Business Management WAEC Syllabus: Below is this year’s WAEC syllabus for Business Management.
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Business Management is the act of managing the coordination and organization of business activities. This typically includes the production of materials, money, and machines. It also involves both innovation and marketing.
1. Business Management WAEC Syllabus
The course in Business Management at the Senior School level embraces principles and activities in the core functional areas of Business Management.
It also covers the legal environment of business, information technology, globalization, economic integration and entrepreneurship.
2. Aims of the Business Management WAEC Syllabus
The examination, therefore, intends to test candidates’
- (i) understanding and appreciation of the basic concepts, principles and practices of business management;
- (ii) understanding of the role of business management in an economy;
- (iii) ability to relate the concepts and principles of business management to practical business situations.
- (iv) ability to pursue further studies in business management.
3. SCHEME OF EXAMINATION
There will be two papers, Paper 1 and Paper 2, both of which will constitute a composite paper and will be taken in a sitting.
Paper 1 will consist of fifty compulsory multiple-choice objective questions, which will cover the entire syllabus and will carry 30 marks. It will last 1 hour.
Paper 2 will consist of a compulsory case study question and seven other essay questions, out of which candidates will be expected to answer any three.
The case study will range between 200 and 250 words and will carry 25 marks, while the other questions will carry equal marks of 15 each. The paper will therefore carry a total of 70 marks.
4. DETAILED SYLLABUS
The following topics are to be covered in Business Management.
1. NATURE OF MANAGEMENT
1.1 Meaning and Process of Management
- 1.1.1 Meaning of Management and Administration
- 1.1.2 Basic Functions of Management
- 1.1.3 Levels of Management
- 1.1.4 Types and Roles of Managers 1.1.5 Difference between Administration
1.2 Forms of Business Organization
- 1.2.1 Meaning of Business Organization
- 1.2.2. Identification of Major Forms: (Sole Proprietorship, Partnership, Limited Liability Company, Public Corporations, Co-operative society)
- 1.2.3. Procedures for the formations/Characteristics, advantages and disadvantages of each form.
- 1.2.4 Causes of business failure.
1.3 Business and Society
- 1.3.1 Meaning of Business Environment
- 1.3.2 Forces in the Businesses Environment Environment
- 1.3.3 Ethical, legal and social responsibilities of Businesses.
- 1.3.4 Primary and Secondary Stakeholders – Meaning and Differences.1.3.5 Responsibilities of Businesses towards Society
2. FUNCTIONS OF MANAGEMENT
2.1 Planning and Decision Making
- 2.1.1 Meaning and Importance of Planning
- 2.1.2 Steps in Planning, Types of Planning, Limitations to Planning
- 2.1.3 Meaning and Importance of Decision-Making Towards Stakeholders.
- 2.1.4 Step in the decision-making process.
- 2.1.5 Types of Decisions (Programmed and Non-programmed).
- 2.1.6 Levels of management decisions.
- 2.2.1 Meaning, Importance and Activities of Organizing
- 2.2.2 Principles of Organizing, Organizational Structure and Organizational Chart
- 2.2.3 Centralization and decentralization- meaning differences, advantages and
- 2.2.4 Meaning and Benefits of Delegation.
- 2.2.5 Reasons why managers do not delegate
- 2.2.6 Reasons why subordinates do not accept Delegation
- 2.2.7 Guidelines for Delegation
- 2.3.1 Meaning and Elements of Directing
- 2.3.2 Motivation – meaning, intrinsic and extrinsic factors
- 2.3.3 Maslow’s Hierarchy of Needs.
- 2.3.4 Leadership and the Importance of good leadership.
- 2.3.5 Leadership Styles and Sources of power available to Leaders.
- 2.3.6 Communication –meaning, importance, channel formal and informal
- 2.3.7 The Communication Process
- 2.3.8 Barriers to Communication
2.3.9 Guidelines for effective communication
- 2.4.1 Meaning and Reasons for Controlling
- 2.4.2 Steps in controlling.
- 2.4.3 Tools for controlling
3. MANAGEMENT INFORMATION TECHNOLOGY
3.1 Concept of ICT
3.2 Data and information, meaning, differences; and sources of business information
3.3 Functions of the computer
3.4 Applications of Computers in Business
3.5 Advantages and challenges of the use of Computers in business
4. LEGAL ENVIRONMENT OF BUSINESS
4.1 Law of Contract
- 4.1.1. Meaning and elements of contract
- 4.1.2 Classification of Contracts
- 4.1.3 Vitiating factors (Void and Voidable contracts)
- 4.1.4 Ways of Discharging a Contract
4.2 Principles of Agency
- 4.2.1 Creation of agency
- 4.2.2 Rights and duties of a principal
- 4.2.3 Rights and Duties of an Agent
- 4.2.4 Termination of agency
4.3 Negotiable Instruments
- 4.3.1 Meaning and Characteristics of negotiable instruments
- 4.3.2 Types of negotiable instruments (Cheques; Bills of exchange; Promissory notes)
- 4.3.3 Cheques: Class, types, advantages, disadvantages and ways of avoiding cheque fraud.
5. FINANCE AND FINANCIAL INSTITUTIONS
- 5.1.1 Meaning and characteristics of money characteristics of money
- 5.1.2 Functions of Money
- 5.1.3 Meaning and Causes of Inflation
- 5.2.1 Types of Banks
- 5.2.2 Functions of the Central Bank
- 5.2.3 Functions of Commercial and other types of Banks
- 5.2.4 Types of bank accounts.
