CAPE Management Of Business Syllabus, Specimen Paper .

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Macmillan Education4 Crinan Street, London, N1 9XWA division of Macmillan Publishers LimitedCompanies and representatives throughout the worldwww.macmillan-caribbean.comISBN 978-0-230-48176-3 Caribbean Examinations Council (CXC ) 2015www.cxc.orgwww.cxc-store.comThe author has asserted their right to be identified as the author of this work in accordance with theCopyright, Design and Patents Act 1988.First published 2014This revised version published 2015Permission to copyThe material in this book is copyright. However, the publisher grants permission for copies to bemade without fee. Individuals may make copies for their own use or for use by classes of which theyare in charge; institutions may make copies for use within and by the staff and students of thatinstitution. For copying in any other circumstances, prior permission in writing must be obtainedfrom Macmillan Publishers Limited. Under no circumstances may the material in this book be used,in part or in its entirety, for commercial gain. It must not be sold in any format.Designed by Macmillan Publishers LimitedCover design by Macmillan Publishers Limited and Red Giraffe

CAPE Management of Business Free ResourcesLIST OF CONTENTSCAPE Management of Business Syllabus Extract3CAPE Management of Business Syllabus4CAPE Management of Business Specimen Papers:Unit 1 Paper 01Unit 1 Paper 02Unit 1 Paper 03/2Unit 2 Paper 01Unit 2 Paper 02Unit 2 Paper 03/2606874788690CAPE Management of Business Mark Schemes:Unit 1 Paper 01Unit 1 Paper 02Unit 1 Paper 03/2Unit 2 Paper 01Unit 2 Paper 02Unit 2 Paper 03/29395110117119134CAPE Management of Business Subject Reports:2004 Subject Report2005 Subject Report2007 Subject Report2009 Subject Report2010 Subject Report2011 Subject Report2012 Subject Report2013 Subject Report2014 Subject Report141156171178186195204214225

Management of BusinessManagement of Business is an interdisciplinary subject that focuses on the theories,principles and procedures involved in managing a successful business enterprise.The CAPE Management of Business syllabus provides not only a good foundation forfurther study of Management of Business and other related disciplines at the tertiarylevel, but also opportunities for students to function not only in existing businessorganisations, but also as successful entrepreneurs having developed the requiredknowledge and understanding of management principles, practices, and skills requiredto address managerial problems and the challenges faced by businesses.The syllabus is divided into two (2) Units. Each Unit comprises three Modules.Unit 1: Management Principles and ProcessesModule 1–Business and its EnvironmentModule 2–The Management of PeopleModule 3–Business Finance and AccountingUnit 2: Application in ManagementModule 1–Production and Operations ManagementModule 2–Fundamentals of MarketingModule 3–Small Business Management

CARIBBEAN EXAMINATIONS COUNCILCaribbean Advanced Proficiency Examination CAPE MANAGEMENT OF BUSINESSSYLLABUSEffective for examinations from May-June 2013CXC A27/U2/13

Published by the Caribbean Examinations CouncilAll rights reserved. No part of this publication may be reproduced, stored in a retrieval system, ortransmitted in any form, or by any means electronic, photocopying, recording or otherwise withoutprior permission of the author or publisher.Correspondence related to the syllabus should be addressed to:The Pro-RegistrarCaribbean Examinations CouncilCaenwood Centre37 Arnold Road, Kingston 5, JamaicaTelephone Number: 1 (876) 630-5200Facsimile Number: 1 (876) 967-4972E-mail Address: [email protected]: www.cxc.orgCopyright 2013 by Caribbean Examinations CouncilThe Garrison, St Michael BB14038, BarbadosCXC A27/U2/13

CXC A24/U2/12

ContentsINTRODUCTION . iRATIONALE . 1AIMS . 1SKILLS AND ABILITIES TO BE ASSESSED . 2STRUCTURE OF THE SYLLABUS . 3UNIT 1: MANAGEMENT PRINCIPLES AND PROCESSESMODULE 1: BUSINESS AND ITS ENVIRONMENT . 4MODULE 2: THE MANAGEMENT OF PEOPLE . 9MODULE 3: BUSINESS FINANCE AND ACCOUNTING . 17UNIT 2: APPLICATIONS IN MANAGEMENTMODULE 1: PRODUCTION AND OPERATIONS MANAGEMENT . 22MODULE 2: FUNDAMENTALS OF MARKETING . 27MODULE 3: SMALL BUSINESS MANAGEMENT . 33OUTLINE OF ASSESSMENT . 38REGULATIONS FOR PRIVATE CANDIDATES . 46REGULATIONS FOR RE-SIT CANDIDATES . 46ASSESSMENT GRID . 47GLOSSARY. 48CXC A24/U2/12

