Forum Replies Created
- Posts
Hi All, sorry for not sharing with you more details about my experience in P5 after my previous posting. I just got STA in another country right after completing ACCA subjects and it took me time to catch up new things in new job. But today, ACCA Jun exam is coming, I recall my pressure before exam and search google for Alex Watt… then I see all your questions and answers.
I believe that all of you already passed P5 in Dec 2014 exam, thank to precious advices of roro on 10 Nov 2014. I can’t tell you more than that.
However, I still want to tell you and send my gratefulness to my P5 lecturer, Mr. Tze Kang Chan at FTMS Hanoi.
Until now, I still remember some of his lecture about performance measurement and management. Among all subjects of ACCA, I keep best memory about P5, not only because it’s the last subject but also due to its applicability in my current job.
P5 is all about performance of Organization and people in that org. But you have to define:
1. what are performances of org? (it depends on org’s strategy, vision => its critial success factors) and those performance must include things in pairs: financial – non financial; long term – short term, internal – external ==> to get sustained development of Org. Be careful with performance measurement as it always goes with problems (gamings, tunnel vision, mispresentation, measure-fixation….)2. In P5 questions, there are always organizations facing problems or considering changes (because changes in PESTEL, 5 forces….) you have to find out what are their problems? How to change? what model should be applied? Be careful! It’s not always new model better than traditional model. One doesn’t fil all.
3. Once the org decides to change =>7s is applied, see good things and bad things. Recommend how to deal with bad things
4. Alex Watt is brilliant. He does his own business and has wide knowledge about various business industry from manufacturing, service (hospital, education) and IT. He can mention Lean process, ERP,… you should prepare knowledge for this. Try to spend time on Financial times, The economist to catch up what’s going on in economies and big groups. You can ask yourself what is the source of wealth for some famous company like Google, Apple, ABB, what are their critical success factors? their KPIs? why KPIs may change time to time?
5. Practice as many as you can, discuss your thinking, opinions about 1 question and how you plan to answer with your friend (better with your lecturer) to see if you get right direction. When you are clear what is asked and know how to answer, just keep your sentence short and simple but illustrate it with specific proof, don’t just state your opinion without evidence.
P5 is hard but fruitful when you take it, understand it and pass it. Good luck!
I failed p5 3 times and this Jun 14 is 4th attempt, hope, it´s last one for me. I see my weakness in previous attempt: less relevant, less convincing comment, no link between cases with question. Syllabus of P5 is not too hard but extremly hard in application and diferentiate “evaluate” questions. Time management is also key to pass, no time to notes key point in planning time then write answer, try to read+ think+ write in concise and straight forward answer.