Business Management IB

• What is the role of human resource management in an organization?

  To oversee staffing and handle HR issues like recruitment and training
• What are the four factors of production?

  Land, labour, capital, and enterprise
• How is value added defined in a business context?

  As the difference between the cost of inputs and the price of the final output
• What does the finance department manage in an organization?

  The organization's money
• What is the primary sector in business?

  It involves businesses engaged in the extraction of natural resources
• What is the main focus of the tertiary sector?

  Providing services to consumers and other businesses
• What is the quaternary sector concerned with?

  Creation or sharing of knowledge or information
• What are the main business functions and their roles?

  • Human Resources: Oversees staffing and HR issues.
  • Finance: Manages the organization's money and prepares accounts.
  • Marketing: Identifies customer needs and conducts market research.
  • Operations: Responsible for manufacturing and service delivery.
• How does the value added in the primary sector compare to other sectors?

  Value added in the primary sector is relatively low compared to secondary and tertiary sectors
• What is the impact of mechanization and automation on the secondary sector?

  It has caused a decline in employment in the secondary sector
• What is the role of the operations department in a business?

  To manufacture finished goods or provide services
• What is the significance of the tertiary sector in economically developed countries?

  It accounts for the largest sector in terms of employment and output value
• What does the term 'sectoral change' refer to?

  Shifts in the majority of output from one sector to another as a country develops
• What is the definition of a business?

  An organization set up to provide goods and/or services
• What is the role of the marketing department in a business?

  To ensure goods and services meet customer demands profitably
• What is the importance of compliance with employment legislation in HR management?

  It ensures adherence to laws regarding wages, working hours, and equal opportunities
• What are the key components of the production process?

  Combining human, physical, financial, and entrepreneurial resources
• How does the production process add value to goods and services?

  By creating products worth more than the cost of inputs
• How do the roles of the primary, secondary, tertiary, and quaternary sectors differ?

  They differ in their focus on extraction, manufacturing, services, and knowledge creation
• What is the significance of the expert tips provided in the guide?

  They offer advice to help boost final grades
• What is the purpose of the glossary in the study guide?

  To define essential key terms
• Why is it important to learn command terms for the exam?

  They indicate the depth of response required for questions
• How do assessment objectives relate to the command terms in the exam?

  They guide the level of depth needed in responses based on the command terms
• What is the recommended duration for each revision session?

  25-40 minutes with breaks in between
• What should students do the day before the examination?

  Look through the book one final time and check exam details
• What is the importance of past papers in exam preparation?

  They help check knowledge and practice exam skills
• What is the role of the operations department in meeting production targets?

  To ensure manufacturing and service delivery meet deadlines
• What is the significance of the internal assessment (IA) in the overall course assessment?

  It accounts for 21% of the final marks
• How do the roles of the finance and marketing departments differ in a business?

  Finance manages money while marketing identifies customer needs
• What is the impact of sectoral change on business activity?

  It shifts the majority of output from one sector to another as a country develops
• What is the definition of 'enterprise' in the context of production factors?

  An individual with skills to organize production factors profitably
• How does the operations department contribute to quality standards?

  By ensuring that products meet established quality criteria
• How do the primary, secondary, tertiary, and quaternary sectors contribute to the economy?

  They provide different types of goods and services essential for economic development
• What is the significance of the production process in business?

  It combines resources to create goods and services that meet customer needs
• What is the role of the marketing department in conducting market research?

  To identify changing needs of customers
• How does the finance department improve financial control?

  By preparing final accounts and budgets
• How do businesses strive to add value to their products?

  By creating products that better meet customer needs and wants
• What is the importance of understanding command terms for students?

  It helps students recognize the type of response expected in exams
• What is the definition of 'labour' in the context of production factors?

  Physical human effort and psychological intellect used in production
• How does the quaternary sector differ from the tertiary sector?

  It focuses on knowledge creation while the tertiary sector provides services