2015ACCA 《F5业绩管理》知识点(10)
ACCA P5高级业绩管理Chapter_10a
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Lecture example: Stakeholders and objectives
Briefly discuss the following questions: • What would be suitable objectives for a not-for-profit (state run) hospital? • What stakeholder groups have an interest in the hospital and its performance, and what are their interests?
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Overview
Scope of strategic performance measures in not-for-profit organisations
Objectives
Difficulty achieving objectives
Measuring performance
• Pharmaceutical companies – who supply drugs etc to the hospital
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Answer: Stakeholders and objectives (3)
Possible conflicts between stakeholder interests: • Funding authorities may want to reduce the costs of treatment or the cost of running the hospital vs • Doctors and nurses who view quality of treatment/care as a priority • Patients and their families – who want the best care available, and don‟t want to have to wait a long time to receive it • Hospital managers face this conflict themselves – trying to balance service quality against funding constraints; eg patients could be treated more quickly if there were more doctors/nurses, beds, and equipment available, but this would increase costs.
ACCA F5复习提纲
Self-review F5Part A Std. costingLife cycle costing estimates the costs and revenues attributable to a product over its entire expected life cycle, from production concept and design to eventual withdrawal from the market.How to maximize the return? (profit)1.Extend the length of the life span.2. Minimize the time to market.3. Shorten the introduction.4.Control the R&D.5.Minimize the breakeven time.Profitability、Pricing、Cost control、Decision makingTarget costingPurpose: improve the competition to suit the environment with similar productsProcess:Step 1 Determine a product specificationStep 2 Decide a target selling price at which the organisation will be able to sell the product successfully and achieve a desired market share.Step 3 Estimate the required profit, based on required profit margin or return on investment.Step 4 Calculate: Target cost = Target selling price – Target profit.Step 5 Prepare an estimated cost for the product, based on the initial design specification and current cost levels.Step 6 Calculate: Target cost gap = Estimated cost – Target cost.Step 7 Make efforts to close the gap.How to close the cost gap?ing cheaper staff2.Acquiring more efficient technology3.Cutting out non-value-added activities4.Training staff in more efficient techniquesBenefits:1.cost reduction techniques2.focus on customer improve the level of satisfaction3.focus on product design and process4.improve the competitiveness of products and enhancing the profitability of successThroughput AccountingTOC(The theory of constraints): Its key financial concept is to turn materials into sales as quickly as possible, thereby maximizing the net cash generated from sales----production management Assumptions:1.In the short run, the cost of purchase materials is the only variable cost, other costs in the factory are fixed costs.2.Producing for orders, the ideal inventory level should be zero.3.profitability is determined by how quickly goods can be produced to satisfy customer orders.4.idle time at non-bottleneck exist and is acceptedTA per bottleneck resource(return per factory hr)-----Throughput/bottleneck hrs per unit 计算题：Optimum plan:(1).Limiting factor analysis(contribution per bottleneck resource)(2).TA accounting(Throughput per bottleneck resource)1.TA类process：1. The bottleneck resource is xxxx2. calculation TA/unit TA/bottleneck hours3.rank production4.allocate resource to arrive at optimum production planTA ratio : total TA/ total factory costTA per bottleneck resource/Factory cost per bottleneck resourceTA per unit/ Factory per unit2.ABC类Cost pool O/H activity driver no. of drivers OH/driverCost(O/H) per productEAEMA(environmental management accounting)---internalUS:1. Conventional cost2. Potentially hidden cost3. Contingent costs4. Image and relationship costsUNDSD:1.Input/output analysis2. Flow cost accounting---material system delivery&disposal3.ABC4.Lifecycle costingPart B Decision makingSingle limiting factor---optimum production planRank—contribution per limiting factor=CPU/limiting factor per unitMultiple limiting factor-linear programming画图—可行域交点代入目标方程式Variables:Let x = number of XXXLet c represent the contributionConstraints:联立不等式组p.s: non negativityObjective: c=SlackSlack occurs when maximum availability of a resource or other constraining factor is not used. Constraint with slack----non-critical constraint, shadow price=0Constraint without slack---critical constraint (binding)This is a non-critical scarce resource and as such it has a shadow price of nil.Shadow priceThe shadow price （dual price）of a limiting factor is the increase in value which would be created by having one additional unit of the limiting factor at its original cost.（linear programming）extra contribution or profit that may be earned by relaxing a binding resource constraint by one unit.Process：联立两个bindingShadow price= total contribution（new optimal plan）-total contribution in original solution Relevant costs are future cash flows arising as a direct consequence of a decision.Opportunity cost is the benefit sacrificed by choosing one opportunity rather than the next best alternative.Cash inflowsLess: Cash outflowsNet cash flowSpare capacityMake or buy decisionsNo spare capacityProcess;Variable cost of makingVariable cost of buyingExtra variable cost of buyingLimiting factor saved by buying(per unit)Extra variable cost of buying per hour savedRankingShut-down decisionsFactors to consider for shutting-down decisions:1.Loss of contribution from the segment2.Savings in specific fixed costs from closure3.Penalties resulting from the closure4.Alternative use for resources released5.Non-quantifiable effects6.Knock-on impact—loss leader 局部故意亏损以求整体利益If shut down;Cash inflows;Saved costsIncreased contribution of other products（substitute）Cash outflows;Loss contribution (complement&itself)PenaltiesNCFsJoint product further processing decisionsIncremental revenueLess: Incremental costIncremental profit/(loss)The xxx product is worth further processing in that the extra revenue exceeds the extra cost by $xxx Pricing DecisionsPrice elasticity of demand---- inelastic 0≤x<1Elastic x>1Demand equation;P=a-bQMR=a-2bQP=pricea=the price at which demand would be nilb= in quantityQ=the quantity demandedProfits maximised: MR=MCRevenue maximised: MR=0CVP analysisCost volume profit (CVP)/breakeven analysis is the study of the interrelationships between costs, volume and profit at various levels of activity.CPU-contribution per unitBEP=contribution-FCTo make zero profit, sales volume should be atBEP=FC/CPUTo make zero profit, sales revenue should be atBreakeven revenue=FC/ c/s ratioSales volume for target profit= FC+ target profit/CPU利润率指标（不变）C/S ratio= contribution/ sales= CPU/ priceWeighted average sales price per unit=∑price*volume/∑volumeMargin of safetyMOS=budgeted sales- BEP ------------------in salesMOS=budgeted units-breakeven units---------in unitsMOS/budgeted sales （百分比形式）Limitations of CVP analysis1. It is assumed that fixed costs are the same in total and variable costs are the same per unit at all levels of output.2. It is assumed that sales prices will be constant at all levels of activity.3. Production and sales are assumed to be the same.4. Uncertainty in the estimates of fixed costs and unit variable costs is often ignored.Advantages1.Highlighting the breakeven point and the margin of safety gives managers some indication of the level of risk involved.2. Graphical representation of cost and revenue data (breakeven charts) can be more easily understood by non-financial managers.3. A breakeven model enables profit or loss at any level of activity within the range for which the model is valid to be determined, and the C/S ratio can indicate the relative profitability of different products.Risk&uncertaintyRisk involves events which may or may not occur, but whose probability of occurrence can be estimated statistically.Risk preferenceA risk seeker is a decision-maker who is interested in the best outcomes, no matter how small the chance that they may occur. ----optimistA risk averse is a decision-maker acts on the assumption that the worst outcome might occur and will make a decision to minimize the risk. ----pessimistA risk neutral is a decision-maker who will make a decision that balance risk and return, and consider the most likely outcome.Expected value----support a risk neutral attitudeEV=∑possible outcome *probabilitiesLimitations of expected values;1. The expected value of a decision may be a value that will never occur.2. EV is an average value, it ignores the extreme outcomes.3.It ignores the aspect of probability distribution.Sensitivity analysisSensitivity analysis is used to testify the critical value to make the decision invalid. Sensitivity analysis can help to concentrate management attention on the most important factors.If xxx costs are more than x% above estimate, the project would make a loss.X%=profit/xx costMonte carlo simulationSimulation models can be used to deal with decision problems when there are a large number of uncertain variables in the situation. Random numbers are used to assign values to the variables.Part C Budgeting and controlA budget is a quantified plan of action for a forthcoming accounting period.Objectives of a budgetary planning and control system:1.Ensure the achievement of the organisation’s obj ectivespel planningmunicate ideas and plans4.Co-ordinate activities5.Provide a framework of responsibility accounting.6.Establish a system of control7.Motivate employees to improve their performanceThe planning and control cycle has seven steps.Step 1. Identify objectivesStep 2. Identify potential strategiesStep 3. Evaluate strategiesStep 4. Choose alternative courses of actionStep 5. Implement the long-term planStep 6. Measure actual results and compare with the planStep 7. Respond to divergences from the planFeedbackFeedback is information produced as output from operations; it is used to compare actual results with planned results for control purposes.Budgeting and performance managementA fixed budget is a budget which remains unchanged throughout the budget period, regardless of differences between the actual and the original planned volume of output or sales. ---------planning purpose & prepared in advanceA flexible budget is a budget which, by recognising different cost behaviour patterns, is changed as the volume of output and sales changes. ------control purpose & prepared retrospectivelyTop-down (Imposed budgeting)Budget prepared by senior manager and being posted to individual managers. No participation of junior manager.Bottom-up (Participative budgeting)Budget prepared by lower management and submit to high level for approvalRolling budgets (continuous budgets) are budgets which are continuously updated throughout a financial year, by adding a further period (say a month or a quarter) and removing the corresponding period that has just ended.Aim: Rolling budgets may be used when the pace of change in the business environment is fast and continual. They represent an attempt to prepare realistic plans and keep tight control.Incremental budgeting is a method of budgeting in which next year's budget is prepared by using the current year's actual results as a starting point, and making adjustments for known changes.Zero based budgeting involves preparing a budget for each cost centre or activity from a zero base. Every item of expenditure has then to be justified in its entirety in order to be included in the next year's budget.