Hints & tips for P5 Advanced Performance Management
Important areas to cover for the December exam:
The question often arises, 'what subjects often come up?' please be aware that the examiner makes an effort not to be predictable and tries to push as much into each exam as possible.
General advice:
Performance Analysis:
The examiner has indicated that his questions will require more skill in interpreting data and discussing strategies to improve performance rather than performing calculations.
You may be asked to analysis performance v budgetary targets to identify underlying problems that a company needs to address. This analysis could include the use of activity-based approaches, learning curves or non-financial performance measures. Ensure you have read the article on Benchmarking published in September 2012.
'Beyond budgeting' is an important area that can be tested either as a discussion or a numerical question.
Performance appraisal requires effective information systems so expect to be asked to identify the key strategic, tactical and operational information requirements of a business or the implications of introducing a new system on performance management.
Risk Analysis:
Analysis of the risk of a new proposal could include numerical techniques such as expected values and probabilities but also strategic frameworks such as PEST analysis and Porter could feature here.
Strategic Performance Measures in the Private Sector: Divisional performance measurement is another key area; ROI, RI, EVA, NPV, share price movement or even costs of quality could feature here and transfer pricing could feature as an aspect of these questions.
Reward Systems:
HR issues are new to the syllabus from June 2011 and the examiner is interested in the impact of reward systems on performance management.
Ensure you have read the article published January 2013 on Reward Schemes for Employees and Management.
Alternative Views of Performance Measurement:
Questions are commonly set that require a good understanding of the balanced scorecard, the building blocks model and the performance pyramid. Questions will often require you to analyse data that has been collected using one of these models.
Performance Hierarchy:
Linking strategic decisions to mission statements or suggesting strategic options using models such as Ansoff's matrix or the BCG matrix lend themselves to questions containing a mixture of financial and discursive elements that could easily include a simple NPV or profit analysis.
You can also visit ACCA's website for more information about P5 Advanced Performance Management.
Important areas to cover for the December exam:
The question often arises, 'what subjects often come up?' please be aware that the examiner makes an effort not to be predictable and tries to push as much into each exam as possible.
General advice:
Performance Analysis:
The examiner has indicated that his questions will require more skill in interpreting data and discussing strategies to improve performance rather than performing calculations.
You may be asked to analysis performance v budgetary targets to identify underlying problems that a company needs to address. This analysis could include the use of activity-based approaches, learning curves or non-financial performance measures. Ensure you have read the article on Benchmarking published in September 2012.
'Beyond budgeting' is an important area that can be tested either as a discussion or a numerical question.
Performance appraisal requires effective information systems so expect to be asked to identify the key strategic, tactical and operational information requirements of a business or the implications of introducing a new system on performance management.
Risk Analysis:
Analysis of the risk of a new proposal could include numerical techniques such as expected values and probabilities but also strategic frameworks such as PEST analysis and Porter could feature here.
Strategic Performance Measures in the Private Sector: Divisional performance measurement is another key area; ROI, RI, EVA, NPV, share price movement or even costs of quality could feature here and transfer pricing could feature as an aspect of these questions.
Reward Systems:
HR issues are new to the syllabus from June 2011 and the examiner is interested in the impact of reward systems on performance management.
Ensure you have read the article published January 2013 on Reward Schemes for Employees and Management.
Alternative Views of Performance Measurement:
Questions are commonly set that require a good understanding of the balanced scorecard, the building blocks model and the performance pyramid. Questions will often require you to analyse data that has been collected using one of these models.
Performance Hierarchy:
Linking strategic decisions to mission statements or suggesting strategic options using models such as Ansoff's matrix or the BCG matrix lend themselves to questions containing a mixture of financial and discursive elements that could easily include a simple NPV or profit analysis.
You can also visit ACCA's website for more information about P5 Advanced Performance Management.
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