ACCA P5知识点-Psychological contracts.

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泽稷网校 ACCA F5 重点知识总结

ACCA F5 重点知识总结Break-evenanalysis盈亏平衡点分析（又叫Cost-volume-profitanalysis）这一知识点包含了非常多的公式，在公式的应用上有着较高要求。

曾经在12/12真题中重点考查了计算。

同时chart的画法是容易被我们忽略的，在考试过程中非常耗时间，基于往年的答题情况非常不乐观，因此是很有可能再一次被拿出考。

▲理解计算BEP& margin of safety▲理解计算应用C/Sratio in single and multi-product situations▲计算应用targetprofit or revenue in single and multi-product situations▲理解并掌握charts，并能解释所含信息的意思▲学会分析limitationsof CVP analysis for planning and decision-making.企业需要达到的最低目标→aprofit of $nil ，所对应的salesvolume为盈亏平衡点Assumptions: constant Selling price per unit Variable cost per unit Total fixed costs Single productbreak-even analysisMethod 1: Activitylevel at which there is neither profit nor lossMethod 2: Theamount of contribution earned per dollar of salesMethod 3:Thedifference between the budgeted level of activity and thebreak-even level ofactivityTarget profitsfor multiple products(i)Atbreakeven point there is noprofit-that is: Contribution=Fixed costs(ii)假设企业要达到某一利润水平:Contribution 一定要coverfixed costs and therequired p rofit→Totalcontribution required=Fixed costs + Required profitMultiple productbreak-even analysis(假设sales mix保持不变)★Drawing abreak-even charLimitations★CVP 的分析基于一些unrealisticassumptions.考试中不仅可能碰到CVP 的计算，还会时常会问你to criticizethe CVP approach to short-term decision-making ，这时要同时考虑limitations& advantagesLimitations AdvantagesIt is assumed that fixed costs are the same in totaland variable costs are the same per unit at all.(i) Fixed costs 会发生变动if output falls or increasessubstantially(因为大部分fixed cost 都属于stepcosts).(ii) The variable costs 会下降where economies of scale are made at higher output volumes.A break-even model enables profit or lossat any level of activity within the range for which model is valid to be determined(能判断是否盈利还是亏损), and the C/S ratiocan indicate the relative profitability of different products.It is assumed that sales prices will be constant at alllevels of activity(这将可能无法实现，因为当生产过多，企业只能通过降价来win the extra sales). Be more easily understoodbynon-financial managersProduction and sales are assumed to be thesame(忽视了increase in inventory levels 或者de-stocking 的可能).Highlighting the break-even point and the margin of safety gives managers someindication of the level of risk involved. Uncertainty in the estimates of fixed costs and unitvariable costs is often ignored.文章来源：泽稷网校。

