Passing Paper P5

Make sure you are competent at F5 topics as these underpin P5. Assuming you know the specific P5 models and techniques and the F5 material, your problem must lie with answer technique.

General advice is:

1 Do not describe models: apply them. Any time you spend describing, for example, Porter’s 5 Forces is a waste of time and will not attract marks. You are supposed to apply models to scenarios.

2 Where possible use relevant models and recognised theories and techniques to give you answers more respectability and to raise their quality. This is not an exam in common sense. Concentrate on the title of the paper: advanced performance management. Answers should be directed at improving performance (this is not a repeat of P3). See here:

https://www.youtube.com/watch?v=gouV_RTwZeE&feature=youtu.be

3 Read the question requirements carefully and address those precisely and respond to information in the questions..

4 Write enough. For 10 marks aim for about 1.25 sides in your answer book. Much less, and you won’t generate enough points attract the marks you need.

5 Use paragraphs. Do not use bullet points. It is not the bullet that matters but the fact that they are often followed by just one word or so. You can’t explain properly in a couple of words, so use paragraphs and have a couple of sentences in each to really convince the marker that you know what you are talking about.

6 Allocate your time – ruthlessly.

Variances, contribution analysis, transfer pricing, divisional performance measurement, learning curves, budgeting (particularly behavioural,aspects).