IB Business Management Toolkit
The IB Business Management toolkit is a set of situational, planning and decision-making tools. These tools should be used by students to analyse and evaluate the syllabus content and can be applied in different disciplinary and interdisciplinary contexts; teachers should integrate the tools while teaching the course. The IB Business Management tools include: SWOT analysis, the Ansoff matrix, STEEPLE analysis, Boston Consulting Group (BCG) matrix, Business plan, Decision trees, Descriptive statistics, Circular business models, Force field analysis, Gantt charts, Hofstede’s cultural dimensions, Porter's generic strategies, Contribution, Critical path analysis, and Simple linear regression.
IB Business Management toolkit
The BMT, an integral part of the syllabus content, enriches the five units of the syllabus with an additional layer of practical application. Teachers are anticipated to weave the toolkit into the fabric of the course, enabling a more holistic teaching approach. Furnishing a useful set of tools, or frameworks, the BMT equips students with the means to dissect various topics and situations in the context of the IB Business Management course.
Comprising of 15 prescribed tools in the IB Business Management syllabus, the BMT fosters a cohesive and interconnected understanding of the entire IB Diploma Business Management course. Among these tools, eight are designed for standard level students, whereas seven are solely for higher-level students. Consequently, higher-level students are anticipated to master all fifteen tools in the BMT.
The vision is for the BMT to be a steady thread throughout the two-year course, adaptable to different content and applicable in various contexts. It should be noted that while the BMT is embedded within the syllabus content, teachers should continually emphasize these tools by intertwining the toolkit to scrutinise and appraise the syllabus content throughout the duration of the two-year course.
The IB proposes that teachers should:
Integrating the IB Business Management toolkit
How tools in the IB Business Management toolkit can be integrated into the IB Business Management syllabus content.
Tools in the IB Business Management toolkit
Standard level (SL) and Higher Level (HL) IB Business Management:
HL IB Business Management only:
The 15 tools in the BMT fall into three categories: (1) situational tools, (2) planning tools, and (3) decision-making tools.
Situational tools aid managers and entrepreneurs in evaluating the internal and external variables that influence their business. Tools such as the SWOT analysis, STEEPLE analysis, and descriptive statistics fall into this category. These tools allow decision-makers to answer the question, "What is our current position?"
Planning tools assist managers and entrepreneurs in devising and executing particular projects and initiatives. Tools like business plans, Gantt charts, and critical path analysis are examples of planning tools. These tools aid in the efficient organization of resources and the timely completion of a project or business venture. Planning tools enable decision-makers to address the question, "What is our desired destination?"
Lastly, decision-making tools help managers and entrepreneurs make informed decisions by weighing various quantitative and qualitative factors. This is a crucial aspect of a manager or entrepreneur's role. Tools like the Boston Consulting Group (BCG) matrix and the Ansoff matrix are examples of decision-making tools. These tools enable decision-makers to address the question, "What is our strategy to reach our destination?"