ESTABLISHING A BUSINESS
PRINCIPLES OF BUSINESS
SCHOOL BASED ASSESSEMENT
Welcome to the Principles of Business School Based Assessment (SBA) This will be a very exciting and rewarding experience for you, if you take the time to put your all into this research project. This SBA component of the POB subject is Paper 3 and is 20% of your CSEC CXC grade. It is compulsory, so do not ignore the importance of working hard throughout the school terms.
The Theme of the project is “Establishing A Business”. You are required to prepare a Business Plan focusing on only ONE of the three options:
Each aspect has its own Criteria and Mark Scheme. The final submission will be a formally structured report with a word limit of 1000 to 1200 words and please note that exceeding this word limit attracts a penalty. The project will be marked out of 40.
“What will I choose?”
You have learnt that there are four main functional areas of a business (Production, Marketing, Finance and Personnel). However, the three functional areas of a business that you we will focus on for the SBA are Production, Marketing and Finance. These are very important areas that a business needs to focus on and properly organize if it hopes to be successful. Research carefully before making your choice. For each of the options, pay keen attention to the topics under the criteria and ensure that you apply the relevant and appropriate information for each section. PRODUCTION OPTION
It cannot be denied that our resources are limited. We have unlimited wants, but limited resources. The resources are the inputs to the production of goods and services and these resources are referred to as the FACTORS OF PRODUCTION. They are: 1. LAND
refers to land and all other natural resources
2. LABOUR -
refers to all the various categories of skills and occupations
found on the labour market.
3. CAPITAL -
This refers to the assets such as tools, equipment, buildings
and any improvement to existing structures or plant
machinery to be used to improve production as well as the
money used to acquire natural and human resources.
4. ENTERPRISE OR ENTREPRENEURIAL ABILITY
This is similar to labour but is separated because it refers to special skills called entrepreneurship that some people have to organize the factors of production. It also refers to the people who must provide the funding, organize the factors of production, set the targets to be met, and monitor what is being done to ensure that the goals of the organization is met.
In an organization, PRODUCTION is the functional area responsible for turning inputs into finished outputs through a series of production processes. The Production Manager is responsible for making sure that raw materials are provided and made into finished goods effectively. He or she must make sure that work is carried out smoothly, and must supervise procedures for making work more efficient and more enjoyable.
Production is important within service industries as well. Although businesses such as banks, insurance companies and internet service providers do not supply goods that can be see n and held, they do have to organize their resources to meet customers demands as completely as possible.
In the Caribbean, the manufacturing of goods for sale is carried on in houses, small establishments or factories. The making of goods in houses or small business establishments can be called small-scale production, for example bread, cakes, embroideries, leather sandals, chairs and paintings. The making of goods in factories is called large-scale production. Examples are car assembling, the processing of bauxite, cement and cement blocks, sugar and rum.
THE PRODUCTION OPTION
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