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Many has been said about how to approach a P5 exam and how to differentiate it from approaching P3 exam. But still i get confused of the difference. Can any body explain the difference. For instance if a question asks to “evaluate the impact of external environments on a company’s performance” on a P5 exam and i need to use Porter’s 5 forces..how should I approach this exam? What should be included and what shouldn’t?
Thanks,
search this in YouTube: Not wearing your P3 head when taking P5.
It is very usefulI think the secret is in the name of the exam which contains the phrase ‘performance management’. Just a out everything in P5 relates to analysing current performance (what is ‘good performance’ for the organisation and what PIs might capture that)
?), then how to manage the organisation with a view to improving performance.So using your 5 forces example, how does rivalry impact performance? Can the strength of the competition be measured (eg changes in market share) and how could we reduce the impact of competition? Similarly, a substitute product could undermine our performance and we have to see if we can counter that threat.
Look at the introductory lecture (Chapter 1).
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