Internal assessment resource Business Studies 1.6 v3 for Achievement Standard 90842

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Internal Assessment Resource

Business Studies Level 1

This resource supports assessment against:
Achievement Standard 90842 version 2
Carry out and review a product-based business activity within a classroom context with direction
Resource title: Planning and Runninga Business
6 credits
This resource:
  • Clarifies the requirements of the standard
  • Supports good assessment practice
  • Should be subjected to the school’s usual assessment quality assurance process
  • Should be modified to make the context relevant to students in their school environment and ensure that submitted evidence is authentic

Date version published by Ministry of Education / February 2015 Version 3
To support internal assessment from 2015
Quality assurance status / These materials have been quality assured by NZQA.
NZQA Approved number A-A-02-2015-90842-02-4380
Authenticity of evidence / Teachers must manage authenticity for any assessment from a public source, because students may have access to the assessment schedule or student exemplar material.
Using this assessment resource without modification may mean that students’ work is not authentic. The teacher may need to change figures, measurements or data sources or set a different context or topic to be investigated or a different text to read or perform.

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Internal assessment resource Business Studies 1.6 v3 for Achievement Standard 90842

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Internal Assessment Resource

Achievement Standard Business Studies 90842: Carry out and review a product-based business activity within a classroom context with direction

Resource reference: Business Studies1.6 v3

Resource title: Planning andRunning a Business

Credits: 6

Teacher guidelines

The following guidelines are supplied to enable teachers to carry out valid and consistent assessment using this internal assessment resource.

Teachers need to be very familiar with the outcome being assessed by Achievement Standard Business Studies 90842.The achievement criteria and the explanatory notes contain information, definitions, and requirements that are crucial when interpreting the standard and assessing students against it.

Context/setting

This activity requires students to plan, carry out, and review a business activity, with direction from you. The emphasis is on the process of planning (not on making a profit) as this is regarded as a cornerstone of successful businesses and is based on the Teaching and Learning Guides. They will need to become familiar with relevant business themes and Māori business concepts (as listed in the Learning objective 61 and 6-2 sections in the Teaching and Learning Guide for Business Studieson the TKI site:

The carrying-out phase of the business activity is used by the groups to enable reflection on the effectiveness of the planning process and the actual activity in the review.

Prior to being assessed, students should learn aspects of planning from theory and be encouraged to state business knowledge as the basis for aspects of their plan.

Students mayalso receive guidance during the assessment, in order to enable effective planning to be undertaken.

This assessment activity provides an opportunity to promote the key competencies of participating and contributing, relating to others, and managing self.

The business activity is envisaged as a one-off event so that there is a definite differentiation between planning, preparing, and carrying out the activity, and review.

Competition maybe encouraged amongst groups. For example, awards could be given to recognise the best stall, most innovative product, best customer service, and so on.

Conditions

Students will work in groups and be assessed on group output, but their individual contribution will also be taken into account. It will therefore be necessary to advise students on how to provide evidence of their contribution.

Direction must be provided by the teacher and should ensure that candidates are clear on the requirements to achieve at the Excellence level.The phrase “with direction” means teachers should answer any questions raised by the students as they go through the activity, by suggesting where/how the answer to their question may be found – rather than giving the answer directly.

Student progress needs to be assessed:

  • after they have finalised their business plan,
  • after they have carried out the activity, and
  • in their review of the business activity.

To replicate the real-world nature of business, where business plans are used to assess the viability of a new venture, the business plan grade guides the overall grade (and may be used as a hurdle for groups prior to undertaking the activity). The gradeawarded for the planning stage should be the same for each student.

It is suggested that students have <teacher to insert time here> hours of in-class and out-of-class time to complete this assessment activity.

Resource requirements

You may need to:

  • provide templates (as suggested in Resource A and Resource B of this assessment resource)
  • provide Internet and library access for research
  • enable students to contact suppliers during class time
  • provide access to suitable software and equipment for report presentation.

Additional information

None.

This resource is copyright © Crown 2015Page 1 of 11

Internal assessment resource Business Studies 1.6 v3 for Achievement Standard 90842

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Internal Assessment Resource

Achievement Standard Business Studies 90842: Carry out and review a product-based business activity within a classroom context with direction

Resource reference: Business Studies1.6 v3

Resource title: Planning andRunning a Business

Credits: 6

Achievement / Achievement with Merit / Achievement with Excellence
Carry out and review a product-based business activity within a classroom context with direction. / Effectively carry out and review a product-based business activity within a classroom context with direction. / Comprehensively carry out and review a product-based business activity within a classroom context with direction.

