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The dynamic environment within which businesses operate today present both challenges and opportunities for business leaders. The growth in economic and social needs in most economies also constitutes another area of great challenge. As students proceed beyond the Caribbean Secondary Education Certificate (CSEC) level, in pursuit of their career goals, they must be cognisant of the changing socio-economic climate within which modern businesses operate.
Management of Business students must understand the principles that govern the human and operational interactions within a business, and must be aware of how a business operates within a society. Moreover, it is imperative that students possess a comprehensive understanding of the markets in the region in addition to knowledge of the global marketplace.
The syllabus aims to:
- develop an understanding of the integrated nature of business organisations and the environment in which they operate;
- develop an awareness of how global issues impact the development of business organisations with special reference to the Caribbean;
- provide basic information on principles, legal issues, and practices of modern management with special reference to the Caribbean;
- develop critical thinking skills that involve analysis, evaluation, decision making and problem solving;
- develop an understanding of the importance of management of people;
- develop skills in communicating information effectively in numerical, graphical and verbal form;
- provide opportunities for acquisition of prerequisite knowledge and skills necessary to pursue further studies and career development;
- provide knowledge and skills needed to become successful entrepreneurs;
- develop attitudes, values, and ethical practices related to business;
- develop an appreciation of the need for organisations to be good corporate citizens.
Module 1: BUSINESS AND ITS ENVIRONMENT On 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.
- Distinguish among different types of economic activity
- Compare the different types of business organisations based on economic sectors and legal structures
- Explain the importance of setting business objectives
- Explain the importance of ethics and social responsibility in setting business objectives
- Discuss the process of decision-making in business organisations
- Evaluate the impact of globalization on Caribbean Business Organisations
Module 2: THE MANAGEMENT OF PEOPLE On completion of this Module, students should: 1. appreciate the importance of the application of management theories in the operation of business organisations; 2. understand the roles and responsibilities of employers and employees within an organisation; 3. develop an awareness of the effects of human motivation on organisational effectiveness; 4. appreciate the broad formal framework of human resource management.
- Evaluate the contributions of management theories to present day organisations
- Explain the features of the formal organisational structure
- Explain the theories and practices of motivation
- Differentiate between types of leadership skills, styles
- Describe the group formation process, characteristics and importance of effective teams
- Describe possible causes of conflict in organizations
- Assess the effectiveness of strategies used to manage conflict in organisations
- Justify the need to cope with and manage change in the organisation
- Explain the importance of effective communication in organisations
- Evaluate the importance of human resource management in organisations
Module 3: BUSINESS FINANCE AND ACCOUNTING On completion of this Module, students should: 1. understand the roles and functions of finance and accounting in the management of business with special reference to the Caribbean; 2. understand the impact of changes in finance and accounting practices on the overall operations of business; 3. develop analytical and interpretational skills relating to problem solving in finance and accounting.
- Explain the various need for funds
- Differentiate among the main sources of finance
- Explain the main criteria that businesses use when seeking short- and long- term financing
- Discuss the roles, functioning and working of money and capital markets and international financial institutions with special reference to the Caribbean
- Specify the importance of Accounting information for both Internal and External users
- Appraise the different components of financial statements
- Interpret and analyse key financial statements through the use of ratio analysis
- Explain the purpose, nature, and usefulness of budgeting
- Assess the various methods used by a firm in selecting the most appropriate investment option