences in an executive summary? If so, it looks fine as you've mentioned what you're going to talk about which is all that's really necessary (plus the final sentence). I'd change "maximise business success" to "maximise business profitability" or something like that. What was the original question?

[~BK~]

hey...
i'd don't know if anyone uses this thread, but, i was just wanting to know-
what are some global factors that need to be considered when outsourcing?
thanks in advance!

[julia_warren13]

Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?

Assess the effectiveness of HR management strategies

Thank you!

[~BK~]

Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?

Assess the effectiveness of HR management strategies

Thank you!

hey julia..
i'm no expert, but i would tend to apply it to a case study mainly talking about the strategies (leadership style, job design etc.) and then assess how they have affected the effectiveness of the business.?!?! don't know if that helps/ makes sense and that is only the way i would do it!! personally, i think you could actually do it either way?!?
ATB with your essay 

[prickles]

Could someone please explain the best way to approach this section IV essay question - should the answer focus on HR strategies or indicators of HRM effectiveness?

Assess the effectiveness of HR management strategies

Thank you!

Remember your directive term is assess. So your response should include some essence of a judgement of the quality/value/outcomes etc. So just focusing on the strategies alone probably won't fulfill the criteria/directive term. Your second option sounds better, as long as you do still make a judgement.

[bun00]

hey yep i'd say BK's way is what i'd do