sqa business management national 5 assignment understanding standards

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National 5 Business Management - question paper

Question paper 2022 (all links open as pdf files).

• 2022 Question Paper    (External link to SQA website)
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• Question 1 Candidate Evidence
• Question 1 Annotated Evidence
• Question 1 Commentary
• Question 2 Candidate Evidence
• Question 2 Annotated Evidence
• Question 2 Commentary
• Questions 3 to 7 Candidate Evidence
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National 5 Business Management SQA

This subject is broken down into 31 topics in 5 modules:

• Understanding Business 7 topics
• Management of Marketing 8 topics
• Management of Operations 6 topics
• Management of People 5 topics
• Management of Finance 5 topics
• 11,472 words of revision content
• 1 + hours of audio lessons

This page was last modified on 28 September 2024 .

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Business Management

Understanding Business

Role of Business in Society

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Wealth Creation : Businesses generate wealth for the economy and society through the production of goods and services. This wealth then contributes to national income, resulting in an improved standard of living.

Employment : Businesses create jobs, supporting economic stability and contributing to the wellbeing of individuals and families. Employment also helps reduce social issues such as poverty and crime.

Innovation : Businesses push for innovation and technological advancement, enhancing productivity and the efficacy of goods and services available. This results in improved quality of life.

Resource Utilisation : Businesses use human, physical, technological and financial resources efficiently to deliver their goods and services, contributing to economic growth and development.

Responsibilities of Business

Ethical Practices : Businesses have a role to play in ensuring ethical practices, from sourcing materials in a sustainable way to treating staff fairly and honestly.

Legal Compliance : Businesses must obey laws and regulations which protect the rights and safety of all stakeholders including employees, customers, and the environment.

Corporate Social Responsibility (CSR) : Many businesses today need to follow the principles of CSR, engaging in practices that benefit society and the environment above and beyond their legal obligations.

Impact of Business on Stakeholders

Customers : Businesses aim to meet the needs and expectations of customers through the provision of quality goods and services.

Owners/Shareholders : Business activities generate profits for owners/shareholders. They take the risk of investing and consequently share in the profits or losses.

Employees : Businesses provide income and job satisfaction to employees. A positive work environment can also contribute to employees' mental and physical well-being.

Suppliers : Business relationships can offer stability and potential growth for suppliers. Businesses can directly impact suppliers through their purchasing practices.

Community and Environment : Businesses can have a significant impact on local communities and the environment, both positively through employment and philanthropy, and negatively through pollution and resource consumption. Businesses may also contribute to society more broadly through tax revenues.

Role of Business in Economic Growth

Investment & Expansion : Businesses invest in new technologies and expand their operations, which can stimulate economic growth.

Exporting Goods & Services : Businesses earn foreign exchange and boost national income by exporting their goods and services.

Attracting Investment : Successful businesses attract foreign investment, which can lead to additional economic growth and job creation.

R&D and Innovation : Investment in research and development leads to new products and services, contributing to economic growth and competitiveness.

Management of Operations

Operations Management: Inventory Management

Understanding Inventory Management

• Inventory management is a crucial part of operations management. It involves ordering, storing and using a company's inventory.
• This includes managing raw materials, components, and finished products, as well as warehousing and processing such items.

Reasons for Holding Inventory

• Businesses maintain inventory for a variety of reasons - to meet unexpected demand, buffer against variability in supply and demand, and allow flexibility in production scheduling.
• Ensuring regular supply of goods, safeguarding against price hikes, and preparing for contingencies like supply chain disruptions, are other reasons for holding inventory.

Types of Inventory

• Raw materials - basic inputs that are transformed into finished products.
• Work-in-progress inventory - goods that are in the process of being transformed into finished products.
• Finished goods - products that are ready to be delivered or sold to customers.

Concepts in Inventory Management

• Stock Replenishment : This is the process of adding new stock to current inventory to meet customer demand.
• Lead Time : This is the time between ordering inventory and when it's received. Managing lead time effectively limits the likelihood of stockouts.
• Economic Order Quantity (EOQ) : A principle used to determine the most cost-effective number of units to order so as to minimize inventory costs.
• Just in Time (JIT) : A strategy that aims to improve a business's return on investment by reducing in-process inventory. It achieves this by receiving goods only as they are needed in the production process.

Impact of Inventory Management on Operations

• Effective inventory management can greatly impact a company’s profitability and operational efficiency by reducing holding costs, avoiding stockouts and minimizing wastage.
• Ineffective inventory management, on the other hand, can lead to lost sales, reduced customer satisfaction and increased operating costs.

Role of Inventory Management in Operational Improvement

• Regular reviews and updates to inventory levels can help a business improve its operations by preventing overstock or stockouts.
• Good inventory management can also allow the business to better predict its future needs, plan production schedules and manage resources more efficiently.
• Inventory control systems, such as Just in Time (JIT), can improve operational efficiency by reducing storage needs and preventing waste.

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