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Hello,
September examiners report contains the following task (iii) in the Question 1:
“Part (iii) required the candidates to provide a brief description of the nature of the information required for performance measurement at three different levels (strategic, tactical and operational) and explain how this information is influenced by the extent of planning and controlling activity at each of the levels of the performance hierarchy. Examples which would be relevant to the company were requested to illustrate these points”.
The similar question was in December exam and I failed to answer it correctly.
I’m using LSBF materials for preparation to the December and currently March exam and I’m not sure that the information I’ve found in the LSBF Study manual is appropriated well for responding to the first past of the question – “nature of the information required for PM at 3 different levels”. There is the definition of internal and external information and why it is important in planning to use different sources of information.
Could You, please, clarify what the examiner expects to see in the respond to the first part of the question?
Many thanks for considering my request!
Best regards,
Anastasia
As you go up the hierarchy of employee functions and responsibility (operational to tactical to strategic) there are changes to the types of information needed. Broadly P44 of our notes:
Operational people need information that is: very accurate, historical, internal, routine
Strategic management people need information that is: internal and external, less detailed, often predictions about the future, often once-off for special reports.Examples would be:
Operational: recording transactions, resolving queries, dealing with routine matters such as staff rotas, ensuring enough material was in inventory. All of that is internal ie comes from within the company
Strategic people: keep an eye on the whole business, where it is going, what sort of business is needed for 5 years’ hence, what is happening in the PESTEL factors and with competitors? Obviously much of this is forward looking/estimates/educated guesses but certainly must take involve external information such as economic forecasts, competitor activity, technological advances etc.
Does that help?
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