ACCA P5 做题笔记.docx
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ACCA P5 做题笔记.docx
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ACCAP5做题笔记
2011.6
一三个财务指标的比较,转换价格,EIS
咖啡机,免费在保修期内保修
希望manufacturing/sales(M/S)andservice有coordination
之前评价两个部门的方法是ROI,现在想用RI和EVA
主要问题是保修期里面的维修费用应该归到生产部门,但如果只是按照成本来算对服务部门划不来
1
Non-controllablereturnoninvestment指的是Operatingprofit减去了Apportionedheadofficecosts得到的Profitbeforetax再除以Capitalemployed。
因此Apportionedheadofficecosts指的就是利息的分配。
注意,算EVA的时候tax一定要用原来的数字,不做任何更改。
Tax的值是operatingprofit乘以税率。
做这种题目要算出结果,评价结果好坏,评价手段。
ROI
优点:
可以比较;不算不能控制的interest;
缺点:
没有考虑risk;不用cash,容易accountingmanipulate,不能alignwithTSR;随着depreciation结果变好;可能会discourageinvestment。
RI
优点:
考虑risk
缺点:
不能比较;不用cash,容易accountingmanipulate,不能alignwithTSR
EVA
优点:
考虑risk;用了cash;能alignwithTSR;鼓励投资
缺点:
不能比较;依赖历史数据
2
Theobjectiveofatransferpricingsystemistoallowdivisionalmanagementtobeassessedonthebasisofdivisionalprofitandsoprovidethemwithmotivationwhileretainingtheirautonomy
标准成本plus法一定要分清variablecost和fixedcost
这个题是站在service部门的角度上面考虑,比较outsourcing和使用内部的agreement哪一个更加有利
3
关于信息系统,EIS对于企业的绩效管理的影响。
二平衡计分表、stakeholdermapping
一个制药公司,之前用股价和EPS,觉得太窄,现在用平衡计分表。
告诉你strategy:
Itbeganbyidentifyingtheobjectivesfromtheboard’smediumtermstrategy
然后Theworkinggroupthenconsideredthestakeholderperspectives
最后Finally,thisleadstotheproposedscorecardofperformancemeasures
1howtheimplementationofabalancedscorecarddeliversarangeofperformancemeasuresalignedwiththecorporatestrategy?
Thebalancedscorecardisatooltotranslatetheoverallvisionofacompanyintoobjectivesandperformancemetrics
Thescorecardbroadenstherangeofmeasuresbyincludingthosethatviewthebusinessfromtheperspectiveofsatisfyingthecustomerbothintermsoftheirneedsandthewaysinwhichthebusinesscangoaboutsatisfyingthem(internalprocesses).Thefinalareaisfocusedonthesustainabilityofthecompanyanditsvisionintothelongterm.
强调long-term,non-financial(包括quality,innovation等)
Itisimportantthatinbroadeningtheperspectivesofperformancemeasurement,thescorecarddoesnotoverwhelmwithnumbers.
2Evaluationofproposedperformancemeasures
Financial:
用股价和EPS:
Theseareappropriatetoaddresstheobjectivesofenhancingshareholderwealth,althoughithasbeenarguedthatmeasuressuchaseconomicvalueaddedorshareholdervalueaddedarebetterlong-termmeasuresofthistopic.Also,itismorecommontousesharepriceanddividendpersharetoreflecttotalshareholderreturn.Additionally,measuresofsurvival(cashflows)andgrowth(inEPS)couldbeconsidered.
Customer:
不止要注意enduser。
itshouldalsoreflecttheconcernsofthosepayingfortheproducts(thegovernmentandinsurers).Therefore,measuresofcostincomparisontocompetitorswouldbeappropriate.
其他要注意的:
itmaybeappropriatetoreconsidertheorderofmeasures
thedifficultyofcollectingdataonsomeofthenon-financialmeasures
3
stakeholdermapping
4公共部门和私营部门在使用平衡计分表的不同
TheuseofthebalancedscorecardapproachwillbeofgreatusetoBDRasitemphasisesnon-financialperformancewhichfitswithBDR’sobjectivesrelatingtoqualityofdrugsandtherelationshipwithkeystakeholders.
