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I wanted to know how do we address the balanced scorecard questions in performance management exams?
First, I will draw 3 columns namely Perspective, Goal & Measure (or KPI). Now, the First column will include the perspective to which we will deal, then the goal column will be addressed the company’s goals such as profit increases, then the Measure column will be addressed with financial ratios & mostly discussion will be dealt with the solutions where the company is underperforming.
Is that the correct way to answer balanced scorecard & can we address Fitzgerald & Moon questions in the same way? Do we often ask balanced scorecard & Fitzgerald & Moon questions in exams?
Lastly, as there are 4 perspective in balanced scorecard which is used for both financial & non-financial data while Fitzgerald & Moon is just for non-financial analysis? correct?
You cannot really address questions in that way very easily in the computer based exam.
Questions will expect you to suggest and discuss different measures you consider applicable to the specific question.
Check the past questions in your Revision Kit and see how the answers are set out.
Fitzgerald and Moon do include financial analysis as one of the areas of performance measurement.
Do watch my free lectures on both Kaplan and Norton’s balanced scorecard and on Fitzgerald and Moon. The lectures are a complete free course for Paper PM and cover everything needed to be able to pass the exam well.
SIR, Would it be sufficient for the non-financial question to tackle them by specifying goals with their respective key performance measures such as % change in growth or reduction, Service costs per customer, Number of complaints per customer, etc.
While the discussion will explain the causes of these changes in company’s performance. Are these analysis enough to gain full marks for non-financial evalutaion questions?
Lastly, if the question does not specifically state the requirement whether it is balanced scorecard or building block model question, then we’ve to apply according to what fits best with the business of the company either balance scorecard or building block model? Is that correct?
This is what I learnt from your lectures. 🙂 Please do guide me where I am wrong!
You do not need to refer to either the balanced scorecard or to building blocks, unless the question specifically mentions them.
Questions want you to discuss the performance based on the information given in the question, not to simply quote ‘rules’.
I assume that you have a Revision Kit from one of the ACCA Approved Publishers (if not, then it is essential you buy one) and you will find many performance measurement questions to practice. See from the answers provided what sort of answer is required.
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