ACCA P5 重要知识点总结

REWARD SCHEMES FOR EMPLOYEES AND MANAGEMENTA major part of performance management involves managing employees and managers, as their performance will have a major effect on the performance of the organisation as a whole. This article looks at how reward schemes can be used to influence the behaviour of employeesMEANING OF REWARD SCHEMESA broad definition of reward schemes is provided by Bratton:‘Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform.’Rewards schemes may include extrinsic and intrinsic rewards. Extrinsic rewards are items such as financial payments and working conditions that the employee receives as part of the job. Intrinsic rewards relate to satisfaction that is derived from actually performing the job such as personal fulfilment, and a sense of contributing something to society. Many people who work for charities, for example, work for much lower salaries than they might achieve if they worked for commercial organisations. In doing so, they are exchanging extrinsic rewards for the intrinsic reward of doing something that they believe is good for society.OBJECTIVES OF A REWARD SCHEMEWhat do organisations hope to achieve from a reward scheme? The following are among the most important objectives:1. To support the goals of the organisation by aligning the goals of employees with these.2. To ensure that the organisation is able to recruit and retain sufficient number of employees with the right skills.3. To motivate employees.4. To align the risk preferences of managers and employees with those of the organisation.5. To comply with legal regulations.6. To be ethical.7. To be affordable and easy to administer.ALIGNING THE GOALS OF THE ORGANISATION AND EMPLOYEESThe reward scheme should support the organisation’s goals. At the strategic level, the reward scheme must be consistent with the strategy of the organisation. If a strategy of differentiation is chosen, for example, staff may receive more generous benefits, and these may be linked to achieving certain skills or achieving pre determined targets. In an organisation that has a strategy of cost leadership, a simple reward scheme offering fairly low wages may be appropriate as less skilled staff are required, new staff are easy to recruit and need little training, so there is less incentive to offer generous rewards. The US supermarket group Walmart competes on low cost. It recruits employees with low skills, and pays low wages. It discourages staff from working overtime, as it wishes to avoid paying overtime rates.TO RECRUIT AND RETAIN SUFFICIENT EMPLOYEES WITH THE RIGHT SKILLSIf rewards offered are not competitive, it will be difficult to recruit staff since potential employees can obtain better rewards from competitors. Existing staff may also be tempted to leave the organisation if they are aware that their reward system is uncompetitive.High staff turnover can lead to higher costs of recruitment and training of new staff. Losing existing employees may also mean that some of the organisation’s accumulated knowledge is lost forever. For many knowledge-based organisations, the human capital may be one of the most valuable assets they have. High technology companies such as Microsoft are companies that trade on knowledge, so offer competitive remuneration to key staff.TO MOTIVATE EMPLOYEESMotivation of employees is clearly an important factor in the overall performance of an organisation. Organisations would like their employees to work harder, and be flexible. The link between reward schemes and motivation is a complex issue that is hotly debated in both accounting and human resource-related literature.A well-known theory relating to motivation is Maslow’s hierarchy of needs. Maslow stated that people’s wants and needs follow a hierarchy. Once the needs of one level of the hierarchy are met, the individual will then focus on achieving the needs of the next level in the hierarchy. The lower levels of the hierarchy are physiological, relating to the need to survive (eg eating and being housed); once these have been met, humans then desire safety, followed by love, followed by esteem, and finally at the top of the hierarchy, self actualisation, or self fulfilment.Applying Maslow’s hierarchy of needs to reward schemes suggests that very junior staff, earning very low wages will be motivated by receiving higher monetary rewards, as this will enable them to meet their physiological needs. As employees become progressively more highly paid, however, monetary rewards become relatively less important as other needs in the hierarchy, such as job security, ability to achieve one’s potential, and feeling of being needed become more important.Herzberg argued that increasing rewards only motivates employees temporarily. Once they become de-motivated again, it is necessary to ‘recharge their batteries’with another increase. A far better way to motivate employees is to ‘install a generator in an employee’ so they can recharge their own batteries; in other words to find out what really motivates them. According to Herzberg, it is the intrinsic factors in a job that motivate employees, such as ‘achievement, recognition for achievement, the work itself, responsibility and growth or advancement.’ Giving greater responsibility to employees, for example, can increase motivation.Perhaps the conclusion to be gained from this is that monetary rewards alone are insufficient to motivate employees. Other factors such as giving greater recognition and greater responsibility may be equally important, for example giving praise at company meetings, promoting staff, and involving staff more in decision making.ALIGNING THE RISK PREFERENCES OF MANAGERS AND EMPLOYEES WITH THOSE OF THE ORGANISATIONManagers and senior employees make decisions on behalf of the company, acting as agents of the company. It is desirable that the risk preferences of these employees should match the risk preferences of the organisation and its stakeholders. One problem with many reward schemes is that managers are too risk averse, and will not make investments that may risk their targets not being met.The events leading up to the financial crisis of 2008 are a good example of the opposite situation, where the risk appetites of employees at investment banks did not match the risk appetites of the owners. During this period, individuals working in the banks were paid large commissions for selling mortgage loans to customers. The problem was that the employees were selling loans to customers that posed a large risk to the banks, due to their low credit worthiness.The problem was confounded by the fact that in many cases, the employees of the banks were paid commissions on the date that the loan agreements were signed, while the loans lasted for 25 years. In situations where the borrower defaulted, however, there was no claw back, so the employee would not be required to repay the commission.Many countries have put in place new laws and codes to change this situation. In the UK for example, the financial services authority introduced a code whereby remuneration structures should be based on sound risk management practices, incentive payments should be deferred over a number of years, and there should be claw back provisions whereby employees are required to repay bonuses in the event that the longer term results of their actions leads to similar problems experiences in the financial crisis.Share options may also create a miss-match between the risks faced by the organisation and the risks faced by the holders of the options, since the holders benefit if share prices increase, but do not bear any losses if the share price falls. Share options are discussed in more detail later in this article.COMPLYING WITH LEGAL REGULATIONSRewards should comply with legal regulations. Typically, employment laws include areas such as minimum pay, and equal pay legislation to ensure that no groups are prejudiced against. There have been high profile cases of female investment bankers winning legal cases against their employers because their bonuses were far less than those paid to male colleagues.ETHICS AND REWARD SCHEMESIn recent decades there has been a move away from fixed remuneration systems towards reward systems where at least part of an employee’s rewards are based on performance of the individual and the business as a whole. Some writers claim that this is unethical for two reasons. First, such systems tend to place increased business risk onto employees. Second, such systems undermine collective bargaining systems, and reduce the power of unions. This leads to a situation where employees as a collective have less bargaining power.The size of total remunerations paid to directors of large public companies has also become a hot political issue, with a perception that the gap between top earners, and average earners is becoming larger. In the US, the average directors of S&P 500companies earn 200 times more than the average household income in the US. Defenders of such large differences in pay point out that this difference has actually declined in recent years; in the year 2000, directors of S&P 500 companies earned 350 times the average household income. According to some research, such high packages are