--------- administrative expenses and departments,The aim of zero based budgeting is to remove unnecessary and wasteful spending from the budget. ZBB is particularly useful for budgeting for discretionary costs and for rationalisation purposes, in areas of operations where efficiency standards are not properly established, such as administration work.ZBB recognition:1.The current year's results may include wasteful spending and inefficiencies.2.Budgeted activities should be reviewed and assessed to establish whether they are still required or whether they should continue at the same level of activity as in the past.3 steps approach to ZBB●Define decision package(items or activities) for which costs should bebudgeted, and spending decisions should be planned:●Evaluate and rank the packages in order of priority: eliminate packageswhose costs exceed their value.●Allocate resources to the decision packages according to their ranking. Beyond Budgeting is a budgeting model which proposes that traditional budgeting should be abandoned. Adaptive management processes should be used rather than fixed annual budgets. Variance analysisA mix variance occurs when the materials are not mixed or blended in standard proportions and it is a measure of whether the actual mix is cheaper or more expensive than the standard mix.A yield variance arises because there is a difference between what the input should have been for the output achieved and the actual input.The sales mix variance occurs when the proportions of the various products sold are different from those in the budget.The sales quantity variance shows the difference in contribution/profit because of a change in sales volume from the budgeted volume of sales.The principle of controllability is that managers of responsibility centres should only be held accountable for costs over which they have some influence.Part D Performance managementPerformance measurement is a vital part of the planning and control process.Non-financial measures may relate to a number of different aspects of performance, such as:●Product or service quality●Reliability●Speed of performance●Risk●Flexibility●Customer satisfaction●Innovation●Capability●DeliveryFPIs analyse return on capital, profitability, liquidity and financial risk, often in relation to a plan or budget, or in relation to performance in preceding time periods.Balance scorecardThe balanced scorecard is a strategic management technique for communicating and evaluating the achievement of the strategy and mission of an organisation. It comprises an integrated framework of financial and non-financial performance measures that aim to clarify, communicate and manage strategy implementation. It translates an organisation’s strategy into objectives and performance measurements for the following four perspectives:Financial perspective: this perspective considers how the organisation appears to shareholders. How can it create value for its shareholders? Kaplan and Norton, who developed the balanced scorecard, identified three core financial themes that will drive the business strategy: revenue growth and mix, cost reduction and asset utilisation.Customer perspective:this considers how the organisation appears to customers. The customer perspective should identify the customer and market segments in which the business units will compete. There is a strong link between the customer perspective and the revenue objectives in the financial perspective. If customer objectives are achieved, revenue objectives should be too.Internal perspective: this requires the organisation to ask itself the question –‘what must we excel at to achieve our financial and customer objectives?’. It must identify the internal business processes that are critical to the implementation of the organisation’s strate gy. These will include three processes: the innovation process, the operations process and the post-sales process.Learning and growth perspective: this requires the organisation to ask itself whether it can continue to improve and create value. The organisation must continues to invest in its infrastructure – i.e. people, systems and organisational procedures – in order to provide the capabilities that will help the other three perspectives to be achieved.Transfer pricingMaximum TP: market priceMinimum TP:1. With perfect external market, all of the goods can be sold outside.TP=market price-avoidable cost2.Without perfect external market, not all of the goods can be soldTP=VC-avoidable cost3.Without perfect external market, not all of the goods can be sold, it has other alternatives (with spare capacity)TP=VC+OC-avoidable costPerformance measurement in not for profit organisationsValue for money means providing a service in a way which is economical, efficient and effective.ROI=PBIT/Capital employedRI=PBIT-notional interest on capital（此文档部分内容来源于网络，如有侵权请告知删除，文档可自行编辑修改内容，供参考，感谢您的配合和支持）。
ACCA P5高级业绩管理Chapter_10b
• Financial and non-financial indicators
• Importance of non-financial performance indicators
• Performance indicators and employees • Performance indicators and quality • Qualitative issues
• The factors which ensure success are critical success factors (CSFs)… and many of these are non-financial.
• Link between KPIs and CSFs: need to measure how well an organisation is achieving its CSFs. So need non-financial KPIs as well as financial ones (ie „leading‟ and „lagging‟ indicators).
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Financial and non-financial indicators 5
Limitations of financial performance indicators (cont’d) Timeliness of information • Financial information often tends to be historical (eg produced at month end; year end)
ACCAF5重点解析!!!
steps of target costing processTarget CostingA cost management tool for reducing the overall cost of a product over its entirelife-cycle with the help of production, engineering, research and design.Setting a target cost by subtracting a desired profit margin from a competitive market price.Process of Target CostingTarget costing over the product life cycleAs a response to the problem of controlling and reducing costs over the product life cycle:At the planning, development and design stage of a product; as well asAt the growth/maturity/decline stage of the productHow to close the target cost gapSet benchmark and using various techniques for cost improvement–Reducing the number of components–Using the standard components–Training staff–Using the cheaper staff–Use cheaper materials–Using more advanced technologies/process–Cutting non-value-adding activitiesTarget costing in service sectors✓Difficult to use due to the characteristics and information requirements of service business✓Service business need:–The same aggregate information as the manufacturing firms–Extra operating information that is more quantitative✓Small service businesses / Mass service businesses are almost the same:–Large overheads/indirect costs–Quality information is importantthroughput accountingcalculationWhat is throughput accounting✓Throughput accounting is an approach to production management which aims to maximise sales revenues less material costs, whilst simultaneously reducing inventory and operating expenses.✓Principle of TA for JIT:–All costs except raw materials are fixed, known as total factory costs (TFC)–The ideal inventory is zero, so the factory produces as customer orders–The speed of production is determined by the bottleneck (the slowest process)–Work on WIP and FG does not add create any profit until sales are made (no profit can be realised until sales) vs. contracting a/c–Profitability is determined by the speed of producing the goods to satisfy the customers’ needs.Conventional accounting vs. Throughput accountingThroughput accounting ratio= Return per factory hour / Total conversion cost per factory hour= (Price– unit direct material costs) / Usage of bottleneck resources for producing 1 unit of product in factory hours/ (Total conversion costs per day / factory hours of the bottleneck per day)TA ratioThroughput accounting ratio > 1, then profit-makingThroughput accounting ratio < 1, then loss-makingThroughput accounting ratio is higher, then the profitability is betterHow to improve the TA ratio:–Improve the product specification to increase the return per factory hour–Improve the making process to reduce the total conversion cost per factory hourTA for Decision-makingAssess the relevant earning capabilities of different products:–Production priority must be given to the products best able to generate throughput,i.e. those products that can maximise throughput per unit of bottleneck resources Limiting factor analysisLimited factor for produce product is LThere are 3 products: A, B, CFixed costs are irrelevant, so maximise the contribution of the product mixProduce B first, then C, the rest of limited factors will be used to produce AThroughput accounting for multi-products1. Determine the bottleneck resources2. Calculate the throughput contribution per unit of bottleneck resources3. Rank products on the basis of the throughput per unit of bottleneck resources in descending order4. Allocate bottleneck resources to the product on the basis of the throughput contribution per unit of bottleneck resources in descending order (produce the products with the highest throughput per unit of bottleneck resources first)CVP analysis of multiple