This document CXC A24/U2/12 replaces CXC A20/U2/03 issued in 2003.Please note that the syllabus has been revised and amendments are indicated by italics.First issued 2003Revised 2012Amended 2013Please check the website www.cxc.org for updates on CXC’s syllabuses.CXC A24/U2/12

IntroductionThe Caribbean Advanced Proficiency Examination (CAPE) is designed to provide certification of theacademic, vocational and technical achievement of students in the Caribbean who, havingcompleted a minimum of five years of secondary education, wish to further their studies. Theexaminations address the skills and knowledge acquired by students under a flexible and articulatedsystem where subjects are organised in 1-Unit or 2-Unit courses with each Unit containing threeModules. Subjects examined under CAPE, may be studied concurrently or singly.The Caribbean Examinations Council offers three types of certification. The first is the award of acertificate showing each CAPE Unit completed. The second is the CAPE Diploma, awarded tocandidates who have satisfactorily completed at least six Units including Caribbean Studies. The thirdis the CXC Associate Degree, awarded for the satisfactory completion of a prescribed cluster of sevenCAPE Units including Caribbean Studies and Communication Studies. For the CAPE Diploma and theCXC Associate Degree, candidates must complete the cluster of required Units within a maximumperiod of five years.Recognised educational institutions presenting candidates for CXC Associate Degree in one of thenine categories must, on registering these candidates at the start of the qualifying year, have themconfirm in the required form, the Associate Degree they wish to be awarded. Candidates will not beawarded any possible alternatives for which they did not apply.CXC A24/U2/12i

Management of Business Syllabus RATIONALEThe dynamic environment within which businesses operate today present both challenges andopportunities for business leaders. The growth in economic and social needs in most economiesalso constitutes another area of great challenge. As students proceed beyond the CaribbeanSecondary Education Certificate (CSEC) level, in pursuit of their career goals, they must be cognisantof the changing socio-economic climate within which modern businesses operate.Management of Business students must understand the principles that govern the human andoperational interactions within a business, and must be aware of how a business operates within asociety. Moreover, it is imperative that students possess a comprehensive understanding of themarkets in the region in addition to knowledge of the global marketplace.The CAPE Management of Business syllabus provides not only a good foundation for further study ofManagement of Business and other related disciplines at the tertiary level, but also opportunities forstudents to function not only in existing business organisations, but also as successful entrepreneurshaving developed the required knowledge and understanding of management principles, practices,and skills required to address managerial problems and the challenges faced by businesses.The syllabus will also contribute to the development of the Ideal Caribbean Person as articulated bythe CARICOM Heads of Government. That is, “someone who demonstrates a positive work ethic” and“values and displays the creative imagination in its various manifestations and nurtures itsdevelopment in the economic and entrepreneurial spheres.” In addition, in keeping with the UNESCOPillars of Learning, on completion of this course of study students will learn to know, to do, to be, andto live together having been exposed to the values implicit within human rights and democraticprinciples, among others. AIMSThe syllabus aims to:1.develop an understanding of the integrated nature of business organisations and theenvironment in which they operate;2.develop an awareness of how global issues impact the development of businessorganisations with special reference to the Caribbean;3.provide basic information on principles, legal issues, and practices of modern managementwith special reference to the Caribbean;CXC A24/U2/121

