IB Business & Management Course Handbook 2013-2014 Contents · Philosophy Statement …………………………………….……………………… · The aims of the Business and Management course……………………………… · Objectives………………………………………………………………………… · Expectations……………………………………………………………..……….. · Skill Levels & Command words…………………………………………….…… · Syllabus Overview…………………………………………………….………….. · Assessment Overview …………………………………………………………… o External Assessments...………………………………………..…………. o Internal Assessment………………………………………………………. Format of written commentary ……………………………………. SL Internal Assessment Criteria …………………………………... · Resources………………………………………………………………………….. 1 1 1 2 2-4 5 6 7 8-9 9 10-11 12 Philosophy Statement: The learning of Business and Management in the International Baccalaureate programme aims at developing critical thinking with an inquiry based learning to facilitate the development of learner profiles. It will allow students to become more international minded with strong links to the world around us using case studies and simulations. Business and management is a study of problem solving which would give them a strong foundation when entering any degree in university with its learning through the TOK. The aims of the Business and Management course: promote the importance of exploring business issues from different cultural perspectives; encourage a holistic view of the world of business; enable the student to develop the capacity to think critically about individual and organizational behavior; enhance the student’s ability to make informed business decisions; enable the student to appreciate the nature and significance of change in a local, regional and global context; promote awareness of social, cultural and ethical factors in the actions of organizations and individuals in those organizations; appreciate the social and ethical responsibilities associated with businesses operating in international markets. Objectives: Having followed the business and management course at SL, students will be expected to: demonstrate knowledge and understanding of business terminology, concepts, principles and theories make business decisions by identifying the issue(s), selecting and interpreting data, applying appropriate tools and techniques, and recommending suitable solutions analyze and evaluate business decisions using a variety of sources evaluate business strategies and/or practices showing evidence of critical thinking apply skills and knowledge learned in the subject to hypothetical and real business situations communicate business ideas and information effectively and accurately using appropriate formats and tools. Expectations: Students are given the opportunity to develop their interest and enthusiasm as they progress through the Business and management course where practical/investigative work is fully integrated into the course. Students will be required to present a 1,500 word Written Assignment/Commentary at the end of February. Students will be required to participate in the two written paper exams in May. Regular assignments will be set. Students are expected to keep their notes in a file. Students are expected to make full use of internet resources to support their learning. A course textbook for SL will be provided along with the opportunities to practice past papers. Students will be encouraged to read journals and books which are published in different countries and which reflect the international mindedness. Skill Levels & Command words: 1 2 3 4 Knowledge Application Analysis Evaluation Assessment Objectives Command Word Skill Level Command Word Skill Level Classify Complete Define Describe Identify Outline 1 1 1 1 1 1 Analyze Apply Examine Interpret 3 3 3 3 Calculate Comment Compare Construct Contrast 2 2 2 2 2 Advise Discuss Evaluate Justify Recommend 4 4 4 4 4 IB BUSINESS AND MANAGEMENT SL QUICK COMMAND WORD GUIDE Level 1: Knowledge (1-2 marks) Term Classify Definition Arrange/order business ideas or data by class or categories Classify the products sold by a business based on the Boston Matrix. Comment Description/observation of business data or information relating to a business decision or issue Comment on the change in Burton Inc.’s change in liquidity Add information/data Complete the ESTs and LFTs in the critical path diagram Present business data or information in the form of a diagram or table Construct a decision tree for Burton Inc.’s various options A clear, precise statement of the meaning of a business term, word or concept Define the term liquidity To outline the characteristics of an object or idea Describe the corporate culture at Burton, Inc. Recognize a feature of a business idea, observation or issue Identify a reason for the rise in Burton, Inc.’s costs Complete Construct Define Describe Identify Outline Level 2: Calculate Understanding (3-4 marks) Comment Compare Contrast Distinguish Explain Prepare Give a brief summary of the points raised on an issue or idea Outline the characteristics of a democratic leadership style. Give a precise numerical value Calculate Burton, Inc.’s payback period on their new corporate jet Give an explanation of a business issue or information Comment on the rise