VCE Business Management Question Thread!

[dsabeta]

Hey guys,
Can someone please explain the difference, or the link, between redundancy and retrenchment?
Thanks!!

[vceme]

Hey guys,
Can someone please explain the difference, or the link, between redundancy and retrenchment?
Thanks!!

Hey,
Redundancy is when there is a reduction/termination of particular jobs due to factors, mostly relating to technology. Retrenchment is when employees are dismissed, often due to commercial and economic conditions.
Soo....
Redundancy targets job positions. Retrenchment targets people.
Eg. Redundancy: Factory workers are made redundant due to machines taking over in factory. They are no longer needed because machines can take over, so the job position they once had is unneeded
Retrenchment: A milk-bar is currently facing a lack of customers due to a local supermarket opening up across the street. The employee is not fully occupied nor can the business afford to keep the employee, so the business retrenches the employee.
Hope this helps 

[vceme]

Anyone able to tell me what should be the structure of the answer to this question:
VCAA 2017 Exam:
Distinguish between mediation and arbitration as a means of dispute resolution (3 marks)

Thought you would do a definition for each, and then identify two differences but the high-scoring answer doesn't really have a definition 
Thanks heaps in advance!!! 

[accountingpro]

Anyone able to tell me what should be the structure of the answer to this question:
VCAA 2017 Exam:
Distinguish between mediation and arbitration as a means of dispute resolution (3 marks)

Thought you would do a definition for each, and then identify two differences but the high-scoring answer doesn't really have a definition 
Thanks heaps in advance!!! 

I'd define both. And then talk about how mediation is used when the dispute is unable to be solved by simpler means, and how a common agreement can be reached that both parties are satisfied with. Then talk about how arbitration is last resort and will likely favour 1 party over the other and is legally binding.

[vceme]

I'd define both. And then talk about how mediation is used when the dispute is unable to be solved by simpler means, and how a common agreement can be reached that both parties are satisfied with. Then talk about how arbitration is last resort and will likely favour 1 party over the other and is legally binding.

Ooh thank you!!

If a term has more than 2 advantages and disadvantages is it enough to just memorize 2 advantages and 2 disadvantages?

Yes, 2 advantages and 2 disadvantages should be sufficient as they are usually 4 mark questions when asked to compare and contrast.

[dsabeta]

I was just wondering if someone could properly break down the relationship between operations management and business objectives? I honestly suck at these questions and feel as if I don't provide enough detail :-/ thanks!!

[DoctorTwo]

I was just wondering if someone could properly break down the relationship between operations management and business objectives? I honestly suck at these questions and feel as if I don't provide enough detail :-/ thanks!!

I hate these types of questions too, yet they always seem to show up on SACs!
Basically, operations involves the production of goods and services, which should be the main aspect of the business. Business can achieve their objectives through operations management in many ways. For example, the objective to increase net profit can be met by using quality control to ensure that goods are the best quality, and that customers return and potential customers buy from us. The objective to decrease waste can be met using lean management, which involves eliminating all types of waste. One way to do this is reusing scrap material, or trading waste with other businesses.

I hope this makes it clear.

[vceme]

I was just wondering if someone could properly break down the relationship between operations management and business objectives? I honestly suck at these questions and feel as if I don't provide enough detail :-/ thanks!!

I hate these types of questions too, yet they always seem to show up on SACs!
Basically, operations involves the production of goods and services, which should be the main aspect of the business. Business can achieve their objectives through operations management in many ways. For example, the objective to increase net profit can be met by using quality control to ensure that goods are the best quality, and that customers return and potential customers buy from us. The objective to decrease waste can be met using lean management, which involves eliminating all types of waste. One way to do this is reusing scrap material, or trading waste with other businesses.

I hope this makes it clear.

I like this!!! ^

This is my take on this type of question:

Operation management affects the task, activities, procedures and processes that occur in the operation system, thereby affecting the quality, quantity and  price of products or services. If operation management is able to implement procedures and processes that make the operation system more effective and efficient, the business productivity level would be very high. Hence, this would increase the competitiveness of the business compared to their competitors, therefore giving them a competitive advantage and subsequently more sales, market share etc, allowing the business to achieve their business objectives. If operation management is not able to administer an effective and efficient operation system, the business will not be able to compete against other competitors and will be forced out of the market.

disclaimer: still a year 12 busman student and i develop my answers from watching edrolo, checkpoints and other resources.

[Trisrix]

i havent even done the operation managemt sac cause of absence, but can anyone explain to me the wuality assurrance, qualty controll and tqm

[Globe]

i havent even done the operation managemt sac cause of absence, but can anyone explain to me the wuality assurrance, qualty controll and tqm

Hey! Might be a bit late to this question, but I'd hate to see it left unanswered.