productsSingle/multiple product CVP analysis✓Single – we need to know:Sales of units/revenue of the single product to reach the BE✓Multiple – we need to know:Sales of units/revenue of each product in the mix at the BESales of revenue of the mix (all products) at the BE✓Basic assumption: the product mix is constantPoints to bear in mind✓Mix shifts to the product with lower contribution, breakeven point (in units) will increase and profits will fall (more difficult to get the BE point)✓Mix shifts to the product with higher contribution, breakeven point (in units) will decrease and profits will increase (easier to get BE point)✓C/S ratio is the same for all products, mix shift will affect the breakeven pointTarget profit for multiple products•Contribution at Breakeven Point:•Contribution – Fixed cost = 0•Contribution = Fixed cost + 0•Contribution at Target Profit:•Contribution – Fixed cost = Required Profit•Contribution = Fixed cost + Required ProfitMulti-product BE chartIdentify:✓Overall company breakeven point✓Products to be expanded/discontinued✓Impact of the selling price/sales volume on company’s brea keven point/profitPros. Vs. cons.Pro:•Easy to understand•C/S ratio can help indicate the relative profitability of different product within a reasonable level of activity•Highlight breakeven point/margin of safetyCons:•Assume that fixed cost and variable cost per unit are unchanged•Assume sales prices will be unchanged at all levels of activity•Assume production = sales•Uncertainty of the fixed costs/variable costs is ignoredcalculation of material total/price/usage planning variance. Planning and operational variancesTotal variance is divided into:Planning varianceDue to inaccurate/faulty planningOriginal standards vs. revised standards if knowing everything in advanceOperational varianceDue to operational performanceActual results vs. a realistic standardsOperational price and usage varianceTotal variance:Planning variancePlanning price variancePlanning usage varianceOperational varianceOperational price varianceOperational usage varianceOperational rate and efficiency varianceTotal variance:Planning variancePlanning rate variancePlanning efficiency varianceOperational varianceOperational rate varianceOperational efficiency varianceOperational selling price and sales volume variance Total variance:Planning variancePlanning selling price variancePlanning sales volume varianceOperational varianceOperational selling price varianceOperational sales volume variancePros and cons of using planning and operational variance Pros:▪Controllable vs. non-controllable▪Motivation of managers▪Improve standard settings▪Fairer reflection of actual performanceCons:▪Put everything to unrealistic planning▪Time consuming▪Causing trouble when implementing (making the original standards even more unrealistic in practice)linear programming calculation for maximising the contribution Linear programming/Graphical method✓Linear programming: Achieve the best outcome for a list of requirements✓i.e.Maximise: P1 * X1 + P2 * X2Subject to:X1+X2<=AF1*X1 + F2*X2<=FX1>=0, X2>=0Steps of linear programming1)Define variables (calculating)2)Establish constraints (calculating)3)Construct objective function (calculating)4)Graph constraints (graphing)5)Establish feasible region (graphing)6)Determine optimal solution (graphing)–Find out the number of the units to be produced to give a best outcomeStep 1 -31)Define variables:X = number of units of product A to produceY = number of units of product b to produce2)Constraints:Machine hours:Mixing dep.: 0.06X + 0.08Y <= 2400Shaping dep.: 0.04X + 0.12Y <= 2400Production of Y: y<=13000Non-negative constraints:x>=0y>=03)Construct objective function (the objective is to maximise the contribution)C = 0.2X + 0.3YThe value of the obj. function–The slope of obj. function is known –The intercept is not knownthe total contribution is not determined –The obj. function is not determined –There can be various contribution lines•All have the same slope•Not all of them are feasible•Not all of them can give the best resultGet the best outcome•Any points inside of the feasible region will not give the best outcome•Any points outside of the feasible region will not be achievable•The best outcome is on the frontier of the feasible regionWe slide the contribution line with the slope of the obj. function to the points just before leaving the feasible regionUsing simultaneous equation to find out the best outcome•Define the variables•Establish constraints•Construct the obj. function•Calculate the value of X & Y at all the intersections (cross-points) of two different constraint lines•Input the value of X & Y into the obj. function to calculate the contribution at each cross points•Compare the value of different contributions, choose the maximised oneshadow price/slack definition/calculation.Linear programming/shadow prices of the resources•Shadow price = extra contribution or profit that may be earned by relaxing one unit of binding resource constraint•Adding one unit of binding resource constraint, how much contribution we can makethen?Points of the shadow priceShadow price is the highest price that the org. should be willing to pay for one additional unit of a binding resource–The shadow price is the maximum marginal contribution that one additional unit of binding resources can bring to the org.–If the price is above the shadow price, it means that the org. cannot make any marginal contribution. Then the org. will not buy it.Points of the shadow priceShadow price is the measure of the sensitivity of using the binding resources ðContribution/ðBindingresource, elasticityShadow price = zero if it’s not binding at the best outcome (optimal solution)Only valid for a small range before the constraint becomes non-binding or different resources become criticalPricing decisionsFactors that have impact on the price:–Price sensitivity–Price perception–Quality–Intermediaries–Competitors–Suppliers–Inflation–Newness–Incomes–Product range–EthicsMarket conditions that may affect the price•Perfect competition (accept the market price)•Monopoly (monopolist sets the price)Dominant firm model (dominate firm set the price, small firms take the price) •Monopolistic competition (competition depends on the similarity of the products offered by different suppliers)•Oligopoly (large firms can affect the prices)Stackelberg/Cournot competition – in output not in priceBertrand competition – in price not in output•Monopsony (large gov. project, gov is the only buyer)•Oligopsony(labour market)•No absolute distinction among different types of market competition since it may changeover the timePrice elasticity of demandPrice elasticity = ∆demand%/∆price%Perfect elastic (A): price elasticity = infinity (demand onlyat one price, any change in the price will lead to completeloss of demand)Imperfect elastic (B): price elasticity = 0 (no matter howchanges in the price, no change in the demand)Elasticity (C): price elasticity > 1, 1% of change in price leads to more than 1% change in demandInelasticity = price elasticity < 1Price elasticity & pricing decision–Inelastic demand: price should be increased to enhance the profits–Elastic demand: price should be reduced to enhance the total sales–Very elastic demand: attempt to reduce the elasticity by creating a customer preference unrelated to the price–Very inelastic demand: Quality, service, product mix are more important than price Factors that may affect the demandFactors affecting the market demand of the industry•Price of other goods•Income•Tastes or fashion•Expectations•ObsolescenceFactors affecting the demand of individual firm•Product life cycle•Quality•Marketing (4P, 7P) product, price, place, promotion, people, processes, physical evidence Some calculationDeriving the demand equation: P = a –bQ•P = price•Q = quantity demanded• a = the price at which the demand would be nil• b = change in price$/change in quantity✓Total cost function: TC = FC + VC*Q–High low method✓V olume-based discount: TC = FC + VC*Q,–VC = f(Q)–TC = FC + f(Q)*Q,–calculate in different region of output level (high low method)Decision to increase production & salesCalculate:•The incremental sales•The incremental variable costs/fixed costs•The incremental profitsProfit-maximising price/output levelProfit is maximised when marginal revenue = marginal cost (MC = MR)MC is not VCMR is not PriceIf MC < MR, additional/incremental profits still can be made by produce one additional unit of product → profit has not reached its maximum point yetIf MC<MR, additional/incremental losses will be made by produce on additional unit of product → profit has passed its maximum point alreadyCal. of profit-maximising output•MR = a – 2bQ–P = a - bQ–P*Q = aQ - bQ2–R = aQ - bQ2–R/dQ = (aQ - bQ2 )/dQ–MR = a – 2bQ•MR = MC•Find out Q•Take Q back into demand function to find PTabulation of cal. profit-maximising point•Cost-plus pricing: Price = full cost + % mark-up–+ Opportunity cost (contribution foregone if producing other products) to costs–+ errors (losses) to costs•Pros:–Quick, simple–Ensuring profit over the TC•Cons:–Not recognising the price impact on demand–Budgeted output volume is critical to the absorption rate– A suitable basis for overhead absorption is neededmaterial mix/yield variance,Variance analysis:Step 1.prepare the flexible budget according to the standard unit cost and the actual volumeStandard unit cost = Cost of fixed budget/volume of fixed budgetVariable cost of flexible budget = Standard unit cost x actual volumeFixed cost of flexible budget = fixed cost of fixed budgetSemi-cost of flexible budget = fixed cost of fixed budget + standard unit cost x actual volumeStep 2. Calculate the variance (efficiency/volume/total)compare fixed budget, flexible budget, and actual results1. Variance due to the changes in the efficiency (unit var.)Flexible budget vs. Actual results(standard unit costs vs. actual unit costs) x actual volume–Sales →∆Price x actual volume–Variable cost →∆Direct cost x actual volume–Semi-variable cost→∆SVC (flexible budget vs. actual results) –Fixed cost→∆Fixed cost (flexible budget vs. actual results) –Profit →∆Profit due to unit variance2. Variance due to the changes in the volume of activityV olume varianceFlexible budget vs. Actual results(fixed volume vs. actual volume) x standard unit cost–Sales →∆volume x standard price–Variable cost →∆volume x standard unit direct cost–Semi-variable cost →∆volume x standard unit VC of the SVC –Fixed cost→∆Fixed cost (flexible budget vs. fixed results) = 0 –Profit →∆Profit due to volume variance3. Full variance= Efficiency variance + V olume variance–Fixed budget profit x–Variance:V olume variance▪VC x(F/A)▪SVC x(F/A)▪FC = 0 0(F/A) Efficiency variance▪VC x(F/A)▪SVC x(F/A)▪FC x(F/A)–Total variance x(F/A) –Actual profit xVariance analysisBudget centre▪Budgetary control is based on budget centre▪Features:–Hierarchy of budget centres–Clear responsibility–Covering all aspectsControllable vs. non-controllableControllable in short-term vs. long-termNon-controllable in one dep. but controllable in anotherNon-controllable at junior but controllable at seniorNon-controllable internallySales varianceSales varianceSales volume varianceSales mix varianceSales mix varianceStep 2: Difference between the actual sales in the standard mix and the actual sales in the actual mix multiple standard profit per unitSales quantity varianceDifference between actual sales in standard mix and the budgeted sales in standard mix multiple the standard profit per unitDirect material total varianceExample: Direct material total varianceRequired to calculate:Direct material total varianceDirect material total price varianceDirect material total usage varianceDirect material mix varianceDirect material yield varianceWhat’re the total material inputs actually required if taking account of normal losses and return?By allowing for the 5% return:To deliver 80 units of Dynamite, we need to produce:80 units x 100% / (100%-5%) = 84 unitsBy allowing for the 10% normal losses:The material inputs should be:Flash: 84 units x 5 kg per unit x (100%/(100%-10%) = 467 kgBang: 84 units x 10 kg per unit x (100%/(100%-10%) = 933 kgTo deliver 80 units of Dynamite to customerDirect material total varianceActual cost of actual number of unit produced –flexible budget$3,400 – $3,733 = $333 (F)Direct material total price varianceActual cost of actualusage – standard price xactual usageDirect material total usage variance(Actual usage of actual output – budgeted usage of actual output) x standard cost per unit of materialWhat should have been the actual total usage of the material inputs in the std. mix?Direct material mix variance(Actual usage in actual mix – Actual usage in std. mix) x standard cost per unit of materialDirect material yield variance(Actual usage in std. mix – Std. usage in std. mix) x standard cost per unit of materialDirect material yield varianceCheck:Actual usage of material inputs for 80 units: 1230 kgBudgeted usage of material inputs for 1 unit of Dynamite:1400 / 80 = 17.5 kg1230 kg of material inputs should have yield:1230 kg /17.5 kg = 70.3 unitsVariance = 70 units – 80 units = 10 units (F)Standard cost per unit of Dynamite:$ 3733 / 80 units = $ 46.7 per unitYield variance: 10 x 46.7 = $ 467Sum of the calculationl imiting factors–those products that can maximise throughput per unit of bottleneck resources Limiting factor analysisLimited factor for produce product is LThere are 3 products: A, B, CFixed costs are irrelevant, so maximise the contribution of the product mixProduce B first, then C, the rest of limited factors will be used to produce ALimiting factor decisionDecision rule: produce the product with the highest contribution per unit of limiting factor (scare resource) firstEither:–No limiting factor except demand–Only on limiting factor that prevent the full potential demand to be metLimiting factor steps✓Identify how many units of products to produce?Demand – Inventory b/c = Units to be produced✓Identify which resource is the limiting factorUsage needed vs. Usage available✓Identify the priority of the products✓Calculate how many units to be producedAccording to the limiting factor✓Calculate the profit-maximising sales budget (production + inventory) Units of product x unit contributionUnits of limiting factor x contribution per unit of limiting factorBuy/make in-house•There is a limiting factor to restrict the output for demand, we must purchase extra products for sale•Decision rule: minimise the extra variable costs of sub-contracting per unit of scarce resource saved•Extra variable cost per unit of scare resource:–we produce the highest in-house first (save at the most)–We buy the lowest from contractor first (pay at the least)Linear programming/Graphical method✓Linear programming: Achieve the best outcome for a list of requirements ✓i.e.Maximise: P1 * X1 + P2 * X2Subject to:X1+X2<=AF1*X1 + F2*X2<=FX1>=0, X2>=0Steps of linear programming7)Define variables (calculating)8)Establish constraints (calculating)9)Construct objective function (calculating)10)Graph constraints (graphing)11)Establish feasible region (graphing)12)Determine optimal solution (graphing)–Find out the number of the units to be produced to give a best outcomeStep 1 -34)Define variables:X = number of units of product A to produceY = number of units of product b to produce5)Constraints:Machine hours:Mixing dep.: 0.06X + 0.08Y <= 2400Shaping dep.: 0.04X + 0.12Y <= 2400Production of Y: y<=13000Non-negative constraints:x>=0y>=06)Construct objective function (the objective is to maximise the contribution)C = 0.2X + 0.3YThe value of the obj. function–The slope of obj. function is known–The intercept is not knownthe total contribution is not determined–The obj. function is not determined–There can be various contribution lines •All have the same slope•Not all of them are feasible•Not all of them can give the best resultGet the best outcome•Any points inside of the feasible region will not give the best outcome•Any points outside of the feasible region will not be achievable•The best outcome is on the frontier of the feasible regionWe slide the contribution line with the slope of the obj. function to the points just before leaving the feasible regionUsing simultaneous equation to find out the best outcome•Define the variables•Establish constraints•Construct the obj. function•Calculate the value of X & Y at all the intersections (cross-points) of two different constraint lines•Input the value of X & Y into the obj. function to calculate the contribution at each cross points•Compare the value of different contributions, choose the maximised oneSlack/SurplusUnder the constraints, not all of the resources can be used up when achieving the best outcome (i.e. maximum contribution)Binding refers to the resources that are just used up for the best outcome (optimal solution)Slack refers to any resources not used up for the best outcome (optimal solution)Surplus= total resources for the best outcome –resources used for minimum requirements (lower-bound)Provide more binding resources, we can achieve an even larger outcome (i.e. a higher contribution)Shadow prices of the resourcesThe shadow price (or dual price) of the limiting factor = the marginal contribution-earning potential of the limiting factor at the profit-maximising output level✓Refers to the resources not the product✓Not the cost of the limiting factor, but the contribution can be earning by using one additional unit of limiting factor✓The contribution earned of the secondary choice of using that limiting factor for higher output level✓The contribution lost of the first choice of giving up the usage of that limiting factor for lower output levelmarket skimming/penetration pricingMarket skimming/penetration pricingMarket skimming pricing:–High price gain high profit at the early stage of the product life cycle before the competitors enter into the market–Low price to sustain the sales at later stages when competition is heavyMarket penetration pricing:–Low price at beginning to gain the market share–Higher price laterComplementary product pricing•Complementary products are goods that tend to be bought and used together •Complementary product pricing = captive product pricing–Low price for one product, high price for others–High profit gained from other high-price products•Product-line pricing: set price for a group of product togetherPrice discrimination•Prices of the same product are different for different customers–By segment–By product version–By place–By timeRelevant cost pricing•An approach for special orders•Regular source of income but with spare capacity to accept special order Long-run cost will be covered by its regular productNo unavoidable fixed costs to be taken into account•No regular source of incomeTake account of the incremental fixed costsRelevant cost pricing•Minimum price = incremental costs + opportunity costs–If there is no scarce resource, no opportunity cost–If there is scarce resource, take account of opportunity cost (contribution made from using the scarce resource)•Set the priceabove the minimum price to earn the incremental profitsIdentifying relevant costRelevant cost = costs that are specific to management's decisionsFuture cost/incremental costs/cash flowsFuture incremental cash outflowTo determine whether to sell or keep a business unit, make or buy an item, or accept a special order1. Relevant costs of the machinery: User costs = Incremental hire costs + any fall in resale value of owned assets via use–Invested cost = sunk cost–Depreciation cost = irrelevant cost2. Relevant costs of the labour: For alternative use: variable cost + associated overheads + contribution forgone for alternative use (opportunity cost)Identifying relevant costRelevant cost of material = replacement cost/NRV/Opportunity costReplacement cost/Replacement value: amount that an entity would have to pay to replace an asset at the present time, according to its current worthno consideration of the depreciationNet realisable value = The selling price of the inventory goods - the selling costs (completion and disposal)Scrap value/disposal valueOpportunity cost = benefits sacrificed by choosing one opportunity rather than the next best alternative. Contribution-earning potentialThe relevant costs for the make or buy decisionsMake or buy decision:Whether it should make a product orWhether it should pay another org. to do so.–Manufacturing its own components vs. buying the components from an outside supplier–Do some work with its own employees vs. sub-contract the work to another company–Offer the service by an internal dep. vs. source it to an external org.Relevant cost = differential cost between the two options = Differences in unit variable cost + Difference in directly attributable fixed costRelevant costs for further processing decisions•Joint products are two or more products which are output from the same processing operation•They will be indistinguishable from each other up to their point of separation (split-off point)•Costs incurred up to this point are called common costs or joint costs.•They possess substantial sales value before or after further processing•Joint costs must be apportioned between the joint productsHow to apportion the joint cost•There are two main methods of apportioning joint costs –physical measurement or sales value at split-off point•Physical measurement method - costs apportioned on basis of proportion of output to the total output•This proportion can be based upon weight or volume•This method is unsuitable where products separate into different states during processing •Sales value method - costs apportioned in proportion of sales value of joint product to total sales value of outputWhether to sell them now or sell after further processingDecision to be taken:•Sell each joint product at the split-off point•Sell those products after further processing for higher profitsRelevant cost = post-separation processing costs (fixed + variable)Avoidable or not if no further processing?•Yes → including in the relevant cost•No excluding from the relevant costJoint costs (cost before the split-off point) are irrelevant costsRelevant costs for shut down decisions。
