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A business IA will require students to use at most 4 analytical tools. However, this does not come easy as a student has to determine the most suitable tools based on their chosen topic or case study. This post briefly enlightens students on how to select appropriate IB business analytical tools.
As a Business HL or SL student, you should be aware that the syllabus allows the use of business analytical tools based on HL or SL. While those in Higher Level can use any of the 15 tools, those in Standard Level have to stick to a strict list as outlined below.
Sourced from ibbusinessmanagement.com
Students need to understand that analytical tools are classified into three categories: planning tools, decision-making tools and situational tools. Thus, an IB student ought to analyze their case study and relate it to any of the categories to determine the best fit. I will break it down further for you in the next few paragraphs.
First, situational tools help managers determine their current position. Therefore, factors such as strengths, weaknesses, opportunities and threats come into play to determine the current position of a business. SWOT takes care of both external and internal factors. Other tools like STEEPLE also help scan the external business environment. Lastly, descriptive analysis can be used to determine trends and relationships by analyzing historical data and contrasting it with the current data.
Second, decision-making tools assist managers in making the most convenient decisions by comparing qualitative and quantitative elements. They include BCG, Ansoff Matrix and the decision-making tree. These tools are critical in ensuring the management makes the most rational decision and minimizes risk.
Lastly, planning tools assist managers or businesses in preparing for undertakings such as projects and take care of the implementation process. These tools include Gantt chart, business plans and critical path analysis.
Using the above tips, you will save time and channel your resources to writing an excellent IB business IA.
PSS! If you are still stranded, get in touch with us for more tips and IB business IA help.
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