Business Management Exam Help/Advice/Discussion

[jsimmo]

Business Management Exam Help/Advice/Discussion

I have included a few dot points that I thought may be of help to you when preparing for the exam. It would be great if other people could contribute.

If anyone has any questions, you can post them here and I and other people may be able to answer them for you.

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MY TIPS: (I'll add to it every so often)

• Write down every definition from each past VCAA exam!: If you set out each term in a table from 2002 right through to 2007 you can see that most are repeated every 2 - 3 years. So, basically know an 'A+ standard' definition for each of these!!

• Know what they mean when they ask for strategies:
  - OPERATIONS MANAGEMENT STRATEGIES: new technology, facilities design and layout, materials management, quality control.. and know WHY and HOW they improve the operations in some way! Most will be to do with improved productivity leading to increased competiveness, improved quality leading to improved customer satisfaction leading to improved sales leading to improved competiveness, reduced workplace accidents leading to improved employee satisfaction leading to improved productivity.....................
  
  - HR MANAGEMENT STRATEGIES (these vary for each case study): Most will be tasks undertaken within the employment cycle - HR planning (assessing the future staffing needs), reward/recognition (improved worker satisfaction, improved morale), motivation (improved worker satisfaction), job analysis/job description (used in the selection process to find the most suitable applicant for the job)......
  
  - There are a lot more types of strategies for different sections of the course - just be able to relate them back to HOW and WHY they are used to improve the organisation in some way or another
  
  

• Make sure you make your OWN glossary!: Memorise as many terms as you can!!

• Know examples for EVERY section of the course!: This is a really important thing. Try and find as many examples as you can for EVERY section of the course! The more examples the better... if you can relate a real life example to any type of exam question = higher marks!

• Focus on one type of motivational theory and change management theory (DON'T get them confused with eachother): I'm using Lewins change theory and Maslows hierarchy of needs. One important thing to note here is that the study design states that we should know: 'Motivational theories'.. The chances of the exam asking for two theories is slim - but I guess it's better to be safe than sorry! (Hence, roughly know a second one just in case).

• Management roles/skills/styles: These are DEFINITELY going to be on the exam so know them like the back of your hand!! Know the advantages/disadvantages of each management style.. what situation they would be used.. also make sure you know at least 5 different management skills (delegation, time management, communication, decision-making, negotiation, emotional intelligence). Make sure you know each management role and what each involves and how it can be linked back to strategies and objectives.

• Key Performance Indicators: Know FINANCIAL and NON-FINANCIAL indicators.. a lot of people say that 'Customer satisfaction' is a performance indicator.. it's NOT. It's merely a performance area! An indicator for customer satisfaction would be: number of complaints, level of profit, number of return items.. (notice the underlined words - when writing an exam question relating to KPI's use the underlined words within your answer. A KPI should be written as 'level of', 'number of', etc)

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LAST WORDS OF ADVICE:
- Ensure you have your last minute essentials before you walk into the exam room (pens, highlighters, tissues, water).
- Many people get overwhelmed at the thought of sitting a full VCAA examination - you need to forget about negativitity and focus on success and positivity.
- Use a watch to time yourself (60 marks, 2 hours = 2 minutes per mark).[/b]

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Head back to; [b]'The Ultimate guide to Business Management Success'[/b]

[Noblesse]

Great thread jsimmo
A couple tips I have would be: when asked to identify/outline two or more KPIs, unless the case study or question explicitly states the areas needing improvement and subsequently measurement to see if strategies work, use different types of KPIs. Eg. Staff turnover and staff absenteeism, while different, are still measuring a closely related topic - employee satisfaction, motivation etc.

Also, apparently alot of people use problem-solving AND decision-making. Don't! Apparently these are considered the same thing by examiners.

[costargh]

You only need to know ONE change management issue. With your change management issue (especially for social responsibility, as you may get confused with how to approach the question considering it is studied throughout the course) make sure that you state the driving and restraining forces for changes with respect to that change issue and make sure sure to give a good description of what the issue is and illustrate using an example (although it may ask you to use an example anyway)

[jsimmo]

• Know and apply an operations management system to a MANUFACTURING/GOODS organisation and a SERVICE organisation. In 2006 (or 2005, I can't remember) VCAA asked you to provide an example of an operations system using a SERVICE firm.. so don't just have one for a manufacturing organisation because it could backfire in your face.