高顿名师讲解ACCA考试F5业绩管理知识点
名师讲解xx年ACCA考试F5业绩管理知识点Qualitative factors of Make –or-buy decision- Relevant to paper F5Make or buy decision is one of the most critical decision an organisation are often facing with in modern business environment. Hence, having a sound understanding of make or buy decision from F5 is crucial. Make-or-Buy decision (also called the outsourcing decision) is a judgment made by management whether to make a component internally or buy it from the market.Make-or-buy decisions usually arise when a firm that has developed a product or part—or significantly modified a product or part—is having trouble with current suppliers, or has diminishing capacity or changing demand.While making the decision, both qualitative and quantitative factors must be considered.2. Make-or-buy analysis is conducted at the operational levelAt the operational level the factors in favor of making a partin-house.· Cost considerations (less expensive to make the part)· Desire to integrate plant operations· Productive use of excess plant capacity to help absorb fixed overhead (using existing idle capacity)· Need to exert direct control over production and/or quality· Better quality control· Design secrecy is required to protect proprietary technology · Unreliable suppliers· No competent suppliers· Desire to maintain a stable workforce (in periods of declining sales)· Quantity too small to interest a supplier· Control of lead time, transportation, and warehousing costs · Greater assurance of continual supply· Provision of a second source· Political, social or environmental reasons (union pressure) · Emotion (e.g., pride)Factors that may influence firms to buy a part externally include:· Lack of expertise· Suppliers' research and specialized know-how exceeds that of the buyer· cost considerations (less expensive to buy the item)· Small-volume requirements· Limited production facilities or insufficient capacity· Desire to maintain a multiple-source policy· Indirect managerial control considerations· Procurement and inventory considerations· Brand preference· Item not essential to the firm's strategyThis article has discussed the qualitative factors at the both strategic and operational level while making the decision ofmake-or-buy. The quantitative factors will be discussed later.。
ACCA考试F5知识点：Performance management
ACCA考试F5知识点：Performance management本文由高顿ACCA整理发布，转载请注明出处业绩管理这门科目将在2014年12月份迎来考试的改革，下面和学员们一下来分享一下ACCA官方网站刊登出来的部分样题。
A company manufactures a product which requires four hours per unit of machine time. Machine time is a bottleneck resource as there are only ten machines which are available for 12 hours per day, five days per week. The product has a selling price of $130 per unit, direct material costs of $50 per unit, labour costs of $40 per unit and factory overhead costs of $20 per unit. These costs are based on weekly production and sales of 150 units.What is the throughput accounting ratio (to 2 decimal places)?A 1·33B 2·00C 0·75D 0·31这是选自其中一道题干比较长的考题，来为学员们作为参考。
学员们在考试的时候，如果碰到了类似题干较长的题目的时候，不用慌张。
首先要做的就是明确问题中想考到的知识点道题是什么，本题的问法比较明确，就是考怎样计算throughput accounting ratio，所以，学员们第一步就是先要反映出计算throughput accounting ratio的公式是什么，即Return per limiting factor/Limiting factor cost per hour。
2015年12月ACCA F5考试讲义精选
2015年12月ACCA F5 考试讲义精选Advanced costing methodChapter learning objectivesUpon completion of this chapter you will be able to:§explain what is meant by the term cost driver§identify appropriate cost drivers under activity-based costing (ABC)§calculate costs per driver and per unit using (ABC)§compare ABC and traditional methods of overhead absorption based on production units, labour hours or machine hours.§explain the implications of switching to ABC on pricing, performance management and decision making.§ explain what is meant by the term ‘target cost’ in both manufacturing and service i ndustries.§derive a target cost in both manufacturing and service industries.§explain the difficulties of using target costing in service industries§explain the implications of using target costing on pricing, cost control and perform ance management.§describe the target cost gap.§suggest how a target cost gap might be closed.§ explain what is meant by the term ‘life-cycle costing’ in a manufacturing industry §identify the costs involved at different stages of the life-cycle.§explain the implications of life-cycle costing on pricing, performance management a nd decision making.§describe the process of back-flush accounting and contrast with traditional process a ccounting.§explain, for a manufacturing business, the implications of back-flush accounting on performance management§evaluate the decision to switch to back-flush accounting from traditional process co ntrol for a manufacturing business.§explain throughput accounting and the throughput accounting ratio (TPAR), and calc ulate and interpret, a TPAR.§suggest how a TPAR could be improved.1 Activity based costing1.1 Introduction –absorption costIn F2 we saw how to determine a cost per unit for a product. Key issues of relevan ce here are the following:Firms have the choice of two basic costing methods –marginal costing and absorptio n costing.To enable this, all overheads must first be allocated/apportioned/reapportioned into pro duction departments, again using a suitable basis (e.g. rent on the basis of floor area).Overhead expenses incurred/budgetedStep 1: Overheads allocated or apportioned to cost centres using suitable bases Cost c entres (usually departments)Step 2: Service centre costs reapportioned to production centresStep 3: Overheads absorbed into units of production using an OAR (usually on the b asis of direct labour hours) outputExpandable textThe assumption underlying the traditional method of costing is that overhead expendit ure is connected to the volume of production activity.§This assumption was probably valid many years ago, when production system were based on labour-intensive or machine-intensive mass production of fairly standard items.Overhead costs were also fairly small relative to direct materials and direct labour costs; t herefore any inaccuracy in the charging of overheads to products costs was not significant.§The assumption is not valid in a complex manufacturing environment, where produ ction is based on smaller customised batches of products, indirect costs are high in relatio n to direct costs, and a high proportion of overhead activities –such as production sched uling, order handling and quality control –are not related to production volume.§For similar reasons, traditional absorption costing is not well-suited to the costing of many services.1.2 ABC and cost driversABC is an alternative approach to the traditional method of absorption costing outline d above.The traditional method of overhead absorption effectively absorbs on a production vol ume basis and may be misleading for costs where the behaviour is not directly related to production volume.For example, the cost of quality control may be driven more by the number of inspe ctions made rather than the overall volume of units manufactured.The ABC approach is to link overhead costs to the products or services that cause th em by absorbing overhead costs on the basis of activities that ‘drive’ costs (costs drivers) rather than on the basis of production volume.§A cost pool is an activity that consumes resources and for which overhead costs ar e identified and allocated. For each cost pool, there should be a cost driver.§A cost driver is a unit of activity that consumes resources. An alternative definition of a cost driver is a factor influencing the level of cost.Expandable textThe concepts or assumptions underlying ABC are:§In the long run, all overhead costs are variable. Some overheads are variable in the short run. However, overhead costs do not necessarily vary with production volume or se rvice level.§Activities consume resources.§The consumption of resources drives cost.Products incur overhead costs because of the activities that go into providing the prod ucts or services, and these activities are not necessarily related to the volumes of the prod uct that are manufactured. Direct labour hours and machine hours are not the drivers of c ost in many modern business environments.Understanding the relationship between overhead costs, activities and products (or serv ices) is essential for managing overhead costs and product or service profitability.Absorption of overheads into unit costs on a volume basis may be misleading, particu larly in a modern manufacturing environment where overhead costs are influenced by the diversity and complexity of output rather than volume.Illustration 1 –ABCA company manufactures two products, X and Y. The company uses absorption costi ng and fixed production costs and absorbed into production costs on a direct labour hour basis.The budgeted information for the next financial year is as follows:Product XProduct YTotalProduction and sales2,000 units5,000 unitsDirect labour hours per unit32Budgeted direct labour hours6,00010,00016,000Fixed production costs$48,000Absorption rate per direct labour hourFixed overheads absorbed$18,000$30,000Using ABCA review of the incidence of costs has established that the number of setups is the d river of the fixed production costs. Using ABC the fixed production costs would be alloca ted as follows:No. of setups per 1,000 units81.6Budgeted setups16824Cost per setup$2,000Fixed overheads allocated$32,000$16,000This difference in costing could have significant implications for pricing, especially if a cost-based approach is used for profit calculation. These, and other implications are dis cussed in more detail below.Activity-based costing could provide much more meaningful information about product costs and profits when:§indirect costs are high relative to direct costs§products or services are complex§products or services are tailored to customer specifications§some products are sold in large numbers and others in small numbers.1.3 Identifying appropriate cost drivers under ABCUnder ABC costs are driven by activities and not production volume. Typical overhea ds which are NOT driven by production include the following:§Setup costs –driven by the number of manufacturing setups.