*** P5 December 2013 Exam was.. Post your comments ***

Cazza99 – I did exactly the same for the performance gap. I also agree that the transferring of the marketing costs made no different to the overall profit of the company. I had Plan A missing the performance target and Plan B exceeding the target.

I answered Questions 3 & 4. I had a blank on the performance pyramid, otherwise I would have done question2.

I also think that time management/exam technique was key in this exam, I hadn’t realised that variable costs was in units at first, so I had to re-calculate the first requirement in Q1, so I was playing catch-up from the start. I gave myself 1h15 for section B and managed to finish in time.

This was my first attempt at P5, so I’m hopeful that I’ve done enough to pass! I have P2 on Tuesday so I must get back to the books.

did q1a asked for the calculations only…or as wel as the performance analysis basing on those calculated KPI’S? please someone remind me.

Guys, for Q3 – The hospital group – did anyone take the approach that this was the Fitzgerald and Moon model? Part (a) was looking for ways in which the new RFID system would effect performance management and was 12 marks. I decided that he was looking for the 6 Dimensions @ 2 marks each – Financial Performance, Competitiveness, Resource Utilisation, Quality of Service, Innovation & Flexibility? Didn’t know what to write for the leaner objectives in part (b) then for part (c) where he asked about the attitude of staff to the new system and how it could improve accountability/responsibility – I thought this was the Standards/Rules part of F&M’s building blocks – Acceptability, Ownership and Equity. This seemed right considering the disputes between different levels of staff… I was sure I was onto the right track using this model but haven’t seen a single post from anyone on this or other forums stating that they used this so now I’m thinking I was waaaay off :S

Anyone else take this approach??

that looks funny but it should be columns with Product C then product P reading across

effectively the same as mine – Maybe we’re both right?

Almost identical answer, one change was I split the marketing costs to 40 -120 ratio as that is what the question suggested (drastic marketing spend cut on cheerful).
The GAP measurement in unchanged by that but I thought there might be 1 point for that and in this paper every point counts 🙂

I quite liked the RFID question but it was a killer on how to measure.

I can’t remember what I put but thinking back it should have been something like
get the drugs quicker
Prevents assets going missing
frees up capital
reduces arguments among staff
easier to trace theft
easier to analyse which departments are performing

It was a real tricky one, do-able but painful overall i thought not impossible but painful really hope I have passed as I am pretty sure I failed P6 today, was an awful paper.

Lets just pray altogether to get a pass.. Hopefully.. I am done with ACCA

My workings showed neither would cover the gap however one would reduce the losses.

not too bad

I would assume that there would be 1 mark for definition of performance GAP/GAP Analysis and possibly another mark for the mention of say Ansoff Matrix and a generic method of reducing the GAP or even drawing a graph.

Then another mark for linking the GAP with the strategy and how to reduce/maintain the GAP with the mention of brand being important to charging higher prices and all that for the Posh model.

Overall what did people think of the paper, fair but challenging?

Oh dear. The question asked for Lynch and Cross’s Pyramid not Fitzgerald and Moon’s building blocks. Lynch and Cross’s pyramid has for levels:
1 – Corporate Vision
2 – Market; Financial
3 – Customer Satifaction; Flexibility; Production
4 – Delivery, Quality, Waste, Cycle Time

Question 1 can be considered as the easiest among the other three. Lots of KPIs and commenting and forming evaluation staying in time and format. Just hope to get a good 30 + then can expect to Pass.
Last part i calculated as taking the profits as calculated in first part and bringing to future value of 2 years once with 4 % and 15 %. Then calculating the gap as the difference and stating tht second plan is closer and strategies can be applied to close the Gap

Second question was also okay with a easy structured model Performance Pyramid could write enough to gain good marks. and with explaining the three terms and relating to scenario which was clearly given. Although in myopio and gaming, i think i have switched the scenario stories.

Third Question was worst with i dont know what i have written in each part just trying to relate my knowledge with scenario and forming some answers.
a) Going through scenario stated problems and resolutions with some management acc terms.
b) Stated what lean accounting is and then evaluated (goods and bads) whether this RFID would result in leaner or not.
Tried putting rewards, budgeting, consultationg general points in last part of this question.

Question 4 on the first sight didnt like it (didnt do this one)