So basically the three strategies you listed above are strategies that improve the efficiency and effectiveness of operations related to quality; Quality Control, Quality Assurance, and Total Quality Management. Each one of these strategies aims to improve the quality in a business' operation process.

So firstly, Quality Control - A quality management strategy that sets a quality standard for production, carries out inspections of the product, and compares outputs to that standard, rejecting any substandard outputs. Basically think about quality control strategy in three parts - setting a quality standard for production for the products (or even services) a business is producing, comparing finished outputs to that standard, and rejecting any substandard outputs, and thus eliminating them from being purchased or consumed by customers.

Quality Assurance is a system established to ensure predetermined quality standards are achieved by building quality into the work processes by involving use of an external certification body to set quality standards. For example, adjusting processes in line with the standards expected by the ISO 9000 series. Basically this strategy involves building quality into the work processes of a business, and aims to thus eliminate substandard outputs before they are even created, eliminating wastage and hence improving quality. May not be necessary to mention the ISO 9000 series, but its a common example of an external certification many businesses use. Quality assurance also allows a competitive advantage to be established for many businesses, as customers are enticed to purchase products with guaranteed quality.

Finally, TQM - A holistic approach to quality which promotes an ongoing business-wide commitment to excellence that is applied to every aspect of the businesses operations. It has a three way focus on customers, employee empowerment and continuous improvement.

Employee Empowerment usually involves Quality Circles, which are a group of workers who meet regularly to discuss quality and production issues. Any proposed changes to production methods are then put forward to management.Teams of up to ten employees introduce ideas from all areas of the organisation, that will drive improvements in quality and in the process, increase productivity. These groups often make presentations to management with their ideas in order to improve the performance of the business.

Continuous Improvement involves higher and higher standards are set for the continual pursuit of improvement. All employees from all areas of the business continuously seek ways to improve work performance. Practices are also benchmarked against world standards.

Customer Focus involves focusing on the needs of the customer to provide exceptional service and quality of a product.

Hopefully this helps. I'd recommend knowing the advantages and disadvantages of all three, and also similarities and differences, as DICUSS and COMPARE questions are pretty frequent regarding this topic!

[vceme]

Hey everyone,
So silly me didn't realise that I had to build up a bank of business contemporary examples over the year, besides U4 AOS 1& 2  . How imperative is it for me to know all these examples. Will VCAA ask me to use an example to demonstrate my knowledge for Unit 3. For example, use an example to demonstrate a strategy that increases the effectiveness and efficiencies of an operation system? ((I know that you're allowed to use real-world examples to demonstrate your knowledge))

[80fik]

Hey everyone,
So silly me didn't realise that I had to build up a bank of business contemporary examples over the year, besides U4 AOS 1& 2  . How imperative is it for me to know all these examples. Will VCAA ask me to use an example to demonstrate my knowledge for Unit 3. For example, use an example to demonstrate a strategy that increases the effectiveness and efficiencies of an operation system? ((I know that you're allowed to use real-world examples to demonstrate your knowledge))

Contemporary business examples should be relevant to the specific question and should be recent, not obsolete. For example, if a question regarding CSR is asked and it is required to use an example of a studied business, you could mention the abandoning of plastic bags by Woolworths this year in an effort to operate in a more environmentally friendly manner. Last year's exam did not contain any question that asked for an example to be incorporated in the answer. In my opinion, if the use of a contemporary business example is required this year, I think it will be integrated in the 10 mark question.

[vceme]

Contemporary business examples should be relevant to the specific question and should be recent, not obsolete. For example, if a question regarding CSR is asked and it is required to use an example of a studied business, you could mention the abandoning of plastic bags by Woolworths this year in an effort to operate in a more environmentally friendly manner. Last year's exam did not contain any question that asked for an example to be incorporated in the answer. In my opinion, if the use of a contemporary business example is required this year, I think it will be integrated in the 10 mark question.

Hey! Thanks for replying.
Yeah as I was looking at the 2017 exam, I noticed the lack of questions that needed a contemporary business example so I got a bit confused, especially with the questions in the sample 2017 exam. Also can we just take notice how different the structure of the sample 2017 exam is different to the actual exam   

[dymski]

Does anyone know if there are answers for the 2017 VCAA Sample exam and where to find them?
Thanks 

[80fik]

Does anyone know if there are answers for the 2017 VCAA Sample exam and where to find them?
Thanks 

VCAA don't publish answers for sample exams and I haven't come across any made externally. Is there a specific question you require assistance with?