§Order processing costs –driven by the number of orders.§Packing department costs –driven by the number of packing orders.§Engineering department costs –driven by the number of production orders.§Air conditioning maintenance –number of air conditioning units1.4 calculating costs per driver and per unit using ABCThere are five basic steps in establishing and applying a system of ABC:Step 1 Identify activities that consume resources and incur overhead costs.Step 2 Allocate overhead costs to the activities that incur them. In this way, each ide ntified activity becomes a cost pool for overhead costs. It is important that overhead costs should be directly allocated to a cost pool. There should not be any arbitrary apportionm ent of overhead costs.Step 3 Determine the cost driver for each activity or cost pool.Step 4 Collect data about actual activity for the cost driver in each cost pool.Step 5 Calculate the overhead cost of products or services. This is done by calculatin g an overhead cost per unit of the cost driver (a cost per unit of activity). Overhead cost s are then charged to products or services on the basis of activities used for each product or service.1.5 Comparing costs per driver and per unit using traditional methods and ABCTraditional absorption costing charges overhead costs to products (or services) in an a rbitrary way.The assumption that overhead expenditure is related to direct labour hours or machine hours in the production departments is no longer realistic for the vast majority of compa nies.This will lead to very different values of overheads absorbed per unit.1.6 Advantages and disadvantages of ABCABC has a number of advantages:§It provides much better insight into what drives overhead costs.§ABC recognises that overhead costs are not all related to production and sales volu me.§In many businesses, overhead costs are a significant proportion of total costs, and management needs to understand the drivers of overhead costs in order to manage the bus iness properly. Overhead costs can be controlled by managing cost drivers.§It can be applied to derive realistic costs in a complex business environment.§ABC can be applied to all overhead costs, not just production overheads.§ABC can be used just as easily in service costing as in product costing.§Criticisms of ABC:§It is impossible to allocate all overhead costs to specific activities.ABC costs are based on assumptions and simplifications. The choice of both activities and costs drivers might be inappropriate.§ABC can be more complex to explain to the stakeholders of the costing exercise.§The benefits obtained from ABC might not justify the costs.1.7 The implications of switching to ABCThe use of ABC has potentially significant commercial implications:§Pricing can be based on more realistic costs data.- The traditional method of absorption of overheads into unit costs on a volume basis may be misleading, with the result that product costs can, potentially, be materially under /overstated.- Thus, where cost plus pricing is in use, products that have been materially under-co sted may be priced at levels that generate a loss whilst products that have been materially over-costed many be priced at levels that are uncompetitive.§Sales strategy can be more soundly based.- More realistic product costs as a result of the use of ABC may enable sales staff t o:- target customers that appeared unprofitable using absorption costing but may be prof itable under ABC- stop targeting customers or market segments that are now shown to offer low or ne gative sales margins.- Front line sales staff will be able to negotiate prices with greater confidence- ABC can be used to review the profitability of products and services with a view t o focussing the efforts of sales staff upon those products and services which offer the hig hest sales margins.§Performance management and decision making can be improved- Research, production and sales effort can be directed towards those products and se rvices which ABC has identified as offering the highest sales margins.- ABC can influence decisions as to which:- new products/services to develop- existing products/services to curtail or drop- products/services should be promoted- overhead costs to target.Test your understanding 1Identify for a hospital x-ray department possible cost drivers for the following activiti es:§equipment preparation§patient preparation§patient aftercare§film processing§film reporting。
acca业绩管理内容
acca业绩管理内容ACCA业绩管理内容ACCA（特许公认会计师）业绩管理是指企业通过对关键业务绩效进行分析、评估和监控，以实现组织目标的过程。
ACCA业绩管理涵盖了许多重要的方面，包括目标设定、绩效评估、奖励与激励、绩效改进和绩效报告等。
本文将从这些方面探讨ACCA业绩管理的内容。
目标设定是ACCA业绩管理的核心。
企业应该设定明确的目标，以指导员工的行为和努力。
这些目标应该与组织的战略目标相一致，并通过具体的指标来衡量。
例如，一个公司的目标可能是提高销售额，那么衡量的指标可以是销售额的增长率或市场份额的提升。
目标设定应该具有可度量性、可实现性和挑战性，以激励员工的表现。
绩效评估是ACCA业绩管理的关键环节。
绩效评估是通过对员工的工作表现进行分析和评价，以确定他们在实现目标方面的贡献程度。
评估的方法可以包括定性和定量的评估，如360度评估、KPI（关键绩效指标）评估等。
绩效评估应该公平、客观和透明，以确保员工对其评价结果的认可和接受，并为组织提供正确的决策依据。
奖励与激励是ACCA业绩管理的另一个重要方面。
企业应该根据员工的绩效评估结果提供适当的奖励和激励机制，以激励他们的表现和努力。
奖励可以是物质性的，如奖金、股权激励等，也可以是非物质性的，如晋升、表彰等。
企业还可以通过提供培训和发展机会，帮助员工提升能力和技能，增强他们的工作动力和满意度。
绩效改进是ACCA业绩管理的重要目标之一。
通过对绩效进行持续的分析和评估，企业可以发现潜在的问题和改进的空间，并采取相应的措施来提高绩效水平。
这可以包括改进流程、优化资源配置、加强员工培训等。
绩效改进需要持续的监控和反馈机制，以确保改进措施的有效性和可持续性。
绩效报告是ACCA业绩管理的重要成果之一。
企业应该定期向内部和外部的利益相关方报告绩效情况，以展示组织的成果和价值。
绩效报告应该准确、清晰地呈现绩效指标和结果，同时针对不同的受众提供相应的信息和解读。
ACCA F5知识点：Balanced Scorecards
ACCA F5知识点：Balanced Scorecards平衡计分卡源自哈佛大学教授Robert Kaplan与诺朗顿研究院（Nolan Norton Institute）的执行长David Norton于90年所从事的「未来组织绩效衡量方法」一种绩效评价体系,当时该计划的目的，在于找出超越传统以财务量度为主的绩效评价模式，以使组织的「策略」能够转变为「行动；经过将近20年的发展，平衡计分卡已经发展为集团战略管理的工具，在集团战略规划与执行管理方面发挥非常重要的作用。
根据解释，平衡计分卡主要是通过图、卡、表来实现战略的规划。
平衡计分卡发展经历三代发展。
平衡计分卡是从财务、客户、内部运营、学习与成长四个角度，将组织的战略落实为可操作的衡量指标和目标值的一种新型绩效管理体系。
设计平衡计分卡的目的就是要建立“实现战略制导”的绩效管理系统，从而保证企业战略得到有效的执行。
因此，人们通常称平衡计分卡是加强企业战略执行力的最有效的战略管理工具。
(1)Financial-how do we create value for our shareholders?它的CSF有cost reduction，profitability,growth.用KPI衡量有gross margin/net margin,ROI,%of income from new customer.(2)Customer-what is it about us that customer value?它的CSF有new products,price,quality,time.用KPI衡量有percentage of sales from new products,benchmark prices with competitors,defect rate,delivery lead time.(3)Internal-what processes must we excel at to achieve our financial&customer ovjectives?它的CSF有operational process,productivity,after-sales process.用KPI衡量有cycle time,unit cost,engineering efficiency,rectification time.(4)Innovation&learning-how can we continue to improve&create future value?它的CSF有employee是,internal learning,technology leadership,innovation.用KPI衡量有：staff turnover,suggestions implemented.平衡计分卡这个知识点在ACCAF5中出现，到了高级绩效管理P5里也会考到，希望大家能够很好的把握住这个知识点。
ACCAF5知识要点汇总（精简版）
ACCAF5知识要点汇总（精简版）Task 1‐1. Absorption costingOAR= Estimated Production Overhead / Estimated Activity Level，都是budget值*Activity level可以是production units,可以是labor hours，也可是machine hours取决于劳动密集，还是机械生产密集intensive.实际计算Cost of sale (COS) 时，Overhead absorbed = OAR x actual activity levelAdvantage ★考点Disadvantage Recognize selling prices cover all costs 通过改变生产规模Manipulate profitComplies with IAS 2 – accounting for inventory Based on the assumption that overheads are volume relatedOAR由Estimates计算得，主观偏差Task 1‐2. Marginal costingAdvantage Disadvantage适合decision making as it highlights contribution Danger that products sold on marginal contribution – fail to cover fixed costsFixed cost are treated as period costs Doesn’t comply with IAS 2,需要调整报表Profit depends on sales and efficiency Necessitates analysis of mixed costs betweenFC and VC☆技巧 AC = MC + (Closing Inventory – Opening Inventory) x OAR*The absorption costing requires subjective judgments.预算估计主观判断太多*There is often more than one way to allocate the overheads.制造成本分摊可操纵Task 2. Activity‐based costing★考点Traditional absorption costing适用于★考点Activity‐based costing适用于 One or a few simple and similar products Production has become more complex Overhead costs 占很小比例proportion Assess product profitability realistically 资源consumption not driven by volumeLarger organizations & the service sector成本驱动drive：不同单位，不同OAR◆解题步骤：Cost Pool → Cost Drive → OAR → Absorbed → Full Cost★考点Adv antage ★考点DisadvantageMore accurate cost/unit.适用绩效appraisal.Time consuming & expensiveControl OC by managing cost drivers Limited benefit当成本和volume related Profitability analysis to customers或生产线Multiple cost drivers情况复杂，导致不精确Better understandingof what drives OC Arbitrary apportionment 任意分配★考点‐计算题(10.Dec.Q4) Problems when implementing ABC：‐ 耗时‐ 需要上层支持，因为缺乏信息‐ Project team运作，成员来自各个部门‐ IT部门支持‐ 了解成本结构‐ Cost‐benefit analysis★成本效益分析Target 3. Target costingCost plus pricing 传统成本法 Target costingFocus on internal Focus on external Steps of target costing 如何减少Cost gapProduct specifications ? Selling price ? Target profit: margin/ ROI ? Target cost ? Close the cost gap1) 购买便宜的材料（bulk buying 采购折扣或新供应商）2) 降低人工成本3) 提高生产能力，生产效率4) 以自动化替代人工automation 5) 减少无用环节eliminate non value added activities6) 尽量减少部件数量，或尽可能使用多的标准件注：不能在质量上妥协compromise ，不得影响质量★考点Implications of target costing‐ Cost control: 目标成本体系中，价格是首要考量consideration ！开发development过程中就要考虑成本，而不是后来产生时再考虑。
ACCAF5知识要点汇总
ACCAF5知识要点汇总知识点一：成本与收益关系成本与收益关系是管理会计中的基本原理，也是制定和评估管理决策的重要依据。
在做出决策时，必须考虑成本和收益之间的关系，以确保决策是符合企业利益的。
知识点二：计算成本计算成本是管理会计的核心内容之一、成本的计算包括直接成本和间接成本两部分。
直接成本是可以直接与产品或服务相关联的成本，如原材料成本、直接人工成本等。
间接成本是无法直接与产品或服务相关联的成本，如间接人工成本、间接材料成本等。
知识点三：成本行为成本行为是指成本与产量或活动水平之间的关系。
成本行为可以分为固定成本、可变成本和半固定成本三种类型。
固定成本是不随产量或活动水平变化的成本，可变成本是随产量或活动水平变化的成本，半固定成本是产量或活动水平变化时部分固定、部分可变的成本。
知识点四：成本控制成本控制是指通过对成本的管理和控制，实现成本目标和利润目标的过程。
成本控制包括成本预算、成本分析和成本控制措施等。
成本预算是将预计成本与实际成本进行比较，以评估成本的控制效果。
成本分析是通过对成本的详细分析，找出成本的主要影响因素，以确定成本控制的重点。
成本控制措施是指通过采取各种措施，降低成本或提高效率，以实现成本控制的目标。
知识点五：决策分析决策分析是管理会计的核心内容之一，也是管理决策的重要工具和方法。
决策分析包括差异分析、边际成本分析和投资决策等。
差异分析是通过对实际成本与预算成本进行比较，找出成本差异的原因，以评估决策的效果。
边际成本分析是通过对变动成本与边际收益进行比较，确定最佳决策方案。
投资决策是基于投资项目的成本、收益和风险，确定是否进行投资。
知识点六：绩效评估绩效评估是指对企业绩效进行评价和分析，以衡量企业的经营状况和管理水平。
绩效评估包括财务绩效评价和非财务绩效评价两方面。
财务绩效评价是通过财务指标，如利润、资产回报率等，评估企业的经济效益和财务运营状况。
非财务绩效评价是通过其他非财务指标，如客户满意度、员工满意度等，综合评价企业的全面绩效和可持续发展能力。
ACCA F5知识点：差异与业绩评估
ACCA F5知识点：差异与业绩评估财经来讲解一下ACCA F5一个重要知识点，差异与业绩评估。