- 5.2.5 Tools of monetary control
5.3 Risk Management and Insurance
- 5.3.1 Meaning of Risk and risk management
- 5.3.2 Types of business risks
- 5.3.3 Meaning and Importance of Insurance
- 5.3.4 Principles of Insurance
- 5.3.5 Types of Insurance and Insurance Policies
5.4 Stock Exchange
- 5.4.1 Meaning and Functions
- 5.4.2 Types of Securities
6. ROLE OF GOVERNMENT IN THE ECONOMY
6.1 Role of Government in an Economy
6.2 Sources and Types of government revenue
6.3 Purpose of Taxation
6.4 Types of Taxes and Challenges of tax collection
6.5 Types and Items of Government Expenditure
7. INTERNATIONAL TRADE AND PROBLEMS OF DEVELOPING ECONOMIES
7.1 International Trade
- 7.1.1 Meaning of trade
- 7.1.2 Difference between domestic and international trade
- 7.1.3 Documents Used in Domestic and International Trade
- 7.1.4 Reasons for international trade
- 7.1.5 Theories of absolute cost and comparative cost advantage
- 7.1.6 Restrictions in International Trade, Balance of Payments (BOP) and Measures for Correcting BOP Deficit
7.2 Developing Economies
- 7.2.1 Challenges of developing economies in Relation to International Trade
- 7.2.2 Ways of Improving Developing Economies by Government
- 7.2.3 Role of the following institutions in international trade : International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), and United Nations Conference on Trade and Development (UNCTAD).
8. GLOBALIZATION AND ECONOMIC INTEGRATION
- 8.1.1 Meaning and Causes of Globalization
- 8.1.2 Advantages and Disadvantages of Globalization
8.2 Economic integration
- 8.2.1 Meaning of economic integration
- 8.2.2 Roles of the following in economic integration: Economic Community of West African States (ECOWAS), African Union (AU), European Union (EU), P African European Pacific Countries Association of South and Eastern Asian Nations (ASEAN).
9. FUNCTIONAL MANAGEMENT
9.1 Elements of Human Resource Management
- 9.1.1 Meaning of human resource management
- 9.1.2 Functions of human resource management
- 9.1.3 Steps in the Recruitment and selection process
- 9.1.4 Sources of Recruitment
- 9.1.5 Types of Training;
- 9.1.6 Job Analysis (job description and job specification)
- 9.1.6 Performance appraisal – meaning and importance
9.2 Labour Relations
- 9.2.2 Functions of Trade Unions
- 9.2.3 Employers’ Association: Meaning and functions.
- 9.2.4 Collective bargaining-process importance and rights of parties involved.
9.3 Fundamentals of Production Management
- 9.3.1 Meaning of Production and Production Management.
- 9.3.2 Forms of Production – extractive, manufacturing, construction, commercial and personal services
- 9.3.3 Factors of Production
- 9.3.4 Meaning of Specialization and Exchange
- 9.3.5 Advantages and Disadvantages of Specialization
- 9.3.6 Types of production process – job, batch, flow
- 9.3.7 Steps in production planning and Control
9.4 Principles of Marketing 9.2.1 Meaning of labour relations, Trade Unions and Industrial relations.
- 9.4.1 Meaning of Marketing: Meaning and activities.
- 9.4.2 Market segmentation: Meaning and bases.
- 9.4.3 Elements of the marketing mix (product, price, promotion and place)
- 9.4.4 Steps in new product development
- 9.4.5 Stages of product life cycle (introduction, growth, maturity and decline)
- 9.4.6 Functions of Packaging and Uses of Branding
- 9.4.7 Factors affecting pricing and pricing objectives
- 9.4.8 Promotion: Meaning, Importance and Types
- 9.4.9 Channels of Distribution
- 9.4.10 Functions of Wholesalers and Retailers
9.5 Electronic Commerce (e-Commerce)
- 9.5.1 E-commerce: Meaning and Importance.
- 9.5.2 Meaning of Business Finance.
9.6 Business Finance
- 9.6.1 Short-term and long-term sources of Finance
- 9.6.2 Government lending programmes; Venture capital fund
10. ENTREPRENEURSHIP AND SMALL BUSINESS
- 10.1.1 Meaning of Entrepreneurship
- 10.1.2 Role of Entrepreneurs
- 10.1.3 Characteristics of an Entrepreneur
- 10.1.4 Content of business plan
- 10.1.5 Reasons for business successes and Failures
- 10.1.6 Record Keeping: Meaning, importance and Types.
- 10.1.7 Time Management: Meaning, importance and Techniques.
10.2 Small Business
- 10.2.1 Small Businesses: Meaning and Categories
- 10.2.2 Procedures in the Formation of small businesses
- 10.2.3 Importance of small businesses in the Economy
- 10.2.4 Challenges of small businesses
- 10.2.5 Role of Government in promoting small businesses
- 10.2.6 Ways of Sustaining an established business
SUGGESTED READING LIST
The following are recommended books for Business Management:
- Introduction to Business Management by Ansah, J.K. Wilas Press Ltd Publishers
- Essentials of Services Management by Boachie-Mensah. F.O Woeli Publishing
- Business Studies by Buckley, M., Brindley, B and Greenwood. M.S, Longman Group Publishers
- Advanced Business Studies by Carysforth, C and Neild, M Heinemann. Danks, S. DP Publication
- Introduction to Business Management by Du Toit, G S, Erasmus. J W. Press South Africa
- Business Studies by Needham, D. and Dransfield, R Stanley Thornes.
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