Student instructions

Introduction

This assessment activity requires you to carry out and review a business activity with guidance from your teacher. The emphasis is on the practical process of planning (not on making a profit) as this is regarded as the cornerstone of a successful business.

You are required towork in a group to create a business plan, and once this has been approved by your teacher, your group will carry out a one-off business activity.

Teacher note: Adapt these instructions to reflect how you would like students to record evidence of their individual contribution to group output.

After the business activity has been carried out, you will review the business activity. You will do this individually and present your conclusions in a format agreed with your teacher.

You will be assessed on the completion of various milestones:

  • You will first be assessed on the depth and comprehensiveness of the business plan presented by your group.
  • Once your teacher assesses your plan to be valid, the group will be allowed to proceed to the next stage – carrying out the activity. You will be assessed on how successfully your group carried out different elements of the planned business activityand your individual contribution during the preparation period and on the day itself.
  • After the carrying-out activity is completed, you will be assessed individually on the depth of the discussion in your individual report or presentation regarding the overall business (not just the product).

This assessment activity is carried out “with direction”. This means that your teacher will help you find ways to address issues that arise as you work.

You have <teacher to insert time here>hours of in- and out-of-class time to complete this assessment activity.

Teacher note: Adapt the time allowed to meet the identified needs of your students. You may want to include specific dates for assessment milestones. It is expected that the activity will take place over several weeks and that assessment milestones will be interspersed with teaching/learning and the assessment tasks.

Task

Write a comprehensive business plan

This is a group activity.

  • As a group, brainstorm a number of business activities and decide what business activity you may carry out. Confirm your choice with your teacher.

–What product will you sell? You could make the product yourselves or add value to a product you source.

–When and where will you sell your product?

Teacher note: The classroom context is not intended to limit the scale of students’ business activities. Students may want to conduct their activity in a wider context. Consult with students on whether this is advisable.

  • Decide how you will go about researching and preparingyour business plan. For example, you could assign different sections of the plan to individual team members, peer review each area, and collaborate on the whole plan together, or work in some other way.
  • Write a comprehensive business plan. See Resource A for a business plan template.

–Integrate business knowledge throughout the plan (which is where you are able to show the reader why you are planning to do certain things using theory, such as showing why you have chosen to price your product in a certain way or why a certain behaviour is a weakness, and so on) and Māori business concepts where relevant.

–Ensure that each section of the plan isintegrated with other sectionsand consistent with them, for example, the research is linked to the financials and to the target market.

Teacher note: Adapt these instructions and Resource A to meet the identified needs of your students.

  • As you work, make a list of your sources of information. This list could be used as an appendix, but it will not be assessed.

Teacher note: Adapt these instructions to meet the identified needs of your students.

  • As a group, submit your final business plan to your teacher along with a list of your information sources.

–Your teacher will assessthese materials and signal whether you have been given approval to prepare for and carry out your business activity.

Teacher note: Adapt these instructions to meet the identified needs of your students.

Carry out the planned business activity

This is a group activity.

  • As a group, prepare for and carry out your business activity in accordance with your business plan.
  • Document your contribution to the project.

–As a group, develop a checklist of criteria that you will achieve in carrying out your business activity. Confirm this with your teacher. See Resource B for a sample checklist.

–Your teacher will advise you on how this checklist will be used and on whether you will need to collect other evidence on the day. You may be asked to take photographs or collect video evidence, for example.

Teacher note: Adapt these instructions and Resource B to meet the identified needs of your students.

  • As a group, record information on customer behaviour while you conduct your business activity. Each group member will need a copy of this information to help them individually review the activity.

–You may collect information on, for example, which products were most popular, which product sold out first, and who your customers were. You could also note customer comments on pricing, quality, or the competition.

Teacher note: Add an instruction regarding how and when you would like students to provide evidence that they have achieved this task, as appropriate.

Produce a comprehensive review of the business activity

This is an individual activity.

  • Confirm with your teacher the format of your individual report or presentation. Select a format that meets your needs. For example, you might produce a written report or video presentation or deliver a slide presentation.

Teacher note: Allow students to select a report or presentation format that best meets their needs.

  • Write a report or presentation in which you reflect on how well the business activity was planned and carried out. Do the following:

–Compare what was achieved with your group’s mission and objectives.