justified as they do reflect the performance of those directors.AFFORDABLE AND EASY TO ADMINISTERIt is an obvious fact that there is an inherent conflict of interest in the relationship between employer and employee. The employee’s rewards represent a cost to the employer, which the employer wants to minimise. Clearly whatever reward scheme is in place, it must be affordable to the employer.TARGET SETTINGMany reward schemes are based on employees achieving pre-determined targets, so some consideration of target setting is required.In Fitzgerald and Moon’s building block’s model, three principles are given when setting standards or targets: equity, ownership and achievability. Equity in this context means fairness; when setting targets for the various managers, those targets should be equally challenging. Ownership means that the targets should be accepted and agreed by those managers for whom they are set. This can usually be achieved by participation. Finally targets must be achievable; otherwise the employees for whom they were set will become demotivated.The building block’s model then goes on to specifically cover reward schemes. It states that there are three principles of a good reward scheme. First, there should be clarity – it should be clear how the reward scheme works. If your boss tells you that you will receive a bonus at the end of the year ‘if you do a good job,’that is not very clear, since the boss has not specified what doing a good job means. Rewards should be motivational. Finally there is the important controllability principal. Employees should only be judged and rewarded based on things within their control. This is why profit-related pay might not be relevant to a junior administrative assistant, for example.Hope and Fraser warn against the use of linking rewards to fixed performance targets, as this leads to gaming. In particular, managers whose rewards depend on fixed targets may be tempted to ‘always negotiate lowest targets and highest rewards,’ which suggests that management plans will understate the potential that the organisation can make. ‘Always make the bonus, whatever it takes,’ is another example of gaming suggested by Hope and Fraser, which suggests that managers may indulge in unethical behaviour such as fraudulent accounting in order to ensure that targets are met.Hope and Fraser suggest divorcing the planning process and the target setting process, and basing rewards on relative targets and benchmarks. A relative target might be market share, for example, where rather than setting an absolute target for a sales manager, a market share (%) target is provided. If the market rises, then more is expected in absolute terms. This adds to controllability, since the sales manager could not be held responsible for a rise (or fall) in the overall market, which is outside of his control, but would be able to control whether or not heachieves the expected share of the market.TYPES OF REWARD SCHEMEBase pay Base pay, or basic pay, is the minimum amount that an employee receives for working for an organisation. For example, the employee may be paid $10 per hour for a minimum of 40 hours per week. The employee will therefore earn at least $400 per week. This will be paid regardless of how many of those 40 hours the employee is actually working. A fixed annual salary is another example of basic pay.Basic pay may be supplemented by other types of remuneration. A blue collar worker may be paid overtime for example if he works more than 40 hours per week, and a manager may receive some form of performance pay in addition to the base pay. Basic pay is likely to address the lower levels of Maslow’s hierarchy of needs mentioned above.Performance-related pay Performance-related pay is a generic term for reward systems where payments are made based on the performance, either of the individual (individual performance-related pay) or a team of employees (group performance-related schemes).In recent decades there has been a move toward performance-related pay schemes in many organisations. This has lead to a situation where a higher portion of the employees pay is dependent on performance. This rationale for performance-related pay is that it motivates employees to work harder, and rewards those who make a greater contribution to the organisation’s goals. This should lead to efficiency savings. There are many types of performance-related pay, and the most popular ones are described below:1. Piecework schemes Under Piecework schemes, a price is paid for each unit of output. Piecework schemes are the oldest form of performance pay, and were used for example in the textile industries in Great Britain during the industrial revolution. Piecework schemes are appropriate where output can be measured easily in units. They are typically used for paying freelance, creative people. Freelance writers for example are often paid based on the number of words.The benefit of piecework schemes is their inherent fairness. The higher the output, the more the employee (or subcontractor) receives. From the employer’s perspective, the employer does not have to pay for idle time or inefficiencies.From the employee’s perspective, such schemes mean that the employee bears commercial risk if demand for their product falls.A further disadvantage of piecework schemes is that the payment is not based on the quality of output. However, some sort of quality control is likely, and if the quality is not of a required standard, the employee or subcontractor will not be paid.2. Individual performance-related pay schemes Individual performance-related pay schemes are where the employee receives either a bonus, or an increase in base pay on meeting previously agreed objectives or based on assessment by their manager, or both. They are typically used for middle managers in private sector organisations and for professional staff.The advocates of individual performance-related pay schemes claim that theirthey are an obvious way to align to objectives of middle managers with the goals of the organisation. If performance targets set are based on the goals of the organisation, then it appears obvious that making part of the rewards of employees’contingent on achieving those targets will mean that employees are motivated to achieve the goals of the organisation.Individual performance-related schemes also have the advantage over group schemes that the employee has control over her rewards, as they do not depend on the effort (or lack of) of other members of the team.Critics of such schemes point out that the link between rewards and motivation is far from clear, as discussed above. It is also argued that performance-related schemes lead a situation of tunnel vision whereby if something is not measured, and then rewarded, it won’t get done.Individual reward schemes may lead to a lack of teamwork and may lead to variances in pay among individuals, which can lead to ill feeling.An example of an individual performance-related pay scheme is one that is operated by a UK bank. Under the scheme, a bonus pool is allocated to each region based on the performance of that region. From this pool, individual awards are made based on assessment of performance, taking into account the rating on a five-point scale. Those with scores of 1 to 3 qualify for a discretionary bonus. The assessment depends on how much new business the individuals have brought in, or how much efficiency savings they have generated. The rewards are usually paid in cash, although for senior employees receive a portion as deferred stock.3. Group-related performance-related pay schemes Group-related performance-related schemes are similar to individual, in that rewards are paid based on the achievement of targets. However the targets are set for a group of employees, such as a particular department, or branch of a company, rather than for an individual. Since the rewards apply to a group, they are likely to be based on a pre-determined quantitative formula, rather than on assessment of staff.A bonus pool is calculated based on the performance of the team, and this is shared among the members of the team. Bonuses may be paid up at the end of the year, or may be deferred, and paid at a later date, as this may encourage staff and managers to take a longer term view, rather than simply focusing on the current year’s bonus.The advantage claimed for group schemes is that they encourage teamwork. The disadvantage is that the lazier members of the team benefit from the hard work of the more dedicated.Hope and Fraser give the example of a scheme operated by Svenska Handelsbanken, where each year, a portion of the banks profits are paid to a profit sharing pool for employees, provided that certain conditions are made. The main conditions are that the Handelsbanken Group must have a higher return on shareholder’s equity than the average of its peer group. The upper limit of the amount paid into the scheme is 25% of the total dividends paid to shareholders. Employees do not actually receive anything from the pool until they reach the age of 60, at which point they receive a pay out based on the number of years that they have worked for the bank. The CEO of Handlesbanken claimed that employees are not motivated by