4.develop critical thinking skills that involve analysis,problem solving;evaluation,decision making and5.develop an understanding of the importance of management of people;6.develop skills in communicating information effectively in numerical, graphical and verbalform;7.provide opportunities for acquisition of prerequisite knowledge and skills necessary topursue further studies and career development;8.provide knowledge and skills needed to become successful entrepreneurs;9.develop attitudes, values, and ethical practices related to business;10.develop an appreciation of the need for organisations to be good corporate citizens. SKILLS AND ABILITIES TO BE ASSESSEDThe skills that students are expected to have developed on completion of this syllabus have beengrouped under three main headings:1.2.3.Knowledge and Comprehension;Use of Knowledge;Interpretation and Application.Knowledge and ComprehensionThe examinations will test candidates’ skills and ability to:1.grasp and recall basic facts, concepts, and principles of management theory;2.understand the diverse managerial functions and roles;3.understand the impact of workforce diversity on the management of organisations.Use of KnowledgeThe examinations will test candidates’ skills and ability to:1.select and use facts, theories and concepts appropriately in formulating solutions tobusiness problems;2.draw conclusions based on a body of information;3.distinguish among various components of business and its environment.CXC A24/U2/122

Interpretation and ApplicationThe examinations will test candidates’ skills and ability to:1.assemble and analyse relevant data and information to make projections and solveproblems;2.draw logical conclusions and make recommendations about managerial issues. STRUCTURE OF THE SYLLABUSThe syllabus is divided into two (2) Units. Each Unit comprises three Modules. Each Modulerequires fifty (50) hours of instruction.Unit 1: Management Principles and ProcessesModule 1Module 2Module 3-Business and its EnvironmentThe Management of PeopleBusiness Finance and AccountingUnit 2: Application in ManagementModule 1Module 2Module 3-CXC A24/U2/12Production and Operations ManagementFundamentals of MarketingSmall Business Management3

UNIT 1: MANAGEMENT PRINCIPLES AND PROCESSESMODULE 1: BUSINESS AND ITS ENVIRONMENTGENERAL OBJECTIVESOn completion of this Module, students should:1.understand the nature and scope of business and its role in society;2.understand how different business organisations function;3.appreciate the importance of maintaining high ethical standards in business practices;4.appreciate the process of decision making and its impact on the environment;5.develop an awareness of the impact of the external environment on business.SPECIFIC OBJECTIVESStudents should be able to:1.distinguish among different types of economic activity;2.compare the different types of business organisations based on economic sectors and legalstructures;3.explain the importance of setting business objectives;4.explain the importance of ethics and social responsibility in setting business objectives;5.discuss the process of decision-making in business organisations;6.evaluate the impact of globalization on Caribbean Business Organisations.CONTENT1.Types of Economic ActivityClassification of economic activity: primary; secondary; tertiary.2.Economic Sectors and Legal StructuresMain features including ability to raise finance, appropriateness of legal structures, problemfrom changing from one legal structure to another, advantages and disadvantages.CXC A24/U2/124

UNIT 1MODULE 1: BUSINESS AND ITS ENVIRONMENT (cont'd)(a)(b)(c)(d)3.Private Sector private limited company;(iv)public limited company;(v)co-operative enterprise;(vi)franchise;(vii)joint venture (legal element governing formation, financing andmanagement).Public Sector Organisations:(i)public corporations;(ii)statutory boards.Not for Profit Organisations:(i)charities;(ii)non-governmental organisations.Privatisation and Nationalisation.Business Objectives(a)The nature, role, and importance of business objectives.(b)Short, medium and long-term objectives.(c)Hierarchy of objectives: vision, mission statements; strategic; tactical; operationalobjectives.CXC A24/U2/125

UNIT 1MODULE 1: BUSINESS AND ITS ENVIRONMENT (cont'd)4.5.Business Ethics and Corporate Social Responsibility(a)Importance of business ethics and integrity, code of ethics.(b)Obligations to stakeholders.(c)Good Corporate Governance.Decision Making(a)(b)(c)Process of decision making:(i)concept of decision making;(ii)essential features of information for decision making – accuracy, timeliness,relevance and cost effectiveness;(iii)significance of Qualitative vs. Quantitative decision-making.Stages of decision making (in relation to objectives):(i)definition of problem;(ii)data collection – importance and sources;(iii)analysis and evaluation;(iv)formulation of alternative s affecting decision making:(i)governmental, political and legal;(ii)social and ical;(vi)human and natural constraints.CXC A24/U2/126

