Business & Management
Course Description
Business management is a rigorous and dynamic discipline in the individuals and societies subject group. The course places emphasis on decision-making in contemporary contexts of strategic uncertainty. It examines how business decisions are influenced by internal and external factors, and how these decisions impact upon its stakeholders. The course also explores how individuals and groups interact within an organization, how they may be successfully managed and how they can ethically optimize the use of resources in a world with increasing scarcity and concern for sustainability, thereby encouraging the appreciation of ethical concerns (issues of corporate social responsibility).
Emphasis is also placed on the operational business functions of human resource management, finance and accounts, marketing and operations management. Links between the topics are central to the course, as this integration promotes a holistic overview of business management. Through the exploration of four concepts underpinning the subject (change, creativity, ethics and sustainability), the course allows students to develop their understanding of interdisciplinary concepts from a business management perspective.
The course is designed to develop students’ knowledge and understanding of business management theories, as well as their ability to apply a range of tools and techniques. Students learn to analyse business activity covering a range of organizations from all sectors, as well as the socio-cultural and economic contexts. Through the study of topics such as organizational growth and business strategy, the course aims to develop transferable skills relevant to today’s students. These include the ability to: think critically; make ethically sound and well-informed decisions; appreciate the pace, nature and significance of change; think strategically; and undertake long term planning, analysis and evaluation.
Difference between HL and SL
The HL course in business and management differs from the SL course in business and management in terms of the:
- extra depth and breadth required (extension units for HL)
- nature of the examination questions
Syllabus Outline
The following four concepts underpin the IBDP business management course: change, creativity, ethics and sustainability. These concepts are explored through real-world resources and are closely linked to subject specific concepts, tools and theories, as outlined in the five modules of the syllabus below:
Topic 1: Business organization and environment
This module is about business organizations as legal entities, organizational objectives and the different stakeholders affected by business operation. It also introduces business growth and ways to achieve this.
Topic 2: Human resource management
This module focuses on the way people influence, and are influenced by organizations in order to achieve organizational objectives. Topics covered include recruitment and appraisal methods, organization structure and communication, motivational and leadership theories and industrial relations.
Topic 3: Finance and accounts
This module explores how organizations manage their financial resources and how accounting and financial information is used to aid decision-making. Topics include investment appraisal, sources of finance, cash flow forecasts, interpretation and construction of financial accounts (profit and loss statements, balance sheets), ratio analysis.
Topic 4: Marketing
This module emphasizes the formulation of marketing strategies to achieve organizational objectives and in response to the changing environment. Topics covered include the role of marketing and market research in a national/international context, sales forecasting, the development of marketing strategies regarding the product, price, distribution and promotion.
Topic 5: Operations management
This module focuses on production and explores issues of quality improvement, crisis management, different methods of production and stock control, management information systems and the importance of research and development for businesses.
Course Objectives
Having followed the business and management course at HL or SL, students will be expected to:
- demonstrate knowledge and understanding of business terminology, concepts, principles and theories
- apply knowledge and skills to real-world situations and analyze business strategies and practices, selecting and interpreting data, and applying appropriate tools and techniques
- demonstrate synthetic and evaluative skills
- select and use business tools and material, in order to produce well-structured, written material using business terminology
Course Assessment
Externally assessed written examinations, along with internally assessed assignments, contribute to the final IB Diploma grade. The assessment components, along with the relevant weights allocated to each one, are briefly presented below:
Internal Assessment: Written assignment (weight: 30% for SL/ 20% for HL)
A 1800-word research project demonstrating the application of business and management tools, techniques and theory. Candidates are to choose a real-life situation or problem faced by a specific business organization, and approach it through a conceptual lens.
External Assessment: Written Examination (weight: 70% for SL/80% for HL)
Paper 1: Questions are based on an extended case study related to a contemporary business topic. A pre-released statement that specifies the context and background for the un-seen case study assist in the preparation of the students. Most questions are of qualitative nature.
Paper 2: Students respond to structured questions on unseen stimulus material provided. Most questions have a quantitative focus.
Paper 3 (HL only): Based on unseen stimulus material about a social enterprise. Students answer questions, including an extended essay-type question, based on the unseen stimulus material.