financial targets, butby the challenge of beating the competition. The reward scheme is designed to bea dividend on their intellectual capital.4. Knowledge contingent pay Knowledge contingent pay is where an employee will receive a pay rise or a bonus, or both, for work-related learning. An ACCA candidate, for example, may receive a higher salary once he has passed all the knowledge level papers, and an even higher salary after passing all of his exams.5. Commissions Commissions are a form of remuneration normally used for sales staff. The staff may receive a low basic pay, but will then receive commission, based on a percentage of the amount of their sales.The advantages of commission are that they should motivate sales staff to achieve higher sales, as their rewards depend on it, and they mean that the large part of the salesman’s salary becomes variable. If sales are low, the organisation will have to pay less.The disadvantage of commission is that it may lead to dysfunctional behaviour. Sales staff may indulge in window dressing, for example to meet this years sales target, by selling on a ‘sale and return basis’ in the final month of the year, with the inherent understanding that the goods will be returned in the following month of next year. They may also lead to short termism, where sales staff ‘never put the customer above the sales target’ to quote Hope and Fraser.6. Profit-related pay Profit-related pay is a type of group performance-related pay scheme where a part of the employee’s remuneration is linked to the profits of the organisation. If the company’s profits hit a pre-determined threshold, a bonus will be paid to all members of the scheme. Typically the bonus will be a percentage of the basic pay. The bonus may be paid during the year in question; for example, quarterly, or it may be deferred until some later date, such as the retirement of the staff.Advocates of profit-related pay argue that it motivates employees to become more interested in the overall profitability and therefore become more motivated to ‘do their bit’ to improve it. It may also encourage loyalty in cases where staff may lose their bonus if leaving the organisation means that they lose the right to it.The obvious disadvantage with profit-related pay is that it does not match the primary objective of commercial organisations, which is to maximise the wealth of the shareholders. Managers may be motivated to increase profits by taking short-term actions that will harm the business in the long run, for example, or destroy wealth by investing in projects that increase the profits of the organisation, but produce a return that is below the cost of capital of the organisation.Profit-related pay might not be a motivator for junior employees, who may fail to see the link between their effort and the overall profits of the organisation.7. Stock option plans Stock option plans have become very popular since the 1990s, when greater emphasis started to be given to shareholder value. Under stock option plans, staff receive the right to buy shares in their company at a certain date in the future, at a price agreed today.For example, Alpha Co is listed on the stock exchange of Homeland. Today, shares in Alpha Co are trading at $100 each. The company has just awarded the CEO of AlphaCo the option to buy 1 million shares for $100 each in exactly ten years time. These options have no intrinsic value at the granting date.If the share price rises to say $200 in 10 years time, the CEO could exercise his options, buying 1 million shares at a price of $100 each. Since the shares would be worth $200 each by then the CEO would make a gain of $100 per share, or $100m in total.Stock option plans are most appropriate for the senior management of organisations as they are the people who have the most influence over its share price. The rational for using stock option plans is that they align the objectives of the directors with the objectives of shareholders. If the share price rises, the senior management benefit because their options increase in value. Thus senior managers will start to think like investors.The big weakness of stock option plans is that share prices may depend on external factors as much as on the performance of the directors. During the bull markets of the 1990s and 2000s, many companies share prices rose simply because the market rose.Another weakness is risk misalignment. Share options reward managers if the share price goes up. If the share price falls, however, there is no difference in reward between the share price remaining the same ($100) and falling to ($1) – so managers may be motivated to take extreme risks where the exercise price may not be met.What shareholders really want is the performance of their company to be better than the market. One solution to this is to use an indexed exercise price, where the price at which the director can buy the shares is equal to the current market price, plus the increase in the stock market index between the date that the options are issued, and the exercise date. This means that the share option reflects the controllability principlemore closely, as directors would not be rewarded for rises in the stock market in general.PENSION SCHEMESDefined benefit pension schemes used to be a popular form of reward. Under such schemes, the employee pays a pension to former employees based on their final salary, and the number of years that the employee worked for the organisation. A typical example is that the former employee receives 1/60ths of their final salary for every year of service. An employee who works for 40 years for the same organisation would therefore receive a pension equal to 40/60ths of their final salary from the date of retirement to the date of death.Defined benefit schemes leave organisations with an uncertain, often large liability, and for this reason, many organisations have now discontinued such schemes.Defined contribution schemes are another form of pension scheme where the employer pays a certain percentage of the employee’s salary into an account for the employee in a pension ‘pot.’ The employee may also have the option of making additional voluntary contributions into this pension pot. The pension pot is theninvested, and the employee receives whatever is in their account on retirement. In some countries, employees may be required to use what is in the pot to buy an annuity, which pays them a fixed income for the rest of their lives.Many countries offer tax incentives for such pension schemes, such as allowing employees to reduce their taxable income by the value of contributions made to the schemes.BENEFITS IN KINDBenefits in kind (or indirect pay) are paid to employees in addition to their base salary and performance-related pay. Benefits in kind include items such as health insurance and meal vouchers. They are usually provided to more junior staff in order to provide additional incentives at a lower cost. They are often used as a form of recognition, so the employee of the month for example will be given a benefit rather than a cash payment.The advantage of benefits in kind is that greater flexibility can be given in designing a reward scheme for an individual.‘Cafeteria’ schemes have also become popular, whereby employees are told that they may select benefits from a menu up to a certain value. The advantage of this is that employees will select the benefits that they value most. Benefits from which the employees can choose typically include such items as health insurance, holiday vouchers, company cars or sports vouchers.Cafeteria schemes may be difficult to administer. Staff may also find them complex to understand, as they will have to select a number of benefits that have a value that is within the agreed limit.ESTABLISHING THE LEVEL OF BENEFITSHow much should employees be paid? Two factors need to be taken into account here. First, competitiveness, and second internal equity.As already mentioned above, unless the level of pay is competitive, it will be difficult to recruit and retain the right number of skilled employees. If it is too much, the cost to the organisation will be too high. Here the organisation will compare its pay levels with competitors. Such information may be available from job adverts in newspapers or on the Internet, or from recruitment consultants.Internal equity relates to the pay differentials within the organisation itself. Staff will become demotivated if they feel that the remuneration system is ‘unfair’and that other people are being paid more generously. Job evaluation techniques are used that try to determine the value of a specific job to the organisation. Based on this, the level of rewards for that particular position will be determined.THE ROLE OF APPRAISAL IN REWARD SYSTEMSMany of the performance-related reward schemes depend on the performance of the employees. As such, the employees’ performance has to be assessed. This usually takes place during the appraisal process. Staff will be assessed on a regular basis, for example twice a year. During the appraisal, targets will be set for the next period, and rewards agreed if the targets are met.CONCLUSIONA good reward system aims to motivate employees to work harder, and align their。

