You must study the WAEC Business Management syllabus in order to take the test. It includes the goals and benchmarks, study materials, and structure for the Business Management exam.
You must study the Business Management curriculum in order to be prepared for the exam. You can use it as a guide to help you decide which topics to read about. Additionally, there are notes on ideas that you ought to learn carefully.
Exam preparation without reference to the Business Management Works syllabus is equivalent to visiting a farm without your farm equipment. You won’t be effective in the end.
Make sure to use the syllabus when you start your exam preparations.
The West African Examination Council’s Business Management syllabus and suggested textbooks are included in this article (WAEC).
If you have any questions, please ask them in the comment area. I look forward to hearing from you.
- 1 WAEC Business Management
- 2 Scheme of Examination
- 3 WAEC Business Management Syllabus
- 3.1 Nature of Management
- 3.2 Functions of Management
- 3.3 Management Information Technology
- 3.4 Legal Environment of Business
- 3.5 Finance and Financial Institutions
- 3.6 Role of Government in the Economy
- 3.7 International Trade
- 3.8 Globalization and Economic Integration
- 3.9 Functional Management
- 3.10 Fundamentals of Production Management
- 3.11 Principles of Marketing
- 3.12 Entrepreneurship and Small Business
- 4 Recommended Textbooks
WAEC Business Management
The senior school level business management course incorporates concepts and tasks from the primary functional areas of business management. It also discusses entrepreneurship, the legal environment of business, information technology, globalization, and economic integration.
As a result, the examination aims to gauge candidates’
- understanding and appreciation of the basic concepts, principles and practices of business management;
- understanding of the role of business management in an economy;
- ability to relate the concepts and principles of business management to practical business situations.
- ability to pursue further studies in business management.
Scheme of Examination
The two papers, Paper 1 and Paper 2, will each be taken separately and together they will make up a composite paper.
Paper 1 will include fifty mandatory multiple-choice objective questions covering the whole curriculum and will be worth 30 marks. It will go for an hour.
Paper 2 will have a case study question that is required as well as seven additional essay questions that applicants must choose three from.
The case study will be between 200 and 250 words long and worth 25 points, while each of the other questions will be worth exactly 15 points. There will be a total of 70 marks awarded for the paper.
WAEC Business Management Syllabus
Nature of Management
- Meaning and Process of Management
- Forms of Business Organization
- Business and Society
Functions of Management
- Planning and Decision Making
Management Information Technology
- Concept of ICT
- Data and information, meaning, differences; and sources of business information
- Functions of the computer
- Applications of computers in Business
- Advantages and challenges of the use of Computers in business
Legal Environment of Business
- Law of Contract
- Principles of Agency
- Negotiable Instruments
Finance and Financial Institutions
- Risk Management and Insurance
- Stock Exchange
Role of Government in the Economy
- Role of government in an economy
- Sources and types of government revenue
- Purpose of taxation
- Types of taxes and challenges of tax collection
- Types and items of government Expenditure
- Meaning of trade
- Difference between domestic and international trade
- Documents used in domestic and international trade
- Reasons for international trade
- Theories of absolute cost and comparative cost advantage
- Restrictions in International trade
- Balance of Payments (BOP) and measures for correcting BOP deficit
- Challenges of developing economies in relation to international trade
- Ways of improving Developing Economies by Government
- Role of the following institutions in international trade: International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), United Nations
- Conference on Trade and Development (UNCTAD)
Globalization and Economic Integration
- Meaning and causes of globalization
- Advantages and disadvantages of Globalization
- Meaning of economic integration
- Roles of the following in economic integration: Economic Community of West African States (ECOWAS), African Union (AU), European Union (EU), and Pan African European Pacific Countries Association of South and Eastern Asian Nations (ASEAN).
- Meaning of human resource management
- Functions of human resource management
- Steps in the recruitment and selection process
- Sources of recruitment
- Types of training;
- Job Analysis (job description and job specification)
- Performance appraisal – meaning and importance
- Meaning of labour relations, trade Unions and industrial relations.
- Functions of Trade Unions
- Employers’ Association: Meaning and functions.
- Collective bargaining-process importance and rights of parties involved.
Fundamentals of Production Management
- Meaning of production and production Management.
- Forms of Production – extractive, manufacturing, construction, commercial and personal services
- Factors of production
- Meaning of specialization and exchange
- Advantages and disadvantages of specialization
- Types of the production process – job, batch, flow
- Steps in production planning and Control
Principles of Marketing
- Meaning of Marketing: Meaning and activities.
- Market segmentation: Meaning and bases.
- Elements of the marketing mix (product, price, promotion and place)
- Steps in new product development
- Stages of the product life cycle (introduction, growth, maturity and decline)
- Functions of packaging and uses of branding
- Factors affecting pricing and pricing objectives
- Promotion: Meaning, importance and types
- Channels of distribution 9.4.10 Functions of wholesalers and retailers e-commerce: Meaning and importance.
- Meaning of Business Finance.
- Short-term and long-term sources of finance
- Government lending programmes; Venture capital fund
Entrepreneurship and Small Business
- Meaning of entrepreneurship
- Role of entrepreneurs
- Characteristics of an entrepreneur
- Content of business plan
- Reasons for business successes and failures
- Record Keeping: Meaning, importance and types.
- Time Management: Meaning, importance and techniques.
- Small businesses: Meaning and categories
- Procedures in the formation of small businesses
- Importance of small businesses in the economy
- Challenges of small businesses
- Role of government in promoting small businesses
- Ways of sustaining an established business
- Ansah, J.K. Wilas Press Ltd Introduction to Business Management
- Attieku, B, Marfo-Yiadom, E Smartline Limited Business
- Dorkey, T and Tekyi, K. Management
- Boachie-Mensah, F.O Woeli Publishing Essentials of
- Services Management
- Browne, D., Barass, M., Heinemann Education Business
- W., Dransfield, R and Publishers Studies
- Needham D. for AS Level
- Buckley, M. Brindley, B
- and Greenwood, M.S, Longman Group Business Studies
- Callaghan, P (ed). Sunderhid Tyre and Business
- Wear Advanced Level
- Carysforth, C and Neild, M Heinemann Education Intermediat
- Publishers Business
- Danks, S. DP Publication Advanced Business
- Du Toit, G S, Erasmus, B G, Oxford University Introduction to
- and Strydom, J W, Press South Africa Business
- Fardon, M. (ed) Osborne Books Business Studies,
- Needham, D. and Dransfield, R Stanley Thornes Business Studies,
- Needle, D International Thomson Business in
- Business Press Context
- Nickels, W.G McHugh, Irwin McGraw-Hill Understanding
- J.M And McHugh, S.M. Business
- Marfo-Yiadom, E Excellent Printing & Introduction to
- Publishing Business
- Redmond, PWD Pitman Publishing Ltd Mercantile Law