WAEC Syllabus for Business Management 2023/2024

The WAEC syllabus for Business Management is the topic you must study to sit for the examination. It contains the aims and objectives, notes and format for the Business Management exam.

Studying the Business Management syllabus is necessary for your exam preparation. It will serve as a guide for you to know the topics to read. There are also notes on concepts you should pay attention to learning.

Exam preparations without using the Business Management Works syllabus are like going to the farm without your agricultural tools. You will end up not being productive.

Ensure you begin your exam preparations using the syllabus.

This post contains the Business Management syllabus and recommended textbooks of the West African Examination Council (WAEC).

Let me know in the comment section if you have any questions. I will love to hear from you.

WAEC Business Management

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.

Aims

The examination, therefore, intends to test 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

There will be two papers, Paper 1 and Paper 2; both of which will constitute a composite paper and will be taken at a sitting.

PAPER 1: This will consist of fifty compulsory multiple-choice objective questions which will cover the entire syllabus and will carry 30 marks.  It will last1 hour.

PAPER 2: It 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.

WAEC Business Management Syllabus

Nature of Management

  1. Meaning and Process of Management
  2. Forms of Business Organization
  3. Business and Society

Functions of Management

  1. Planning and Decision Making
  2. Organizing
  3. Directing
  4. Controlling

Management Information Technology

  1. Concept of ICT
  2. Data and information, meaning, differences; and sources of business information
  3. Functions of the computer
  4. Applications of computers in Business
  5. Advantages and challenges of the use of Computers in business
  1. Law of Contract
  2. Principles of Agency         
  3. Negotiable Instruments

Finance and Financial Institutions

  1. Money         
  2. Banking
  3. Risk Management and Insurance
  4. Stock Exchange

Role of Government in the Economy

  1. Role  of government in an economy
  2. Sources and types of government revenue
  3. Purpose of taxation
  4. Types of taxes and challenges of tax collection
  5. Types and items of government Expenditure

International Trade

  1. Meaning of trade
  2. Difference between domestic and international trade
  3. Documents used in domestic and international trade
  4. Reasons for international trade
  5. Theories of absolute cost and comparative cost  advantage
  6. Restrictions in International trade
  7. Balance of Payments (BOP) and measures for correcting BOP deficit
  8. Challenges of developing  economies in relation to international trade
  9. Ways of improving Developing Economies by Government
  10. Role of the following  institutions in international trade: International Monetary Fund (IMF), International Bank for Reconstruction and Development (IBRD), United Nations
  11. Conference on Trade and Development (UNCTAD)

Globalization and Economic Integration

  1. Meaning and causes of globalization
  2. Advantages and disadvantages of  Globalization
  3. Meaning of economic integration
  4. 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).

Functional Management

  1. Meaning of human resource management
  2. Functions of human resource management
  3. Steps in the recruitment and selection process
  4. Sources of recruitment
  5. Types of training;
  6. Job Analysis (job description and job specification)
  7. Performance appraisal – meaning and importance
  8. Meaning of labour relations, trade Unions and industrial relations.
  9. Functions of Trade Unions
  10. Employers’ Association: Meaning and functions.
  11. Collective bargaining-process importance and rights of parties involved.

Fundamentals of Production Management

  1. Meaning of production and production Management.
  2. Forms of Production – extractive, manufacturing, construction, commercial and personal services
  3. Factors of production
  4. Meaning of specialization and exchange
  5. Advantages and disadvantages of specialization
  6. Types of the production process – job, batch, flow
  7. Steps in production planning and Control

Principles of Marketing

  1. Meaning of Marketing: Meaning and activities.   
  2. Market segmentation: Meaning and bases.
  3. Elements of the marketing mix (product, price, promotion and place)
  4. Steps in new product development
  5. Stages of the product life cycle (introduction, growth, maturity and decline)
  6. Functions of packaging and uses of branding
  7. Factors affecting pricing and pricing objectives
  8. Promotion: Meaning, importance and types
  9. Channels of distribution 9.4.10 Functions of wholesalers and retailers e-commerce:  Meaning and importance.
  10. Meaning of Business Finance.
  11. Short-term and long-term sources of finance
  12. Government lending programmes; Venture capital fund

Entrepreneurship and Small Business

  1. Meaning of entrepreneurship
  2. Role of entrepreneurs
  3. Characteristics of an entrepreneur
  4. Content of business plan
  5. Reasons for business successes and failures
  6. Record Keeping: Meaning, importance and types.
  7. Time Management: Meaning, importance and techniques.
  8. Small businesses: Meaning and categories
  9. Procedures in the formation of small businesses
  10. Importance of small businesses in the economy
  11. Challenges of small businesses
  12. Role of government in promoting small businesses
  13. Ways of sustaining an established business
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