ACCA P5复习心得分享

ACCA P5复习技巧分享众所周知，ACCA考试课程总共16科，分为四个阶段:基础、技能、核心、选修，所谓选修就是P4-P7四门课程中任选2门，所以只要通过14科便可以成为ACCA准会员了，那么在选修课程中，如果大家选择P5该如何去复习，保证考试顺利通过呢?1.P5考试要求的基本功是analysis，application and evaluation，所以考生应更多的集中于你所使用的业绩管理工具的优缺点的分析，评价其在目前公司背景下是否适用。

不要试图重复一种管理技术在通常情况下如何去使用，那是在背诵理论，不是在应用。

考生应该根据题目给你的信息，选择合适的业绩管理方案，并对你推荐的这种方案进行评价，即evaluate or assess。

考生要记住一条P5的真理：所有的管理工具没有最好，只有适合，都要根据具体的环境来选择合适的业绩管理工具。

2.很多考生根本看不懂考官的问题要求。

有的考生粗心大意，把要求理解偏了。

主要原因是基础知识不够扎实，而且英语的理解能力欠缺，抓不住关键词汇之间的区别，比如2014.6的考试：evaluate “currentperformance report” 很多考生理解为evaluate “current performance”，结果花费了大量宝贵时间，却离题万里。

又比如2014.6Q1：(ii) Assess thebalance of fixed and variable elements of the CEOs two key costs in each ofthe two subsidiaries and the impact which this may have on performancemanagement of these costs, 很多考生根本不理解Fixed cost and variablecost 之间的关系，其实这就是我们讲义中的operation gearing含义。

ACCA P5 学习笔记 PART A-推荐下载

PART A strategic planning and control (2)第一章introduction to SMA (2)二SMA (2)三plan和objective (3)四 (3)八benchmarking (3)第二章performance management and control of the organization (3)一各种预算模型的优缺点 (3)第三章 (4)1 business structure and information needs (4)2 BPR 完全重来 (4)3 business integration 业务整合 (6)4 teamwork and empowerment (10)5 information needs of manufacturing and service business (12)6 instant access to data 2011.6 (14)7 remote input of data 遥控输入 (18)8 发展MAS MAS是MIS的一部分 (19)9. Stakeholders’ goals and objectives (22)10 企业与道德 (25)11 利益相关者与企业业绩 (27)PART A strategic planning and control第一章introduction to SMA战略管理会计(SMA)的目的：为规划控制提供相关信息特点三个导向1.Future2.External 如customer supplier competitor (competitive advantage)3.Goal congruence提供怎样的信息competitors’cost product profitability customer profitabilityPM是一项重要的控制手段SWOT plan的modelBenchmarkSMA可以说就是贯穿企业planning和control的流程我们需要使用strategic plan and control models来plan and monitor organizational performancePlanning：制定企业objective，决定要用哪些resource来完成这些objective，以及这些资源的获取、使用、处置的policyManagement control：也叫tactics或者tactical planning，确保资源有效率、有效果的获取和使用。

