Course review

6.1 Business management tools

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Learning objective

6.1.1—SWOT analysis

New

• Tool for analysing strengths, weaknesses, opportunities, and threats • Suggested integration: Units 1, 2, 3, 4, and 5

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Learning objective

6.1.2—Ansoff matrix

New

• Tool for analysing growth strategies through markets and products • Suggested integration: Units 1 and 4

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Learning objective

6.1.3—STEEPLE analysis

New

• Tool for analysing social, technological, economic, environmental, political, legal, and ethical external factors • Suggested integration: Units 1, 2, and 4

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Learning objective

6.1.4—Boston Consulting Group matrix

New

• Tool for analysing product portfolio position and resource allocation • Suggested integration: Units 3 and 4

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Learning objective

6.1.5—Business plan

New

• Tool for planning business aims, operations, marketing, finance, and strategy • Suggested integration: Units 1, 2, 3, 4, and 5

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Learning objective

6.1.6—Decision trees

New

• Tool for analysing choices, probabilities, expected outcomes, and risk • Suggested integration: Units 1 and 5

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Learning objective

6.1.7—Descriptive statistics

New

• Includes mean, mode, median, bar charts, pie charts, infographics, quartiles, and standard deviation • Suggested integration: Units 2, 3, 4, and 5

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Learning objective

6.1.8—Circular business models

New

• Includes circular supply, resource recovery, product life extension, sharing, and product service system models • Suggested integration: Units 1 and 5

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Learning objective

6.1.9 (HL)—Force field analysis

New

• HL tool for analysing driving and restraining forces for change • Suggested integration: Units 2 and 5

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Learning objective

6.1.10 (HL)—Gantt chart

New

• HL tool for scheduling tasks and project timelines • Suggested integration: Units 4 and 5

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Learning objective

6.1.11 (HL)—Hofstede's cultural dimensions

New

• HL tool for analysing cultural differences and their impact on business • Suggested integration: Units 2, 4, and 5

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Learning objective

6.1.12 (HL)—Porter's generic strategies

New

• HL tool for analysing broad competitive strategies • Suggested integration: Units 1 and 4

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Learning objective

6.1.13 (HL)—Contribution

New

• HL tool including make or buy analysis, contribution costing, and absorption costing • Suggested integration: Units 3, 4, and 5

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Learning objective

6.1.14 (HL)—Critical path analysis

New

• HL tool including completion and analysis of a critical path diagram • Drawing the critical path diagram is not expected • Includes identification of the critical path and calculation of free and total float • Suggested integration: Units 4 and 5

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Learning objective

6.1.15 (HL)—Simple linear regression

New

• HL tool including scatter diagrams, line of best fit, correlation, and extrapolation • Suggested integration: Units 1, 4, and 5

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