1、为什么导致差异Identify the Cause of the VarianceIn the real world(and in examination questions)there may be other causes.The first stage in using variances to evaluate performance is to understand what caused them.Having identified the cause of a particular variance,it is worth identifying whether other variances were also affected.当确认一项变动时，要注意是否有其他的变动也受到影响。
For example:·A favourable materials price variance may have been caused by buying cheaper materials,but this may also have resulted in an adverse materials usage variance.·It would be meaningless therefore to say that the favourable price variance was"good"and that the adverse usage variance was"bad".All variances that have been caused by a common factor should be considered together.It may be worthwhile to add the variances together(treating favourable variances as positive and adverse variances as negative)to appreciate the total financial impact.每个事项的变动因素都要综合考虑，不能只按单项的变动来确认“好”或者“坏”。
ACCA F5科目介绍
ACCA F5科目介绍F2课程的主要目的是为了培养学员对于运用管理会计的知识与理解，包括一系列专业准则，决策，预算，标准成本法以及企业业绩的管理与控制。
F5业绩管理是F2管理会计的后续课程，它也帮助考生建立了P5高级业绩管理的学习基础。
大纲首先介绍了更多的专业管理会计的内容，这些内容是F2管理会计已经涉及的，主要是关于成本费用的处理，这里复习的目的是使得考生在学习F5这门课程时对管理会计技能上有着更深的了解。
大纲然后涉及决策问题。
学员需要解决资源短缺、定价和自制或外部购买等问题，还需要了解这些与业绩评估有何关联。
风险和不确定性是真实生活中的一个因素，考生必须了解风险并且能够运用一些基础的方法来解决存在于决策内部的固有风险。
预算是许多会计师职业生涯中很重要的一部分。
大纲讲述了不同的预算方法以及它们存在的问题。
对会计师来说预算的行为方面的理解是很重要的。
大纲包括个人对预算做出反应的方式。
接下来是标准成本法和差异。
在F2中涉及的所有差异计算是学习F5的基础。
除此之外，新增加了混合差异和收益差异与计划差异和经营差异两大类。
对于会计师来说要理解这些计算出来的数字并且明白在绩效背景下有着什么意义。
大纲还包括业绩评估和控制，这是大纲主要的一个部分。
会计师需要理解一项业务应该如何管理和控制。
会计师应该对管理上的财务和非财务业绩评估的重要性做出正确的评价。
会计师也应该鉴别在评估公司的业绩中存在的困难和因为未能考虑外部环境对业绩的影响而导致的问题，这些内容直接与P5（高级业绩管理）相关。
科目关联性：F5课程是F2（管理会计）的延续课程，是在F2课程的基础上增加了一些商业决策和预算内容，同时F5与P5（高级业绩管理）有着直接的联系，是P5（高级业绩管理）的基础内容，同时为P3（商业分析）提供基础知识。
考试形式：F5的考试时长为3小时，有15分钟阅读题目的时间，题目分为两部分：第一部分包括20道2分的选择题。
第二部分包括3道10分的题目和2道15分的题目。
ACCA F5知识点：Balanced Scorecards
ACCA F5知识点：Balanced Scorecards平衡计分卡源自哈佛大学教授Robert Kaplan与诺朗顿研究院（Nolan Norton Institute）的执行长David Norton于90年所从事的「未来组织绩效衡量方法」一种绩效评价体系,当时该计划的目的，在于找出超越传统以财务量度为主的绩效评价模式，以使组织的「策略」能够转变为「行动；经过将近20年的发展，平衡计分卡已经发展为集团战略管理的工具，在集团战略规划与执行管理方面发挥非常重要的作用。
根据解释，平衡计分卡主要是通过图、卡、表来实现战略的规划。
平衡计分卡发展经历三代发展。
平衡计分卡是从财务、客户、内部运营、学习与成长四个角度，将组织的战略落实为可操作的衡量指标和目标值的一种新型绩效管理体系。
设计平衡计分卡的目的就是要建立“实现战略制导”的绩效管理系统，从而保证企业战略得到有效的执行。
因此，人们通常称平衡计分卡是加强企业战略执行力的最有效的战略管理工具。
(1)Financial-how do we create value for our shareholders?它的CSF有cost reduction，profitability,growth.用KPI衡量有gross margin/net margin,ROI,%of income from new customer.(2)Customer-what is it about us that customer value?它的CSF有new products,price,quality,time.用KPI衡量有percentage of sales from new products,benchmark prices with competitors,defect rate,delivery lead time.(3)Internal-what processes must we excel at to achieve our financial&customer ovjectives?它的CSF有operational process,productivity,after-sales process.用KPI衡量有cycle time,unit cost,engineering efficiency,rectification time.(4)Innovation&learning-how can we continue to improve&create future value?它的CSF有employee是,internal learning,technology leadership,innovation.用KPI衡量有：staff turnover,suggestions implemented.平衡计分卡这个知识点在ACCAF5中出现，到了高级绩效管理P5里也会考到，希望大家能够很好的把握住这个知识点。
2015新年回顾,《F5业绩管理》重点知识辅导(1)
2015新年回顾，《F5业绩管理》重点知识辅导(1)本文由高顿ACCA整理发布，转载请注明出处Targeting costs1 Definition of target costingTarget costA target cost is a cost estimate derived by subtracting desired profit margin from a competitive market price.In effect it the o pposite of conventional ‘cost plus pricing’ and is sometimes referred to as ‘price minus costing’。
It may be used in both manufacturing and service industries.The main theme behind target costing is thus not finding what a new product does cost but what it should or needs to cost. The firm can then focus on which costs can be reduced and which can not to see whether such a target cost is achievable. Obviously cost reductions must be seen in the context of quality concerns as well. This will involve product comparisons with the competitors used to set the competitive market price in the first place.Illustrative 4 targeting costs§ Sony§ Toyota§ Swiss watchmakers – Swatch.Test your understanding 6Briefly identify the implications for a profit-orientated organisation if it chooses to use cost plus pricing.2 Deriving a target costSteps1 Estimate a selling price for a new product that will enable a firm to capture a required share of the market.2 Reduce thi s figure by the firm’s required level of profit. This could take into account the return required on any new investment and on working capital requirements or could involve a target margin on sales.3 Produce a target cost figure for product designers to meet.4 Reduce costs to provide a product that meets that target Illustration 5 – Targeting costsKaty Inc, a toy manufacturer, is about to launch a new type of bicycle on which it requires a Return on Investment of 30%.Buildings and equipment needed for production are to cost $5,000,000.Expected sales levels are $40,000 toys pa at a selling price of $67.50 per item costs are currently estimated to be $32 per unit.Required:What is the target cost for annual production?SolutionWorking$Revenue（67.50×40,000）2,700,00Target costs（balancing figure）（1,200,000）Target return（30%×5,000,000）1,500,000更多ACCA资讯请关注高顿ACCA官网：。
ACCA F5复习提纲讲课稿
Self-review F5Part A Std. costingLife cycle costing estimates the costs and revenues attributable to a product over its entire expected life cycle, from production concept and design to eventual withdrawal from the market.How to maximize the return? (profit)1.Extend the length of the life span.2. Minimize the time to market.3. Shorten the introduction.4.Control the R&D.5.Minimize the breakeven time.Profitability、Pricing、Cost control、Decision makingTarget costingPurpose: improve the competition to suit the environment with similar products Process:Step 1 Determine a product specificationStep 2 Decide a target selling price at which the organisation will be able to sell the product successfully and achieve a desired market share.Step 3 Estimate the required profit, based on required profit margin or return on investment. Step 4 Calculate: Target cost = Target selling price – Target profit.Step 5 Prepare an estimated cost for the product, based on the initial design specification and current cost levels.Step 6 Calculate: Target cost gap = Estimated cost – Target cost.Step 7 Make efforts to close the gap.How to close the cost gap?ing cheaper staff2.Acquiring more efficient technology3.Cutting out non-value-added activities4.Training staff in more efficient techniquesBenefits:1.cost reduction techniques2.focus on customer improve the level of satisfaction3.focus on product design and process4.improve the competitiveness of products and enhancing the profitability of success Throughput AccountingTOC(The theory of constraints): Its key financial concept is to turn materials into sales as quickly as possible, thereby maximizing the net cash generated from sales----production managementAssumptions:1.In the short run, the cost of purchase materials is the only variable cost, other costs in the factory are fixed costs.2.Producing for orders, the ideal inventory level should be zero.3.profitability is determined by how quickly goods can be produced to satisfy customer orders.4.idle time at non-bottleneck exist and is acceptedTA per bottleneck resource(return per factory hr)-----Throughput/bottleneck hrs per unit 计算题：Optimum plan:(1).Limiting factor analysis(contribution per bottleneck resource)(2).TA accounting(Throughput per bottleneck resource)1.TA类process：1. The bottleneck resource is xxxx2. calculation TA/unit TA/bottleneck hours3.rank production4.allocate resource to arrive at optimum production planTA ratio : total TA/ total factory costTA per bottleneck resource/Factory cost per bottleneck resourceTA per unit/ Factory per unit2.ABC类Cost pool O/H activity driver no. of drivers OH/driverCost(O/H) per productEAEMA(environmental management accounting)---internalUS:1. Conventional cost2. Potentially hidden cost3. Contingent costs4. Image and relationship costsUNDSD:1.Input/output analysis2. Flow cost accounting---material system delivery&disposal3.ABC4.Lifecycle costingPart B Decision makingSingle limiting factor---optimum production planRank—contribution per limiting factor=CPU/limiting factor per unitMultiple limiting factor-linear programming画图—可行域交点代入目标方程式Variables:Let x = number of XXXLet c represent the contributionConstraints:联立不等式组p.s: non negativityObjective: c=SlackSlack occurs when maximum availability of a resource or other constraining factor is not used.Constraint with slack----non-critical constraint, shadow price=0Constraint without slack---critical constraint (binding)This is a non-critical scarce resource and as such it has a shadow price of nil.Shadow priceThe shadow price （dual price）of a limiting factor is the increase in value which would be created by having one additional unit of the limiting factor at its original cost.（linear programming）extra contribution or profit that may be earned by relaxing a binding resource constraint by one unit.Process：联立两个bindingShadow price= total contribution（new optimal plan）-total contribution in original solutionRelevant costs are future cash flows arising as a direct consequence of a decision. Opportunity cost is the benefit sacrificed by choosing one opportunity rather than the next best alternative.Cash inflowsLess: Cash outflowsNet cash flowSpare capacityMake or buy decisionsNo spare capacityProcess;Variable cost of makingVariable cost of buyingExtra variable cost of buyingLimiting factor saved by buying(per unit)Extra variable cost of buying per hour savedRankingShut-down decisionsFactors to consider for shutting-down decisions:1.Loss of contribution from the segment2.Savings in specific fixed costs from closure3.Penalties resulting from the closure4.Alternative use for resources released5.Non-quantifiable effects6.Knock-on impact—loss leader 局部故意亏损以求整体利益If shut down;Cash inflows;Saved costsIncreased contribution of other products（substitute）Cash outflows;Loss contribution (complement&itself)PenaltiesNCFsJoint product further processing decisionsIncremental revenueLess: Incremental costIncremental profit/(loss)The xxx product is worth further processing in that the extra revenue exceeds the extra cost by $xxxPricing DecisionsPrice elasticity of demand---- inelastic 0≤x<1Elastic x>1Demand equation;P=a-bQMR=a-2bQP=pricea=the price at which demand would be nilb= in price/ in quantityQ=the quantity demandedProfits maximised: MR=MCRevenue maximised: MR=0CVP analysisCost volume profit (CVP)/breakeven analysis is the study of the interrelationships between costs, volume and profit at various levels of activity.CPU-contribution per unitBEP=contribution-FCTo