UNIT 1MODULE 1: BUSINESS AND ITS ENVIRONMENT (cont'd)6.Impact of Globalisation on Business(a)Multinational (growth, advantages and disadvantages).(b)Role of Government:(i)(ii)(c)Facilitating, enabling environment;Developing necessary legal framework.Consumer behaviour:Choices, quality, responsibility.(d)Domestic Business:Competition, pricing policy, quality assurance.(e)Trade Liberalisation.Suggested Teaching and Learning ActivitiesTo facilitate students’ attainment of the objectives in Module 1, teachers are advised to engagestudents in the teaching and learning activities listed below.1.Conduct field investigation to determine growth or decline in different business sectors.2.Engage class in discussion on Porter's Five Forces Model for analysing an industry andindustry analysis as a project.3.Engage class in discussions and debates on types of business organisations to enablestudents to recognise advantages and disadvantages of one business organisation overanother.4.Assign different students to listen to business news (both regional and international) andmake an oral presentation to the class to sensitise students to local and regionaldevelopments.5.Use newspaper clippings on business news for class discussions and students’ journals (online journals, blogs).6.Invite resource personnel from different types of organisations to share information on theirorganisations.7.Assign expository and argumentative essays on various topics.CXC A24/U2/127

UNIT 1MODULE 1: BUSINESS AND ITS ENVIRONMENT (cont'd)8.Assign group research project to foster team work.9.Conduct simulation exercises, role play, video presentations.10.Engage class in discussion of case studies.Teachers and students may identify other activities that are more suitable to their own classsettings.CXC A24/U2/128

UNIT 1MODULE 2: THE MANAGEMENT OF PEOPLEGENERAL OBJECTIVESOn completion of this Module, students should:1.appreciate the importance of the application of management theories in the operation ofbusiness organisations;2.understand the roles and responsibilities of employers and employees within anorganisation;3.develop an awareness of the effects of human motivation on organisational effectiveness;4.appreciate the broad formal framework of human resource management.SPECIFIC OBJECTIVESStudents should be able to:1.evaluate the contributions of management theories to present day organisations;2.explain the features of the formal organisational structure;3.explain the theories and practices of motivation;4.differentiate between types of leadership skills, styles;5.describe the group formation process, characteristics and importance of effective teams;6.describe possible causes of conflict in organizations;7.assess the effectiveness of strategies used to manage conflict in organisations;8.justify the need to cope with and manage change in the organisation;9.explain the importance of effective communication in organisations;10.evaluate the importance of human resource management in organisations.CXC A24/U2/129

UNIT 1MODULE 2: THE MANAGEMENT OF PEOPLE (cont'd)CONTENT1.The Functions and Theories of Management(a)(b)2.Evolution of Management theories (principles and contributions to modern dayorganisations):(i)Classical Model - F.W. Taylor, Henri Fayol, Max Weber;(ii)Human Relations Model: Elton Mayo;(iii)Systems Approach – open/closed/synergy/entropy);(iv)Contingency Approach.Functions of Management (Definition and ng;(iv)controlling;(v)staffing.Organisational Structure(a)Classification ofDisadvantages):Organisational(i)by function;(ii)by product;(iii)geographical .CXC A24/U2/1210Structure–(Principles,Advantagesand

UNIT 1MODULE 2: THE MANAGEMENT OF PEOPLE (cont’d)(b)3.Characteristics of the Formal Organisational Structure:(i)hierarchy;(ii)chain of command;(iii)span of control;(iv)line and staff ;(x)decentralisation.Theory and Application Motivation(a)Factors that stimulate and influence motivation: individual needs; self-motivation;ability to make choices; environmental opportunities.(b)Theories of motivation:Maslow’s Hierarchy of Needs; Herzberg’s Hygiene Theory.(c)(d)Financial and non-financial motivational strategies:(i)financial incentives: payment systems and their effectiveness; appraisal; jobvaluation and work study;(ii)non-financial incentives: individual job needs; participation; job satisfaction;job enrichment and job enlargement; opportunities for promotion.Implication to managers: getting the best out of individuals; appreciation

CAPE Management of Business Specimen Papers: Unit 1 Paper 01 60 Unit 1 Paper 02 68 Unit 1 Paper 03/2 74 Unit 2 Paper 01 78 Unit 2 Paper 02 86 Unit 2 Paper 03/2 90 CAPE Management of Business Mark Schemes: Unit 1 Paper 01 93 Unit 1 Paper 02 95 Unit 1 Paper 03/2 110 Unit 2 Paper 01 117 Unit 2 Paper 02 119 Unit 2 Paper 03/2 134