of Burton Inc.’s liquidity. Examine two or more business objects/ideas in order to consider similarities and differences between them Compare Herzberg’s and Taylor’s approaches to motivating workers Consider the differences between ideas/concepts Contrast the TQM and traditional approaches to quality control Show the differences between business ideas/concepts Distinguish between democratic and autocratic leadership styles Describe, giving reasons, a business idea, observation or issue Explain why Burton, Inc.’s profits have increased Write out data in a chart, table or diagram Prepare a table of Burton, Inc.’s sales revenue over the last five years Level 3: Analyze Application (57 marks) Apply Examine Formulate Interpret Level 4: Opinion (8-10 marks) Advise Discuss Evaluate Justify Recommend To what extent To separate business material/information into constituent parts and determine its essential features Analyze the factors that have led to an improvement in Burton, Inc.’s liquidity Use a theory, principle or concept in relation to a business problem or issue Apply Porter’s Five Forces to analyze the market Burton, Inc. operates in. Consider a business decision/proposal which sets out its assumptions and interrelationships Examine Burton, Inc.’s decision to outsource production to the Philippines Present a business strategy or decision in a clearly set-out form Formulate a marketing strategy for Burton, Inc. Draw out and explain information from business issues/observations Interpret the change in Burton, Inc.’s profit margin. A recommendation to take a particular course of action Based on monetary and non-monetary factors, advise the CEO of Burton, Inc.’s whether he should choose to purchase a new server system or employ a company to manage operations via cloud computing By looking at all aspects of a particular business decision/proposal, consider a balanced view of the decision or proposal. Discuss Burton, Inc.’s decision to expand into an overseas market. Consider the advantages and disadvantages of a business decision or proposal Evaluate the use of JIT stock management by Burton, Inc. Provide evidence to support or defend a business decision, strategy or course of action Justify Burton, Inc.’s decision to launch a new product Suggest a course of action for a business decision based on evidence and/or argument Recommend a promotional strategy to Burton, Inc. Make a judgment on the success or failure of a particular course of action based on evidence and argument To what extent is Burton, Inc.’s decision to adopt profit-related pay a successful way to improve staff motivation? Syllabus Overview: Standard Level Unit 1: Business organization and environment Unit 2: Human resources Unit 3: Accounts and finance Unit 4: Marketing Unit 5: Operations management Unit Details from Business & Management IB Syllabus (order in which we will cover material) Unit 1: Business organization and environment Unit 3: Accounts and finance 1.1 Nature of business activity 1.2 Types of organization 1.3 Organizational objectives 1.4 Stakeholders 1.5 External environment 1.6 Organizational planning tools 1.7 Growth and evolution 1.8 Globalization 3.1 Sources of finance 3.2 Investment appraisal 3.3 Working capital 3.4 Final accounts 3.5 Ratio analysis Unit 4: Marketing 4.1 The role of marketing 4.2 Marketing planning 4.3 Product 4.4 Price 4.5 Promotion 4.6 Place (distribution) 4.7 International marketing 4.8 E-commerce Unit 2: Human resources 2.1 Human resource planning 2.2 Organizational structure 2.3 Communication 2.4 Leadership and management 2.5 Motivation Unit 5: Operations management 5.1 Production methods 5.2 Costs and revenues 5.3 Break-even analysis 5.4 Quality assurance 5.5 Location 5.6 Production planning Assessment Overview Award of Course Certificate The SL Business and Management student who completes the course provided he/she has taken internal and external examinations will gain an IB Diploma Certificate in Business and Management, if successful. Standard Level [SL] -Assessment outline Paper 1 Syllabus content All five topics Assessment Objectives Method External assessment Paper 2 All five topics 1-6 1-6 Based on a case study issued in advance. Section A Students answer one of two structured questions based on stimulus material with a quantitative element (20 marks) Section A Students answer two of three structured questions (30 marks) Section B Students answer two of three structured questions based on stimulus material (40 marks) Total marks Component time Weighting Section B Students answer one compulsory structured question including evaluative skills (20 marks) 50 marks 60 marks 1 ¼ hours 1 ¾ hours 35% 40% Internal assessment Any topic from the SL core syllabus 1-6 Written commentary Written commentary based on three to five supporting documents about a real issue or problem facing a particular organization (Maximum 1,500 words) (25 marks) 25 marks 15 hours 25% SL external assessments General Papers 1 and 2 The two written examination papers, papers 1 and 2, which are externally set and externally marked, test the assessment objectives identified in the introduction. Case study (paper 1) The case