ACCA P5 important

1. Economic value add ed(EVA)1.1 EVA=net operating profit after tax(NOPAT) less capital charge1.2 Accounting adjustments:Add back to profits:Value-building expenditure, expenditure on marketing and promotions, research and development, staff training should be capitalized. Should be added back to profit, and also added to capital employed.Depreciation: add back depreciation in the income statement, charge for economic depreciationProvisions: add back to capital employed: provisions, allowance for doubtful debts, inventory write-downs, deferred tax provisions. Movements in provisions recognized as income or expense need to be removed from NOPATNon-cash expenses: added back to profits, and to capital employed at the end of the year.Operating leases: should be capitalized and added to capital employed, deduct depreciation on assets.Interest on debt capital: add back to net profit after adjusting for any tax reliefAdjustment to statement of financial position:Non capitalized leasesResearch etc now capitalisedGoodwill written offProvisions1.3 Advantages:(1) Real wealth for shareholders.(2) Less distortion by accounting. Closer to cash flows than accounting profits(3) Consistent with net present value(4) An absolute value. Easily understood.(5) Treatment of certain costs as investments thereby encouraging expenditure. Reduce the temptation to short-termism1.4 Drawbacks(1) Dependency on historical data. Limited use as a guide to the future. (detriment to the long term)(2) Number of adjustments needs to measure EVA. Sometimes a large number of adjustments are required(cumbersome).(3) Comparison of like with like. An absolute measure can’t be used in different size of companies.(4) Difficulty in estimating WACC.( calculation is based on market value)(5) Economic depreciation is difficult to calculate and conflicts with generally accepted accounting principles(6) Is an absolute measure, cannot be used to compare companies of different size1.5 Key differences between EVA and RI(1) EVA is based and economic profit which is not the same as accounting profit( manipulated, short-term decision, goal incongruence).(2) Charge for accounting depreciation is added back to profit and a charge for economic depreciation made instead.(3) Capital charge uses different bases for net assets. EVA use replacement cost of assets.1.6 Interpreting the calculated EVA(1) Is it positive?(2) What is the trend over time?(3) Reasons for changes in EVA also need to be nivestigated2. The balanced scorecard2.1 Advantages(1) It looks at both internal and external matters concerning the organization(2) Related to the key elements of a company’s strategy, link to long-term objectives(3) Financial and non-financial measures are linked together2.2 Problems(1) Conflicting measures: should seek goal congruence between different measures(2) Selecting measures: measure those which actually add value to an organization, not just those that are easy to measure(3) Expertise: need to be developed by someone who understand the business processes concerned(4) Interpretation: putting a figures into an overall perspective(5) Management commitment: costs involved in measuring the performance of additional processes(6) It doesn’t provide a single aggregate summary performance measure(7) No direct link between the scorecard and shareholder value(8) Practical issues with implementation3. Performance pyramidLinks the overall strategic view of management with day to day operations.Corporate level: the vision is developed and financial and market objectives are set in accordance with the vision Strategic business unit level: strategies are developed to achieve these financial and market objectives:(1) customer satisfaction: meeting customer expectations(2) Flexibility: indicates responsiveness of the business operating system as a whole(3) Productivity: refers to the management of resources such as labor and timeOperational:(1) Quality: consistency of product and fit for the purpose(2) Delivery: the method of distribution, speed and ease of management(3) Process time: all processes from cash collection to order processing to recruitment(4) Waste: the elimination of all non value added activities.3.1 StrengthsLink operation goals to strategic goalsLink the hierarchical view of performance measurement with an appreciation of business processes and the need to focus all business activities on the requirements of the customerMeasure the interest of external parties and focuses on internally3.2 weaknesses(1) Increase the cost of organizational control(2) Measure the factors which are most important to achieving its objectives, not the ones easy to measure, but difficult to measure(3) Management effort could be used in devising performance measures and responding to reports, not be devoted to running the business(4) Measures may conflict, demotivate managers(5) Staff turnover may increase, because of lots of time spending on inputting data4. Building bl ocks (Fitzgerland and Moon)(1) Intangibility.(2) Simultaneity/inseparability(不可分离性)(3) Perishability. Can’t be stored, can’t buy in bulk and keep them in inventory(4) Heterogeneity/variability(异质性)(5) No transfer of ownership4.2 Standards(1) To ensure that employees take ownership of standards, participate in the budget and standard-setting processes.(2) Achievability. Standards should be set high enough to ensure that there is some sense of achievement in attaining them , but not so high that there is a demotivating effect because they are unachievable.(3) Fairness. Performance of different business unit should not be measured against the same standards if some units have an inherent advantage unconnected with their own effort.4.3 Rewards(1) Clarity. The objectives should be clearly understood by those whose performance is being appraised, need to know what goals they are working towards.(2) Motivation. Should be motivated to work in pursuit of the organisation’s strategic objectives.(3) Controllability. Managers should have a certain level of controllability for their areas of responsibility.6. Activity-based management(ABM)6.1 Definitions:ABM is a method of identifying and evaluating activities that a business performs using activity-based costing to carry out a value chain analysis or a re-engineering initiative to improve strategic and operational decisions in an organization. ABM includes performing activities more efficiently, eliminating the need to perform certain activities that do not add value for customers, improving the design of products, and developing better relationship with customers and suppliers. ABM focuses on managing activities to reduce costs ad improve customer value. Operational ABM (doing things right)—relates to making the organization more efficient by reducing the cost of the activities and eliminating those activities that do not add valueStrategic ABM ( doing the right thing)—involve deciding which products to make, which customers to sell to. (TQM, six sigma, BPR)6.2 Problems(1) The success is dependent on an organisation’s ability to identify its main activities and their associated cost drivers.(2) A conventional responsibility centers may be a reflection of the key organisational activities.(3) The ‘pooling’ of activity based costs and the identification of a single cost driver for every cost pool may hamper effective control.(1) Design products and services that meet or exceed customers’ expectations and can be produced and delivered ata profit(2) Identify where improvements are required in quality, efficiency and speed(3) Negotiate with customers about prices, product features, quality, delivery and service6.5 Weaknesses(1) ABM will reduce costs by itself. Necessary actions have to be taken to improve these activities(2) Costs of setting up the ABC system and data collection maybe high to outweighs the benefits of having it(3) Organisational and behavioural consequences. May not correspond to the formal structure of cost responsibilities.7. Value-based management(VBM)7.1 Principles of performance measurement(1) Tailor performance measurement to the business unit(2) Link performance measurement to a unit’s short- and long-term targets(3) Combine financial and operating performance in the measurement(4) Identify performance measures that serve as early warning indicators(5) Management remuneration: reward should be linked to the key value drivers(6) Internal communication: the background and benefit to the business, need to be explained to the staff(7) External communication: communicate to the market.7.2 Evaluation of VBMIdentifies value not profit; forward looking; need for information; need to redefine performance metrics; aligning agents and principles; cultural change.8. Quality managementTQM is defined as “the continuous improvement in quality, productivity and effectiveness obtained by establishing management responsibility for processes as well as outputs. In this, every process has an identified process owner and every person in an entity operates within a process and contributes to its improvements.8.1 Characteristics of TQM(1) the only thing that matters is the customer must be acceptable widely in the organisation(2) all-pervasive nature of the customer-supplier relationship, including internal customers(3) the cause of the defect should be prevent in the first place(4) each employee must be personally responsible for defect-free production(5) any level of defects must be unacceptable(6) all departments should try obsessively to get things right first time(7) quality certification programmes should be introduced(8) cost of poor quality should be emphasised, good quality generates savings.8.2 Cost of quality(1) Cost of prevention: incurred prior to or during production in order to prevent substandard or defective products or services from being produced. Quality engineering, design/development of quality control, maintenance of quality control, inspection equipment, administration of quality control, training in quality control(2) cost of appraisal: ensure outputs produced meet required quality standards. Acceptance testing, inspection of goods inwards, inspection costs of in-house processing, performance testing.(3) Cost of internal failure: outputs not meeting required quality standards, but these deficiencies are identified before the products are transferred from the supplier to the purchaser. Failure analysis, re-inspection costs(4) Cost of external failure. Customer complaints, customer service; liability costs, repairing costs, replacing.8.3 view on quality costs(1) Failure and poor quality are unacceptable(2) failure costs includes: scrapped items and re-working faulty items, management time spent sorting out problems, loss of confidence(3) diminishing returns do not necessarily set in. everyone should be involved in improving quality, the cost of continuous improvement need not be high.(4) prevention and appraisal costs are subject to management influence or control(5) Internal failure costs and external failure costs are the consequences of the efforts spent on prevention and appraisal.8.4 Adverse feedback on TQM(1) lack of top management commitment(2) a failure to understand the full range of quality issues and quality costs(3) vested interests and organisational politics(4) the slow speed of introducing new initiatives in an organisation(5) general cynicism(冷嘲热讽) about quality and fulfilling customer needs8.5. Quality assurance is the sum of the management allow an organisation to dependably achieve a stated level of qualityQuality control refers to the processes(such as sampling and testing) that an organisation employs to check on quality.9. Just-in-time(JIT)JIT is a system whose objective is to product or procure products or components as they are required by a customer or for use9.1 Main features(1) very little inventory held.(2) A pull approach, inventory is ‘pulled in’ in response to orders received(3) A very high degree of coordination is needed internally and with suppliers and customers(4) Reliable suppliers and transportation(5) Flexible suppliers(6) Supplies of high quality.(7) Supplies available quickly. Set-up time reduction;9.2 Problems(1) It is not always easy to predict patterns of demand(2) Vulnerable(易受伤害的) to disruption in the supply chain(3) Wide geographical spread make JIT difficult.10. Life cycle costing10.1 PhasesDesign---research, development, design, toolingManufacture---Material, labor, overheads, machine set up, inventory, training, machine maintenance, depreciation, environmental costsOperation—Distribution, advertising, warranty claimsEnd of life—Environmental clean-up, disposal, de-commissioning10.2 Features:All costs should be taken into account when working out the cost of a unit and its profitabilityAttention to all costs will help to reduce the cost per unitMany costs will be linked.Costs are committed and incurred at very different times. 80-90% of a product’s life cycle cost is determined by decisions made early.11. Kaizen costingKaizen costing focuses on obtaining small incremental cost reductions during the production stage of the product life cycle.Reduction of non-value added activities and costsElimination of wasteImprovements in production cycle time12. Continuous improvementContinuous improvement is an ongoing process that involves a continuous search to reduce costs, eliminate waste, and improve the quality and performance of activities that increase customer value or satisfaction.12.1 Essential factors(1) total commitment from senior management(2) All employees involvement(3) good objective information about the organisation’s environment(4) employee s’ awareness of their role(5) management of the performance and contribution of employees(6) good communications(7) implementation of recognized quality management systems and standards(8) measurement and evaluation of progress against key performance indicators and benchmarks12.2 BenefitsBetter performance; improvements in customer satisfaction; increases in staff morale; improvement on a continual, step-by-step basis; better communication; improvements in relations with suppliers; butter use of resources; more efficient planning.13. Business process re-engineering(BPR)BPR is the fundamental rethinking and radical redesign of business processes to achieve dramatic improvements in critical contemporary measures of performance, such as cost, quality, service and speed.13.1 Hammer’s principles(1) Processes should be designed to achieve desired outcome rather than focusing on existing tasks(2) Personnel who use the output from a process should perform the process(3) Information processing should be included in the work, which produces the information(4) Geographically dispersed resources should be treated as if they are centralized(5) Parallel activities should be linked rather than integrated(6) “Doers” should be allowed to be self-managing(7) Information should be captured once at source13.2 Key characteristics of organisations which have adopted BPR(1)Work units change from functional departments to process teams.(2) Jobs change. Job enlargement and job enrichment(3) People’s roles change. Empowered to make decisions(4) Performance measures concentrate on results rather than activities(5) Organisation structures change from hierarchical to flat. Team’s responsibility is managing the process; require less managerial input; communication develop around business processes.14. Risk and uncertainty14.1 Types of risk and uncertaintyPhysical; Economic; Business(five forces); product life cycle; political; financial(caused by debt finance)14.2 Risk preferenceRisk seeker: a decision maker who is interested trying to secure the best outcomes no matter how small the chancethat may occurRisk averse: a decision maker acts on the assumption that the worst outcome might occur.Risk Neutral: a decision maker is concerned with what will be the most likely outcome.14.3 Minimax regret ruleAims to minimize the regret from making the wrong decision. Regret is the opportunity lost through making the wrong decision.Regret for any combination of action and circumstances =Profit for best action in thosecircumstances-Profit for the action actually chosenin those circumstances15. Lean management information systemsLean production is a manufacturing methodology developed originally for Toyota. Its goal is ‘to get the right things to the right place at the right time, the first time, while minimizing waste and being open to change.15.1 Benefits(1) Waste reduction(2) production cost reduction(3) Manufacturing cycle times decreased(4) Labor reduction while maintaining or increasing throughput(5) Inventory reduction while increasing customer service levels(6) Capacity increase in current facilities(7) Higher quality(8) Higher profits(9) Higher system flexibility in reacting to changes in requirements improved(10) More strategic focus(11) Improve cash flow through increasing shipping and billing frequencies15.2 CriticismsStructurise(整理)—segregate or discard. Introduce order where possibleSystemise(使。

