Ib Business Management Textbook Paul Hoang 5th Edition

IB Business Management — Study Guide (Paul Hoang, 5th Edition)

Strategy 2: Master the Toolkit (Weekend Revision)

Set aside two days to only study the Business Management Toolkit chapter. Create flashcards for each of the 15 tools. For HL students, add the three HL-only tools (Feasibility Study, Fishbone Diagram, Contingency Planning).

1. The Integration of the "New" Concepts

The 2024 syllabus introduces a new conceptual framework: Creativity, Ethics, Sustainability, and Change. Hoang’s 5th Edition does not treat these as footnotes. Instead, every case study and theory now explicitly loops back to these four core concepts, which is exactly how the IB will test you. Ib Business Management Textbook Paul Hoang 5th Edition

3.5 Operations management

• Key concepts: production methods (job, batch, mass), lean production, quality management (TQM, QA, QC), capacity utilisation, inventory methods (JIT, LIFO/ FIFO — note: FIFO/LIFO more accounting).
• Formula: Capacity utilisation (%) = (Actual output / Maximum possible output) × 100.
• Diagram: Process flow chart; inventory control graph (reorder level, buffer).
• Exam tip: Consider speed, cost, quality trade-offs; link operational changes to financial and HR impacts.