Demonstrate understanding of how internal factors interact within a business that operates in a global context

What this standard covers

• Quality: control, assurance, total quality management, continuous improvement
• Innovation: its role in success, the cultures that produce it, its risks
• Change management: inertia, resistance, approaches, and embedding change
• Investment appraisal: payback period, accounting rate of return, net present value
• Business location analysis, clustering, trading blocs and competitive advantage
• Intellectual property management: the need for it, protection, risks and benefits
• Assessed by an end-of-year external examination