2019最新ACCA P5知识点概括总结

每道大题都记得开头写一下objective，一句话带过就行。

What gets measured, gets done – intended to bring into focus the fact that many people will tend to focus effort on the explicit measures of their performance. Similarly, there is a danger that what doesn’t get measured, might not get done.Staff and management will only react to the performance measures chosen by the owners; In other words, poor performance reporting can lead to inefficient management, therefore must ensure all CSFs are being measured. On the other hand, if an area is not measured then there is a danger that it is not efficiently managed and equally, if an area is measured then there is the danger that it is over-managed.Financial/non-financial, internal/externalFinancial - quantitative and objective, heavily checked by audit regimeQ：Why focusing on non-financial?Organisations also need to monitor the aspects of performance which ensure success. These aspects which ensure success are an organisation’s critical success factors (CSFs), which are non-financial in nature. i.e., strong quality which ensure a higher price, brand loyalty which helps to maintain/grow market share. Once CSFs are determined, KPI needs to be developed to measure how well company is performing in these key areas of performance. Since CSFs are non-financial, KPIs too.Financial performance measurement systems often focus on annual, or short-term, performance against financial targets. However, these may not be directly linked to an organisation’s longer-term objectives. For example, financial performance measures do not assess how well an organisation is meeting customer related objectives. However, non-financial objectives (such as achieving customer loyalty or brand loyalty) may be vital in sustaining profitability, competitiveness and other longer-term strategic goalsNon-financial: normally required to be transformed into quantitative data by applying scales, facing the issue of judgmental and subjective.Customer service is crucial in growing the business, and differentiating it from competitors. Both financial performance and non-financial performance need to be continuously monitored, because there is no guarantee that favourable performance in customer service or other non-financial areas will necessarily translate into favourable financial performance.Internal - companies have greater control over the accuracy of internal dataQ：为啥measure qualitative 指标困难？以及怎么克服？A：I t is subjective coz it’s based on people’s opinion. People have different expectations and priorities and so are unlikely to be consistent in their judgements. Recording and processing qualitative data can also present difficulty.一种办法是look at the trends in performance since it shows relative changes in quality.还有就是turn qualitative data into quantitative, i.e., scoring system (however still subjective and it has been found that there’s a tendency to score towards the middle as people tend to feel uncomfortable using the extremes).Management accounting informationManagement accounting information should help managers of a business to exercise their functions of planning, decision making and control. Criticisms of management accounting information are that it is not relevant for many of these tasks in that it is historical and lacks external focus.o Backward looking. It is primarily historical, although the budgets probably contain a forecasting element. Strategic plans are future orientated. They also deal withuncertainties.o Not relevant to decisions. It is more concerned with allocating costs than taking decisions.o It appears almost entirely financial. Other performance indicators provide a valuable insight into the business.o lack of competitor informationBCG一定要记住market growth是算的整个industry的！！！BCG matrix breaks a business into its component units and then considers their performance in terms of the growth of the industry and the relative market share.BCG作为performance management:BCG should be the starting point for considering the appropriate performance management for a BU but not the final result. The performance management systems and metrics used should be adjusted to reflect the analysis：Faster growing sectors - requires more capital to be invested and may not generate cash as efficiently from profits. Measures - ROCE/ProfitSlower growing mature markets - focus on cost control and cash generation; cash cows/dogs should not be dismissed since if they’re managed properly they can provide a rich source of cash (serve as feeder business for others). Measures - marginsVBMValue measures take into account capital employed and the cost of capital and are therefore considered superior to profit measures which capture these less clearly. They are adjusted to take out accounting adjustments so they arrive at cash flow measures which are less affected by accounting adjustments.Begins from the view that the value of a company is measure by its discounted future CFs. Value is only created when the returned generated beat the cost of capital. It then focuses managers on those areas which create value.1)develop a strategy that maximise value2)Key value drivers being identified and then performance targets are defined for those drivers3)A plan is developed to achieve those targets4)Performance metrics, reward systems and incentive systems are created compatible with the targetsEVAProblems of profit-based measures:o Profit is not cash flowo Profit ignores the cost of equity capital; Capital figure taken from financial account does not truly reflect the economic value of capital如果EVA是正数，it’s showing that this was added to shareholder value over the period, the result reflect the fact that the group is comfortably exceeding it’s cost of capital.EVA™ adjustments are intended to avoid distortion of results by accounting policies that are p resent in ROI and RI. Thus, EVA™ is more directly aligned with the objective of increasing shareholder wealth and so should help to ensure that there is congruence between the divisional and corporate goals. EVA™, like RI, has the advantage that by treatin g certain costs as investments it encourages appropriate capital expenditure. However it cannot help to judge the relative (divisional) performance and cannot be relied on for comparing divisions with different sizes because of its absolute measure nature.-Avoids distortion from estimates and financial policies: EVA is not suitable for comparing divisional performance as it is an absolute measure and does not make allowance for their relative sizes-Takes into account the cost of capital: the use the weighted average cost of capital (WACC) in the EVA calculation requires a number of assumptions and estimates to be made, for example, in calculating the cost of equity or market value of debt. The WACC is normally based on historic data, which may not reflect circumstances in the future, and may not be accurate.NOPAT - (Total Assets - Current Liabilities) * WACCAdjustments required for EVA-66Economic value of NCA- + Non-cash expenses (provision) (liability, EXP)- + Marketing, training, R&D (capitalize –> amortize)- - Tax charge (cash paid)- - Tax benefit on interest charge (因为WACC算的是post-tax debt，这里要调回来不然就重复了)Advantage- EVA is closer to cash flow rather then accounting profits, which directly linked to shareholder wealth and less subject to choices in accounting policies.- EVA encourages investment for the future (advertising/R&D) by removing such costs from the performance period and treat them like capital expenditures. This will reduce the dysfunctional temptation for management to engage in some short-term decision making. Disadvantageo Dependent on historical data, which may be a limited guide to the futureo Not suitable for performance comparison b/w divisions of different sizeso estimation of WACC can be difficult for unlisted companieso EVA tends to focus on short-term performance rather than looking at the long term CATHY’S COPYRIGHTCSF & KPI首先要记住CSF&KPI都是为objective服务的，讨论这些的时候必须link to objective.讨论CSF - 能否help to achieve objectives讨论KPI - 首先介绍KPI - KPI should lead managers to try and achieve the target, as they are appraised (and presumably rewarded) according to their performance against the target. 后续讨论实现了这个KPI，是否能够帮助achieve objective?比如说staff productivity 可以用revenue/employee 或者actual staff hours/standard hours for actual productions来衡量Reduction of wastage 可以用input/output analysis (% of materials purchased which translate into the final product)或者stock obsolescenceBalanced score card (BSC)–切入点CSF (需要KPI作支撑)，最后讨论objective 讨论BSC benefits:1) Concept2) If there’re adequate existing measures in each perspective to support the achievement of objectives3) If not, propose new measuresThe BSC is a tool to translate the overall vision of a company into objectives and performance metrics. It ensures that the goals of the company flow from the strategy and that the performance measures on the scorecard are those that will serve the long-term interests of the company, by encouraging both financial and non-financial measures. This approach will broaden the range of performance measures as it introduces four key perspectives: Learning and growth (innovation)Particularly important to high-tech firms. There will be considerable C.A in having a highly skilled workforce.Management remuneration (controllability)Reward system should be consistent with the overall objectives of the business; the setting of the target should be done by a higher level of management so that the target is achievable with above normal effort.Measures include: new products developed, manufacturing quality improvements, sales techniques/initiatives developedInternal business processes (operational) -> i.e., environmental perspective (carbon emission)Cost controlTime to market for the development of new productsQuality initiativesCustomerMeasures should focus on the strategies which will achieve success in the eyes of the customers . (i.e., measure customer satisfaction by conducting customer survey) ；此项最终目的是improve customer satisfaction, thus drive revenue growth. 一方面通过增加客户，另一方面如果offer premium services也可以增加SP. 两者都是为了Improve profit margin, 后者直接关系，前者通过spread increased activities over FC. 一般假设是这俩improvements occur w/o additional capital expenditure, 所以最后都是increase ROCE.Measure performance through customer complaints 会有一个under-reporting的问题，因为不是所有的顾客都会report a problem, they might simply walk away from the company. 所以企业需要有自己的performance measure system, 不能依赖于客户to provide feedback. 当发现服务有缺陷的时候，要主动提出弥补措施，比如discount invoice.**药剂公司: efficacy of the drugs developed/reputation of its medicines among the medical communityFinancial (服务于vision and strategy)limitation of ROCE (i.e., manipulation of profit/unwillingness to invest by using capital -> discourage new investment; cutting operating expense); replace ROCE with EVA, which is a value based measure, it recognizes the economic value instead of the accounting value谈完以上四个点后，带一句：Prioritizing the measures （和题目中提到的objective一致的measure优先考虑). 同样的，difficulty of collecting data on some non-financial measures should also be considered, 如果有些measure非常qualitative也可以提一嘴一般来说BSC will be of great use for less financially-orientated companies, as it emphasis non-financial performance. 尤其对public orgs with several key objectives among which there is no clear ranking, stakeholders may have conflicting objectives. Again, prioritizing 很难。