[jsimmo]

Also, apparently alot of people use problem-solving AND decision-making. Don't! Apparently these are considered the same thing by examiners.

That's like using 'people skills' as a management skill... It's basically means communication and emotional intelligence. So, when asked to list management skills don't write 'people skills' write communication and emotional intellignece!!

[RD]

great advice, sure will help!
as probably all teachers have said to you, read the question carefully, and highlight key words.

[kelep]

make sure that when going through the exam, underline key points in the question.

if for example it says identify and explain make sure that the identify and the explain is underlined so that you don't forget to do something that the question is asking for

[muji]

Just a question;

Can someone name me some driving and restraining forces for change?

[jsimmo]

Just a question;

Can someone name me some driving and restraining forces for change?

A driving force for change are those that push and apply pressure for the change to occur.
Examples: management, employees, the need for innovation.. customers, unions, competitors..globalisation, legislation

A restraining force for change are those that repress and hold back the pressures for change.
Examples: employee resistance, costs, organisational inertia, customers, legislation

[vce_man09]

Hi all,

Just wondering what the policy is with writing outside the lines provided on the examination? Is there a set amount of lines extra that can be written until writing must be done in the "Extra space" provided? What happens if I do run out of space, do I just write the question number and continue my response?

Also, can you freely annotate the case studies on the exam and write whatever you wish, such as numbers down the bottom denoting time left for each page?

[jsimmo]

Hi all,

Just wondering what the policy is with writing outside the lines provided on the examination? Is there a set amount of lines extra that can be written until writing must be done in the "Extra space" provided? What happens if I do run out of space, do I just write the question number and continue my response?

Also, can you freely annotate the case studies on the exam and write whatever you wish, such as numbers down the bottom denoting time left for each page?

For my exams I tend to write too much and I always extend my writing down the bottom of the page (only if there is a large white space).. however, if there isnt any white space down the bottom I use the extra lines at the back of the exam paper. Just make sure you indicate which question you are continuing (write it in red so it stands out) and make sure you write 'CONTINUED...' next to the question you are continuing in the back.

Also, I can't see why you can't annotate the book.. it's not going to lower your mark, so it wouldn't be a problem.

[vce_man09]

Thanks jsimmo!

Also, how are MPS and MRP used to increase business competitveness?

I have basic ideas of less human error, structured system, exact materials needed - less wastage and increased productivity - which leads to cheaper production and/or quality and speed giving the org a competitive edge on these factors. Any other ideas?

[jsimmo]

Thanks jsimmo!

Also, how are MPS and MRP used to increase business competitveness?

I have basic ideas of less human error, structured system, exact materials needed - less wastage and increased productivity - which leads to cheaper production and/or quality and speed giving the org a competitive edge on these factors. Any other ideas?

What you said is pretty much what I would say.

MPS -> MRP -> Right number of materials -> Less wastage -> Increased productivity -> Save costs -> Increased profit levels -> Greater competiveness

you could a little crazy and say that because of less waste and correct inventory levels, the facilities design and layout allows for a smooth flow of production and hence, workers are able to carry out tasks efficiently....... leading to improved morale... improved productivity and improved competitiveness.

[vce_man09]

Yeah sounds good thanks.

What were your SAC marks like? And how are prac exams going for you?

[akkxn]

Thanks jsimmo!

Also, how are MPS and MRP used to increase business competitveness?

I have basic ideas of less human error, structured system, exact materials needed - less wastage and increased productivity - which leads to cheaper production and/or quality and speed giving the org a competitive edge on these factors. Any other ideas?

What you said is pretty much what I would say.

MPS -> MRP -> Right number of materials -> Less wastage -> Increased productivity -> Save costs -> Increased profit levels -> Greater competiveness

you could a little crazy and say that because of less waste and correct inventory levels, the facilities design and layout allows for a smooth flow of production and hence, workers are able to carry out tasks efficiently....... leading to improved morale... improved productivity and improved competitiveness.

whats MRP? I think of meal replacement powder when I see it