HSC Business Studies Question Thread

[ekhan_01]

Hi there 

I'm just planning out dot points for several essay questions. How would you go about this question? 'assess operation strategies that can help a business achieve its operations objectives'. Are the operation objectives just to gain a competitive advantage??

Thank You

[marcorabbitolol]

Hi there 

I'm just planning out dot points for several essay questions. How would you go about this question? 'assess operation strategies that can help a business achieve its operations objectives'. Are the operation objectives just to gain a competitive advantage??

Thank You

Hey , i'd really like some help with this question as well... i'm guessing operations objectives is aka performance objectives which are- quality, speed, dependability, flexibility, customisation and cost- but that comes under operations strategies anyways.....so i think that the other strategies (new products and services/ outsourcing/ supply chain management/ technology etc...) can lead to achieving the performance objectives-- e.g epic  inventory management  leads to greater dependability ..............maybe im wrong, just my thoughts 

also...i would be eternally grateful to anyone who could explain 'HEDGING' to me in the most simplified way possible....thanks heaps in advance

legends.....atvb in business tomorrow

[12070]

also...i would be eternally grateful to anyone who could explain 'HEDGING' to me in the most simplified way possible....thanks heaps in advance

legends.....atvb in business tomorrow

Yes, like what is Hedging? I know it's minimising the risk of currency fluctuations but isn't that derivatives? Anyone know the difference?

[~BK~]

hey....
we never learnt about derivatives in class.... i am really confused...
would someone mind explaining them to me pls...
thanks

[Opengangs]

Derivatives and hedging are very similar to each other

A derivative is a financial instrument between two parties about an underlying asset or assets. It is a contract made between two parties, and the value of this contract varies proportional to the derivation of such asset(s). So, for instance, if the value of Asset A is $5, the contract, or derivative, is worth $5. Much like a hedge, derivatives reduce the risk of fluctuations within an economy. We can use derivatives within investment trades, such as bonds, commodities, and stocks.

A hedge is a financial strategy that limits the financial risk within a business, due to fluctuations within the economy. In essence, using a hedge protects the investment from the economic standpoint of a particular business. This can be advantageous to a business as it is like a form of security if the economy doesn't go well, but at the same time, it can be disadvantageous if the economy booms. For a hedge, we use a futures contract.

Hopefully, this helps and if you have any questions with the financial strategies, feel free to ask

[~BK~]

Derivatives and hedging are very similar to each other

A derivative is a financial instrument between two parties about an underlying asset or assets. It is a contract made between two parties, and the value of this contract varies proportional to the derivation of such asset(s). So, for instance, if the value of Asset A is $5, the contract, or derivative, is worth $5. Much like a hedge, derivatives reduce the risk of fluctuations within an economy. We can use derivatives within investment trades, such as bonds, commodities, and stocks.

A hedge is a financial strategy that limits the financial risk within a business, due to fluctuations within the economy. In essence, using a hedge protects the investment from the economic standpoint of a particular business. This can be advantageous to a business as it is like a form of security if the economy doesn't go well, but at the same time, it can be disadvantageous if the economy booms. For a hedge, we use a futures contract.

Hopefully, this helps and if you have any questions with the financial strategies, feel free to ask

thanks so much opengangs....
that helps.... but kinda also highlights how much i don't know....
i understand hedge a lot better than derivatives....

[Opengangs]

thanks so much opengangs....
that helps.... but kinda also highlights how much i don't know....
i understand hedge a lot better than derivatives....

Hi, ~BK~!
The way I understand key concepts is by watching videos and understanding where they apply to a business. I definitely recommend checking Investopedia for key terms, such as derivatives and hedges. On top of that, they have videos explaining what they are, where they are applied to within a business, as well as shedding examples to better the understanding of these terms.

Hopefully, this helps to motivate you through the remaining content in Business Studies!

[olliesfield]

How would we incorporate graphs in our B.S reports? what sort of things could be shown in a graph for business?

Thanks

[janemurray]

Can someone please explain how the increase and decrease of the Australia dollar affects imports and exports! Thanks

[Opengangs]

How would we incorporate graphs in our B.S reports? what sort of things could be shown in a graph for business?

Thanks

Hi, olliesfield!

We use graphs to show complex analytic structures in a way that is legible to the reader. Businesses often label and position these graphs as relevant to the text. So, we can use graphs, tables, and figures to present complex analysis to the reader.

We can incorporate them in a number of ways. We can either directly place them where relevant, labelling each table for ease to the marker, or we can have an appendix page attached behind the business report. If we opt to go down the latter route, we need to label each table and refer to it as (see Figure 1.2.1) when establishing a link between the table or graph and the related text.

It's especially helpful with the essay, rather than the business report, because a business report simply is a list of recommendations towards a specific business. The essay is more of a general understanding of the business topic, with related and relevant case studies. So, I recommend using it in the essay and not the report (that's not to say, you can't use it in a report, though ).

Can someone please explain how the increase and decrease of the Australia dollar affects imports and exports! Thanks

Hi, janemurray!

When the Australian dollar falls, businesses will tend to source materials locally, due to higher import costs. Think about it this way -- let's assume that the Australian-to-American dollar is evenly distributed at 1:1 (this means that for every American dollar, there is an equivalence of 1 Australian dollar). Now, if our dollar falls, then an American dollar may be worth 70 Australian cents. This means that buying from overseas (imports) become a lot more expensive. Thus, when the Australian dollar falls or decreases, there will be more locally grown foods because it's cheaper than importing it from USA.

Conversely, when the Australian dollar rises, importing from overseas may become cheaper. There will be an increase in Australian competitors within the market due to this rise in our dollar. Manufacturers locally may become less competitive as there are more choices globally.

[Opengangs]

Hi there 

I'm just planning out dot points for several essay questions. How would you go about this question? 'assess operation strategies that can help a business achieve its operations objectives'. Are the operation objectives just to gain a competitive advantage??

Thank You

Hi, ekhan_01!

Operations: management and process of its resources in the creation of the good or service.

The operations strategies includes all of the activities within the production of goods and services. These strategies help to support the business' strategic goals, which in turn gives the business a competitive advantage. Some things you could talk about include:

• performance objectives -- quality, flexibility, customisation, speed, dependability, cost
• quality management -- control, assurance, improvement
• supply chain management -- logistics, e-commerce, global sourcing

If you would like, I could go into more depth about each of these aspects and how it relates to the objectives of operations.

[marcorabbitolol]

3 cheers for opengangs ......some awesome responses....thank you so much

[~BK~]

3 cheers for opengangs ......some awesome responses....thank you so much

i agree marcorabbito!! 
thanks so much opengangs... v helpful!!! 
ATVB WITH BUSINESS TOMORROW EVERYONE

[~BK~]

btw- check out this forum if you need to know how to write a report....
it is AWESOME!!! (thanks to isaacdelatorre)...https://atarnotes.com/forum/index.php?topic=172435.0
 

[ekhan_01]

Hi, ekhan_01!

Operations: management and process of its resources in the creation of the good or service.

The operations strategies includes all of the activities within the production of goods and services. These strategies help to support the business' strategic goals, which in turn gives the business a competitive advantage. Some things you could talk about include:

• performance objectives -- quality, flexibility, customisation, speed, dependability, cost
• quality management -- control, assurance, improvement
• supply chain management -- logistics, e-commerce, global sourcing

If you would like, I could go into more depth about each of these aspects and how it relates to the objectives of operations.

Could you please, if that is not a hassle!

Amazing comments btw much appreciated