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standard and reward

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA PM Exams › standard and reward

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
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  • December 14, 2021 at 1:59 pm #644240
    accountguy
    Member
    • Topics: 32
    • Replies: 19
    • ☆☆

    I looked in your lecture on the building block model but I could not find anything on standards and rewards (even in the Kaplan text).

    Could you please explain the three aspects of the standard such as:
    1) Ownership
    2) Achievability
    3) Equity

    Also, please explain the three aspects of the rewards such as:
    1) Clarity
    2) Motivation
    3) Controllability

    thanks in advance

    December 14, 2021 at 3:59 pm #644250
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51579
    • ☆☆☆☆☆

    I am puzzled as to where you are quoting these words from given that they are not mentioned in the syllabus and neither do they relate specifically to Fitzgerald and Moons building block model!!

    Standards are the norms against which performance is measured, whether it be measurement in terms of variances of measurement of in terms of non-performance measures (and are discussed in the lectures on variances and on budgeting (where rewards are discussed also)).

    For managers to be encouraged to aim to improve on the standards, they need to accept that the standards are fair (equity) are achievable (possible to meet) and they need to accept them (ownership).

    One way of encouraging managers to meet (or improve on) the standards is to reward them if they do manage to. Reward schemes are discussed in the lectures on budgeting and to be successful in motivating managers they need to be clear (clarity), they need to be motivating (encouraging) and need to be rewarding managers over things they are personally able to control (controllability).

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