make zero profit, sales volume should be atBEP=FC/CPUTo make zero profit, sales revenue should be atBreakeven revenue=FC/ c/s ratioSales volume for target profit= FC+ target profit/CPU利润率指标（不变）C/S ratio= contribution/ sales= CPU/ priceWeighted average sales price per unit=∑price*volume/∑volumeMargin of safetyMOS=budgeted sales- BEP ------------------in salesMOS=budgeted units-breakeven units---------in unitsMOS/budgeted sales （百分比形式）Limitations of CVP analysis1. It is assumed that fixed costs are the same in total and variable costs are the same per unit at all levels of output.2. It is assumed that sales prices will be constant at all levels of activity.3. Production and sales are assumed to be the same.4. Uncertainty in the estimates of fixed costs and unit variable costs is often ignored.Advantages1.Highlighting the breakeven point and the margin of safety gives managers some indication of the level of risk involved.2. Graphical representation of cost and revenue data (breakeven charts) can be more easily understood by non-financial managers.3. A breakeven model enables profit or loss at any level of activity within the range for which the model is valid to be determined, and the C/S ratio can indicate the relative profitability of different products.Risk&uncertaintyRisk involves events which may or may not occur, but whose probability of occurrence can be estimated statistically.Risk preferenceA risk seeker is a decision-maker who is interested in the best outcomes, no matter how small the chance that they may occur. ----optimistA risk averse is a decision-maker acts on the assumption that the worst outcome might occur and will make a decision to minimize the risk. ----pessimistA risk neutral is a decision-maker who will make a decision that balance risk and return, and consider the most likely outcome.Expected value----support a risk neutral attitudeEV=∑possible outcome *probabilitiesLimitations of expected values;1. The expected value of a decision may be a value that will never occur.2. EV is an average value, it ignores the extreme outcomes.3.It ignores the aspect of probability distribution.Sensitivity analysisSensitivity analysis is used to testify the critical value to make the decision invalid. Sensitivity analysis can help to concentrate management attention on the most important factors.If xxx costs are more than x% above estimate, the project would make a loss.X%=profit/xx costMonte carlo simulationSimulation models can be used to deal with decision problems when there are a large number of uncertain variables in the situation. Random numbers are used to assign values to the variables.Part C Budgeting and controlA budget is a quantified plan of action for a forthcoming accounting period.Objectives of a budgetary planning and control system:1.Ensure the achievement of the organisation’s obj ectivespel planningmunicate ideas and plans4.Co-ordinate activities5.Provide a framework of responsibility accounting.6.Establish a system of control7.Motivate employees to improve their performanceThe planning and control cycle has seven steps.Step 1. Identify objectivesStep 2. Identify potential strategiesStep 3. Evaluate strategiesStep 4. Choose alternative courses of actionStep 5. Implement the long-term planStep 6. Measure actual results and compare with the planStep 7. Respond to divergences from the planFeedbackFeedback is information produced as output from operations; it is used to compare actual results with planned results for control purposes.Budgeting and performance managementA fixed budget is a budget which remains unchanged throughout the budget period, regardless of differences between the actual and the original planned volume of output or sales. ---------planning purpose & prepared in advanceA flexible budget is a budget which, by recognising different cost behaviour patterns, is changed as the volume of output and sales changes. ------control purpose & prepared retrospectivelyTop-down (Imposed budgeting)Budget prepared by senior manager and being posted to individual managers. No participation of junior manager.Bottom-up (Participative budgeting)Budget prepared by lower management and submit to high level for approvalRolling budgets (continuous budgets) are budgets which are continuously updated throughout a financial year, by adding a further period (say a month or a quarter) and removing the corresponding period that has just ended.Aim: Rolling budgets may be used when the pace of change in the business environment is fast and continual. They represent an attempt to prepare realistic plans and keep tight control.Incremental budgeting is a method of budgeting in which next year's budget is prepared by using the current year's actual results as a starting point, and making adjustments for known changes.Zero based budgeting involves preparing a budget for each cost centre or activity from a zero base. Every item of expenditure has then to be justified in its entirety in order to be included in the next year's budget.--------- administrative expenses and departments,The aim of zero based budgeting is to remove unnecessary and wasteful spending from the budget.ZBB is particularly useful for budgeting for discretionary costs and for rationalisation purposes,in areas of operations where efficiency standards are not properly established, such as administration work.ZBB recognition:1.The current year's results may include wasteful spending and inefficiencies.2.Budgeted activities should be reviewed and assessed to establish whether they are still required or whether they should continue at the same level of activity as in the past.3 steps approach to ZBB●Define decision package(items or activities) for which costsshould be budgeted, and spending decisions should be planned:●Evaluate and rank the packages in order of priority: eliminatepackages whose costs exceed their value.●Allocate resources to the decision packages according to theirranking.Beyond Budgeting is a budgeting model which proposes that traditional budgeting should be abandoned. Adaptive management processes should be used rather than fixed annual budgets.Variance analysisA mix variance occurs when the materials are not mixed or blended in standard proportions and it is a measure of whether the actual mix is cheaper or more expensive than the standard mix.A yield variance arises because there is a difference between what the input should have been for the output achieved and the actual input.The sales mix variance occurs when the proportions of the various products sold are different from those in the budget.The sales quantity variance shows the difference in contribution/profit because of a change in sales volume from the budgeted volume of sales.The principle of controllability is that managers of responsibility centres should only be held accountable for costs over which they have some influence.Part D Performance managementPerformance measurement is a vital part of the planning and control process.Non-financial measures may relate to a number of different aspects of performance, such as: ●Product or service quality●Reliability●Speed of performance●Risk●Flexibility●Customer satisfaction●Innovation●Capability●DeliveryFPIs analyse return on capital, profitability, liquidity and financial risk, often in relation to a plan or budget, or in relation to performance in preceding time periods.Balance scorecardThe balanced scorecard is a strategic management technique for communicating and evaluating the achievement of the strategy and mission of an organisation. It comprises an integrated framework of financial and non-financial performance measures that aim to clarify, communicate and manage strategy implementation. It translates an organisation’s strategy into objectives and performance measurements for the following four perspectives:Financial perspective: this perspective considers how the organisation appears to shareholders.How can it create value for its shareholders?Kaplan and Norton, who developed the balanced scorecard, identified three core financial themes that will drive the business strategy: revenue growth and mix, cost reduction and asset utilisation.Customer perspective:this considers how the organisation appears to customers. The customer perspective should identify the customer and market segments in which the business units will compete. There is a strong link between the customer perspective and the revenue objectives in the financial perspective. If customer objectives are achieved, revenue objectives should be too.Internal perspective: this requires the organisation to ask itself the question –‘what must we excel at to achieve our financial and customer objectives?’. It must identify the internal business processes that are critical to the implementation of the organisation’s strategy. These will include three processes: the innovation process, the operations process and the post-sales process.Learning and growth perspective: this requires the organisation to ask itself whether it can continue to improve and create value. The organisation must continues to invest in its infrastructure – i.e. people, systems and organisational procedures – in order to provide the capabilities that will help the other three perspectives to be achieved.Transfer pricingMaximum TP: market priceMinimum TP:1. With perfect external market, all of the goods can be sold outside.TP=market price-avoidable cost2.Without perfect external market, not all of the goods can be soldTP=VC-avoidable cost3.Without perfect external market, not all of the goods can be sold, it has other alternatives (with spare capacity)TP=VC+OC-avoidable costPerformance measurement in not for profit organisationsValue for money means providing a service in a way which is economical, efficient and effective.ROI=PBIT/Capital employedRI=PBIT-notional interest on capital。
ACCA F5知识点框架
学习F5之前，得先知道F5是干嘛的，简而言之，F5就是通过动用能够动用资源、控制能控制因素，对公司的内部因素进行分析、调控，从而对公司未来的运行进行预测、规划，同时力求规避风险，为公司谋划一个可行性、正确性的前景。
同时，在公司发生运营活动时，对其效绩进行监控，并对其中出现的差异进行有针对性的分析，并进行相对应的调整，最大化公司的利润。
F5知识点框架总结：
n Advanced Costing Methods（高级成本计算方法）
n Cost volume profit analysis（成本，产量，利润分析）
n Planning with limited factors（规划有限制因素）
n Pricing（定价）
n Relevant Costing（相关成本）
n Risk and uncertainty（风险和不确定性）
n Budgeting（预算）
n Quantitative analysis（定量分析）
✦Advance variances（预算差额）
✦Performance measurement and control（绩效评估与控制）
✦Divisional performance measurement and transferpricing（部门绩效评估和转移定价）
✦Performance measurement in not-for-profit organizations（非营利组织的绩效评估）
✦Performance management information systems（绩效管理信息系统）
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