25 Business Studies

How Memory Tools Can Help You Ace Business Studies

Imagine being able to recall key business concepts with ease instead of cramming the night before a test. That’s the power of memory tools! Today, we’ll explore the Method of Loci (Locis)  to memorize the functions of management in business studies.

The Method of Loci involves creating a mental journey through a familiar location and placing the information you want to remember at specific points along that journey. We choose this method because it leverages the brain’s natural ability to remember spatial relationships.

Now, let’s dive into memorizing the functions of management:

  1. Choose Your Memory Palace:

Think of a place you know very well, like your house or your school. The more vivid your mental picture of the location, the better.

  1. Match Functions to Locations:

The seven functions of management are: Planning, Organizing, Staffing, Directing, Coordinating, Reporting, and Budgeting.

Now, assign each function to a specific location within your chosen place. Let’s use a house as an example:

  • Planning: Imagine a big planning board hanging in your living room.
  • Organizing: Picture yourself neatly arranging furniture in your bedroom (organizing the space).
  • Staffing: Think of placing photos of your family and friends on the hallway wall (representing staffing your house with people).
  • Directing: Imagine yourself standing in the kitchen, directing someone on how to bake a cake (giving instructions).
  • Coordinating: Picture yourself juggling various cleaning tasks in different rooms (coordinating activities).
  • Reporting: Imagine a report card hanging on the fridge door (representing reports).
  • Budgeting: Think of a piggy bank sitting on your bedside table (representing your budget).
  1. Visualize a Story:

Create a short, memorable story that connects each function to its designated location.

In our house example, visualize yourself entering the house and seeing the planning board in the living room. Then, picture yourself organizing furniture in your bedroom, followed by hanging photos on the hallway wall (staffing).  Continue the story by incorporating each function and its designated location. The crazier and more vivid the story, the easier it will be to remember.

  1. Test Yourself:

Imagine yourself walking through your memory palace again. Can you recall the functions of management at each location?  If not, retrace your steps and solidify the connection.

By using the Method of Loci, you can transform dry business concepts into a memorable mental journey, improving your recall and boosting your confidence in business studies!