Thereisalsothedangerofsettingquantifiablemeasureswhicharethenobsessivelypursuedwithoutregardtothesofteraimsoftheorganisation.
BDRwillhaveamorecomplexbalancedscorecardthanPTduetothediversenatureofimportantstakeholders.
TheprimaryobjectiveatPTisfinancialwhileatBDRthereareseveralkeyobjectivesamongwhichthereisnoclearranking.
Stakeholdersmayhaveconflictingobjectives
三关于十三章的buildingblockmodel(QUIF)
1解释模型,红字关键
Thebuildingblockmodelisananalysisthataimstoimprovetheperformancemeasurementsystemsofservicebusinesses
Dimensionsfallintotwocategories:
downstreamresults(competitiveandfinancialperformance)andupstreamdeterminants(qualityofservice,flexibility,resourceutilisationandinnovation)ofthoseresults.Thesearetheareasthatyieldspecificperformancemetricsforacompany.我们需要衡量的有六个因素。
结果的两个和决定因素的四个。
Standardsarethetargetssetforthemetricschosenfromthedimensionsmeasured.要achievable,fairlyset。
指的是真实结果比较的对象。
可以内部比较,和行业平均比较。
Rewardsarethemotivatorsfortheemployeestoworktowardsthestandardsset.我们在讨论的时候要注意奖励能不能激励员工
2我们需要衡量的有六个因素。
结果的两个和决定因素的四个。
3模型的优势
Thefirstimprovementobtainedbyusingthismodelwillbetoensurethatallthekeydeterminantsofsuccessinperformancearebeingmeasured.Thenextbenefitwillbethatthetargetssetforeachmeasurearesetinsuchawayastoengagethestaff(achievable,fair).Finally,therewardsystemwilloperateinawaytooptimallymotivatetheindividualstaffmembers.
谈具体一个企业的improvement的时候,我们可以谈企业还可以从哪些方面衡量四个determinant。
Resource:
billablehoursworkedtothetotalworkinghours
Innovation:
timeittakestolaunchanewserviceoncetheinitialcustomerneedisidentified;
numberofnewcustomerinitiativeslaunchedorbytherevenuethattheygenerate.
Flexibility:
Speedofdelivery:
要注意punctualitytimeliness,用waitingtime,dayslate衡量
Responsetocustomerspecification:
质量上
Copingwithdemand:
数量上
Qualityofservice:
顾客满意度
四BCG
1衡量属于BCG的哪一个
计算结果的比较对象:
generaleconomicexpansion,1
Dog:
Adisposalcouldbeconsideredunlessthereareotherreasonstokeepit
Cashbow:
Itwillbemanagedforitscashgenerativecapabilitiesandwillbeheavilycostcontrolled.
Problemchild:
Thesectorappearsripeforconsolidationandsoeitherthedivisionshouldbefinancedtogrowbyacquisitionorelsesoldontoanotherconsolidator.
Star:
excellentcandidateforinvestment
2这个模型的优缺点
优点:
TheBCGmatrixcanbebeneficialasitallowsthecompanytoviewtheprospectsofitsdifferentdivisions.Adifferentstyleofmanagementshouldbeappliedtoeachdivisionbasedonthisanalysis.Thosebusinesseswhichareinfastergrowingsectorswillrequiremorecapitaltobeinvestedandmaynotgeneratecashasefficientlyfromprofits.
basedonprofitandreturnoninvestment;focusedonmarginsandcashgeneration
缺点:
BCGmatrixisaverysimplemethodofanalysis.Forexample,usingrelativemarketsharemeasuredagainstthelargestcompetitor,whereavalueof1·0isusedascutoffbetweenlargeandsmall,meansthereisonlyonestarorcowpermarket.
Itmayalsobedifficulttodistinguishthesectorsfromeachotheras,forexample,itmaybedifficulttodefinethedifferencebetweenacafeandarestaurant.Themodelalsofailstoconsiderthelinksbetweenthebusinessunits,forexample,wherethebarsorcafesmayserveasfeederbusinessesforlatenightdanceclubs.