study is provided by the IBO well before the examination session. The purpose of the case study is to assess, in depth and across a number of topics, the student’s ability to apply business knowledge to a given situation. Calculators Students may be expected to carry out simple arithmetic calculations; therefore each student is required to have access to a calculator with basic arithmetic operations for both examination papers. Calculators must not be shared. Regulations concerning calculators are given in the relevant section of the Vade Mecum. Paper 1 Duration: 1 hour 15 minutes Weight: 35% This paper is divided into two sections, both based on the IBO-prescribed case study issued to students well before the examination. The maximum number of marks is given below. The marks available for each question, and each part of a question, will be indicated on the examination paper. Section A Students should answer questions be referring primarily to information derived from the case study, as well as referring to their own knowledge. Students must answer two of the three structured questions in this section. The maximum number of marks available for this section is 30. Section B Students must answer the one compulsory structured question in this section. Part of the question will test evaluative skills. The maximum number of marks available for this section is 20. Paper 2 Duration: 1 hour 45 minutes Weight: 40% This paper is divided into two sections. The maximum number of marks is given below. The marks available for each question, and each part of a question, will be indicated on the examination paper. Section A Students must answer one of the two structured questions in this section. The questions are based on stimulus material and contain a quantitative element. The maximum number of marks available for this section is 20. Section B Students must answer the one of the three structured questions in this section. The questions are based on stimulus material. The maximum number of marks available for this section is 40. SL internal assessment – Written Commentary [1500 words] General Internal assessment is an important part of the Diploma Programme Business and Management course. It allows students to demonstrate the application of their skills and knowledge in business and management without the time limitations and stress associated with written examinations. Students are encouraged to obtain advice and information during the research process from the teacher. All work presented must be the student’s own work. Teachers must document the support given to the student, as well as the authenticity of the student’s work. Teachers may give advice on improving the first draft of the written report, with limited annotations. Constant drafting and redrafting is not allowed, and the next version of the paper that is handed to the teacher must be the final copy. The commentary Students must select a real issue or problem, not a fictional one, and must produce a commentary with a title presented as a question. The issue or problem selected for the commentary must relate to the SL syllabus and refer directly to a single business organization. The title of the commentary must be phrased in the form of a question. The commentary requires the application of business tools, techniques and theory to a contemporary business issue or problem. The commentary must not exceed 1,500 words. A word count must be included as part of the commentary. The commentary should follow the MLA format requirements. The commentary requires analysis and evaluation of the business issue or problem. Judgments are likely to be made throughout the commentary but are essential within a conclusion. The student must to attach the commentary three to five supporting documents from which the majority of the information for the commentary has been obtained. Any additional sources, such as textbooks, class notes, and DVDs/videos, must be referenced, but will not be accepted as supporting documents. Students must highlight the parts of each supporting document that relate directly to their commentary. All supporting documents and additional sources must be fully referenced and included in a bibliography. Selection of supporting documents The supporting documents must be of a contemporary nature and written a maximum of two years before the submission of the written commentary. Students must select their own supporting documents; it may not be supplied by the teacher. Students must work independently, and it is recommended that they do not use the same supporting documents as other students. The commentary can be based on secondary sources and/or primary data. Examples of secondary data are: o market research surveys o articles from the local, national, or international press o financial reports o business accounts o business plans o mission statements o web-based surveys o extracts from company websites o government and other statistics o academic publications Examples of primary data are: o responses to questionnaires (students should include a blank copy of the questionnaire and a tally/summary of results) o transcripts of interviews and discussions