–Reflect on what worked well and what did not work well. Explain why.

–Integrate information and data from your group’s business plan to support your conclusions. You might consider profit/loss, sales, quality control, and marketing, for example.

–Integrate any other relevant business knowledge to support your conclusions.

–Integrate a Māori business concept (or concepts) where relevant.

–Make two or more recommendations for future improvements to the way the activity was planned and/or carried out.

–As you work, list your sources of information. This will not be assessed.

  • Submit your report or presentation to your teacher along with a list of your information sources.

Resource A: Business plan template

This template is a guide to creating a written business plan. There are other ways to approach this task. Find a way that suits your group.

Your business plan should contain six sections as outlined below.

Ensure that the different sections of the plan are integrated and consistent with one another. For example, be consistent in the data you use; base your budget on your market research data; make sure your timelines are consistent; and ensure that all elements of the plan are consistent with the business mission and objectives.

Integrate business knowledge throughout the plan and Māori business concepts where relevant.

A comprehensive business plan should enable a new reader to be able to pick upand run with your business idea unassisted.

Executive summary

Write this section last. It should be between half a page and one page in length. Include the following elements:

  • an overview of the proposed business idea
  • a description of the business
  • key points from each section of the business plan.

Mission and objectives

This section should explain the following elements:

  • the mission (main aim)
  • specific objectives (for example, SMART goals)
  • a timeline.

Marketing

This section should explain the following elements:

  • market research proposals
  • relevant research methods and results
  • a SWOT analysis (strengths, weaknesses, opportunities, and threats) of the business idea
  • the marketing mix (price, product, promotion, and place).

People

This section should includeand explain the following elements:

  • an organisation chart of group members and their roles
  • an outline of each group member’s responsibilities and expected contribution
  • a list of key stakeholders
  • internal communication methods (and why these are suitable)
  • external communication methods (and why these are suitable).

Finance

This section should include budgets and graphs and explain them. Include the following elements:

  • sources of finance
  • sales forecasts (low, medium, and high)
  • costs and revenue in budget form (for low, medium, and high sales forecasts)
  • break-even analysis (for low, medium, and high sales forecasts).

Operations

This includes the following elements:

  • supplier details and why these suppliers are suitable
  • co-ordination and general running of the business (including, for example, production, cash handling, and equipment)
  • quality control processes that will be used
  • health and safety issues to be addressed.

Resource B: Checklist of evidence for a business activity

This resource suggests a checklist of criteria that you could adapt to enable your teacher to gather evidence that you have successfully carried out a business activity. Finalise the list in conference with your teacher.

Your teacher will assess your success in carrying out a business activity with reference to the following criteria. If your teacher judges that your group has met the stated criteria, your group will have met the conditions for all levels of achievement under Achievement Standard Business Studies 90842 (1.6). Your individual contribution to the group effort will also be taken into account.

Operations

Different students may be responsible for different operational areas.

  1. Business product for sale as per business plan
  2. Product is attractively displayed
  3. Efficient production of product to good standard
  4. Health and safety adhered to
  5. Cash-handling system evident

People

The staff will consist of all members of the student team, with one member having overall responsibility.

  1. Staff engaged readily with customers
  2. Staff informed about the product
  3. Staff worked together as team
  4. Staff “on message” with promotion
  5. Person in charge of team discharged their duties

Management

All students will have responsibilities in these management areas.

  1. Customer questions (if any) well handled
  2. Business objectives evident
  3. On-site staff and competitors respected
  4. Equipment is set up, packed up, and tidied up to satisfactory standard

Promotion

Different students may be responsible for different aspects of promotion, but all will contribute to ensuring the stall is well presented.

  1. Stall wellpresented and attracting customers
  2. Promotional posters used
  3. Pre-event marketing campaign organised
  4. Packaging and labelling clear and engaging

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Internal assessment resource Business Studies 1.6 v3 for Achievement Standard 90842

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Assessment schedule: Business Studies 90842Planning and Running a Business

Evidence/Judgements for Achievement / Evidence/Judgements for Achievement with Merit / Evidence/Judgements for Achievement with Excellence
The student has carried out and reviewed a product-based business activity within a classroom context with direction.The student would typically do this by:
  • planning for a directed, product-based business activity. For example:
The group produced a business plan, with the student contributing to it. All six suggested elements were completed, with some relevant business knowledge and a relevant Māori business concept stated.