3个人绩效评价与BCG
Theexistingremunerationsystemisprimarilybasedonthedivision’sperformancecomparedtobudget.Itislikelythatthemanagementstylewillbehighlycostconsciousandconservativeasaresult.Thiswouldbeappropriateforthebarandrestaurantdivisionswhichforeseelowgrowth.
总结就是如果用预算评价绩效,就和快速成长的不符合。
五environmentalcosting
2011.12
一关于riskanduncertainty
theinstitutionalshareholdersofMackerelexpressedconcernaboutthevolatilityofthecompany’searnings(表明了risk-averse)
武器承包商准备投标tender,购买的是政府。
不过现在经济萧条,政府预算有限
500,750,1000三种可能
thegovernmenthasstateditwillpayafixedsumof$7·5mtowardsdevelopmentandthena19%mark-uponbudgetedvariablecosts.
另外spendondesignanddevelopment会影响固定费用,最少是7.5,但是同时也会让政府购买上升到1000的可能
变动成本48000
固定成本
Type1
7,500,000
Type2
8,750,000
Type3
10,000,000
政府补助7.5m,给的利润是19%mark-up
1
2
3
500
4560
3310
2060
750
6840
5590
4340
1000
9120
7870
6620
1三种不同态度
2四种不同的方法(不同的态度会选择什么方法)
Riskseekerswillaimtomaximisethepossiblereturnsfromthedifferentdemandscenarios.
Riskaversedecision-makerswillaimtomaximisetheminimumpossiblereturnsfromthedifferentdemandscenarios.
Pessimisticdecision-makerswillchoosetofocusonthelostprofit(regret)comparedtothebestchoiceunderthatdemandscenario.
Ariskneutralmanagerdoesnottakeanoptimisticorpessimisticstance.Theywillchoosetheoptionthatyieldsthemaximumexpectedvalue.
Designpackage1shouldbechosenaswithunknownprobabilities,itcarriestheleastrisk.
二KPIperformancepyramid
电动车,给出使命和一些KPI
1用KPI的8个特点来评价企业的KPI
4个从平衡计分表考虑,4个从blockmodel考虑
2解释金字塔如何reachitsgoalofacoherentsetofperformancemeasures(红字一定记住)
focusesonthedevelopmentofacoherentsetofobjectivesfromtheoverallcorporatevision.
strategiclevelconcernsrelatetomarketandfinancialfactorsandthesearefedbythetacticalleveldrivers
Theoperationalobjectivesarethenderivedfromthetacticaldrivers.
结构:
总结来说就是下面的derivedfrom上面的,然后可以feed、drive上面的
功能:
helpachievethecoherencethattheboarddesiresintheperformancemeasurementsystems
Coherent指的是一致性、一贯性
举例:
cycletimereductionswillimproveproductivitywhichwillenhancetheprofitabilityofCod
3企业如何应用金字塔
三个tactic层面的应该用哪些KPI,而且它们应该shouldbeaddedtothecurrentKPIsusedbytheboard
然后找出operationalperformancemeasures,用四个层面的
Waste:
Varianceanalysisofidletimeforemployeesandmaterialsusage
Cycletime:
productsbeingdevelopedmaygiveanideaoftimetomarket,anaveragemeasureofthisinmonthswouldbemoreuseful.
Delivery:
complaintnumbersondelivery
Quality:
Theexistingmeasuresoffailurecostssupplyameasureofquality,althoughvariancestobudgetmaybeamorehelpfulpresentation.Thecustomercomplaintnumbersalsoaddressthisissue
三信息
中学。
Theschool’sethosis‘topromotelearning,citizenshipandself-confidenceamongthepupils.
每个部门报告方式不同。
由于现在部门的数据库和总部的都没有联系在一起,只能用USB送到总部,总部分析的依据只能是报告。
所以想要改变
Ithasbeensuggestedthattheschoolshouldconsiderimprovingitsinformationsystemsbyinstallinganetworkacrosstheschooltolinkthedepartmentalcomputersandtheadministrationdepartment.Asingledatabasewouldbecreatedto
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- ACCA P5 做题笔记 笔记