with focus groups o results of surveys Supporting documents should present a range of ideas and views in order to achieve the highest levels of each assessment criterion. An example of an appropriate question might be, “Can company X, an independent food retailer, survive?” The commentary should then examine business concepts such as economies of scale, mergers and acquisitions, distribution chains, the marketing mix, and the impact of changes in the external environment represented as economic, social and demographic trends. Format of written commentary • Title page • Contents page • Acknowledgements • Introduction • Main findings & analysis • Conclusion/s • Bibliography • Appendix SL internal assessment criteria The SL business and management written commentary is assessed against six criteria that are related to the objectives for the business and management course. When the work to be assessed has been read, the descriptors for each criterion should be studied until a descriptor is reached that most appropriately describes the achievement level. If a piece of work seems to fall between two descriptors, both descriptors should be read again and the one that more appropriately describes the student’s work chosen. Criteria Achievement level Criterion A Supporting documents Criterion B Choice and application of business tools, techniques and theory Criterion C Use, analysis and synthesis of data Criterion D Conclusions Criterion E Evaluation and critical thinking Criterion F Presentation A Supporting documents – If fewer than three documents are presented, a maximum of three marks can be awarded. Achievement Level 0 1 2 3 4 B Descriptor There are no documents presented in support of the commentary. The supporting documents are irrelevant. The supporting documents are generally relevant but some lack depth. The supporting documents are relevant and sufficient in depth. The supporting documents are relevant, sufficient in depth and provide a range of ideas and views. Choice and application of business tools, techniques and theory Achievement Level 0 1 2 3 4 5 6 Descriptor There is no use of business tools, techniques or theory. There is a limited selection of business tools, techniques and theory. There is a limited selection of business tools, techniques and theory, but these are superficially applied. There is appropriate selection of business tools, techniques and theory, but these are superficially applied. There is appropriate selection of business tools, techniques and theory, and these are suitably applied. There is appropriate selection of business tools, techniques and theory, and these are competently applied. There is a broad and appropriate selection of business tools, techniques and theory, and these are skillfully applied. C Use, analysis and synthesis of data Achievement Level 0 1 2 3 4 5 6 D Conclusions Achievement Level 0 1 2 3 E Descriptor There are no conclusions. Conclusions are inconsistent with the evidence presented. Some of the conclusions are consistent with the evidence presented. The conclusions are consistent with the evidence presented and answer the commentary question. Evaluation and critical thinking Achievement Level 0 1 2 3 F Descriptor There is no use of date from the supporting documents. There is inappropriate selection of data from the supporting documents. There is appropriate selection of data from the supporting documents. There is appropriate selection of data from the supporting documents with superficial analysis. There is appropriate selection of data from the supporting documents with appropriate analysis. There is appropriate selection of data from the supporting documents with superficial analysis. There is some integration of ideas. There is appropriate selection of data from the supporting documents with appropriate and detailed analysis. There is coherent integration of ideas. Descriptor There is no evidence of evaluation. There is limited evidence of evaluation. There is evidence of evaluation, but not all judgments are substantiated. There is evidence of evaluation, and judgments are substantiated. Critical and reflective thinking occurs in the commentary. Presentation Achievement Level 0 1 2 3 Descriptor The commentary exceeds 1,500. The commentary is disorganized and lacks structure. Sources are not appropriately referenced. The commentary is sufficiently organized and structured with some use of appropriate business terminology. Sources are appropriately referenced. The commentary is well organized and structured, with consistent use of appropriate business terminology. Sources are appropriately referenced and an appropriate bibliography is provided. Resources: Online Resources http://www.bized.co.uk/ http://www.tutor2u.net/ http://www.marketingteacher.com/ http://www.mindtools.com/ http://www.businessballs.com/ http://www.bbc.co.uk/ http://www.s-cool.co.uk/default.asp http://www.revision-notes.co.uk/ http://www.quickmba.com/ http://www.learnmanagement2.com/ http://www.bloomberg.com/ http://money.cnn.com/ http://www.businessmonitor.com http://www.forbes.com/ http://www.cbc.ca/money/ http://www.times100.co.uk/ http://www.triplealearning.co.uk/