ACCAP5学习笔记第八章

ACCAP5学习笔记第八章第八章scope of strategic performance measures in the private sector (2)一 the private sector：shareholder benefits（报告格式） (2)二 survival and growth (3)三 profitability 红字是分析 (3)3.2 sales margin (4)3.3 EBITDA 宗旨是我们需要讨论operating performance，去掉financial (4)3.4 EPS (5)3.5 ROCE (5)3.6 ROI 用在比较公司不同投资中心 (5)3.7 RI 用来衡量divisional performance 投资中心 (6)3.11 NPV和IRR方法 (6)3.12 EVA 考量整个公司（2011.6也可以是部门） (7)四 gearing (8)4.2 gearing ratios（两个） (8)4.5 operational gearing (9)五 liquidity (9)5.3 liquidity ratios（三种） (9)六 short-run and long-run financial performance (10)七 profit 和 share value的关系 (10)八 comparisons of accounting figures (11)九 using benchmarks to assess financial performance (11)第八章scope of strategic performance measures in theprivate sector私营部门倾向于使用财务衡量指标分清长短期的衡量指标2011.6 2012.6现在着重于评价不同的绩效管理方法，比如先评价，在介绍其他的衡量方法评价各种衡量方法一the private sector：shareholder benefits（报告格式）要十分关注case study里面的报告格式Group strategyCapital investment –investment criteria and budgeted expenditureFunding structureKPI and benchmarking of performanceRisks and sensitivitiesTrading prospects1.1 why are shareholders important可以根据报告找出企业的目的是将股东利益最大化的提示1.2 significance of long-term owner focus因为股东拥有企业，董事有这个duty来safeguard股东需要用return来judge validity of investment projects股东评价管理质量的方式是how well the business performs financially股东是source of capital investment1.3 what are shareholders interested in现在的利润，未来的利润，股利，风险与回报1.4 对于管理者把股东的想法放进业绩管理的难度1 财务信息通常是会计信息，是历史的，但股东需要未来的2 different assessment of risk3 在业务层很难知道绩效4 管理者会追求自己的利益1.5 管理者需要知道股东是谁1.6 align goals提到share option的优缺点二survival and growth衡量企业成功clearest的方式是continued existence and expansionGrowth requires benefits and produce benefits因此无论企业要做什么，都应该要make profits and make them in perpetuity2.1 可能的conflictSurvival可能就对应了稳定战略未来predictable，stable的时候可以用，可以降低风险在有recession，所有企业都struggle的时候是一个方法但是太关注降低费用，忽略了扩张市场的机会GrowthSacrifice current security企业的risk appetite决定了会用什么策略，可以联系行业增长模型（不同策略风险不同）此外结合产品生命周期模型，在成熟期、衰退期应该有survival矛盾：用stakeholder来看Shareholder可能不喜欢增长策略带来的风险Employee喜欢增长Bank，supplier都碎liquidity有要求投资者、管理者关注的数据也不同2.2 measures of growth七个领域总结most of the time，growth is the sign of success，provided it is profitableCase study关于Facebook用户量增加，但是广告收入没有增加。

ACCAp5讲义chapter10

an resource management
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1. Human resource management
Strategic objectives of the organisation are broken down into layers of more and more detailed sub-objectives, so that individual performance can be judged against personal goals that support and link directly back to corporate strategy.
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2. Appraisal and performance management
Performance management attempts to integrate HRM processes with the strategic direction and control of the organisation by incorporating agreed goals and control measures. Performance management requires that the strategic objectives of the organisation are broken down into layers of more and more detailed subobjectives, so that individual performance can be judged against personal goals that support and link directly back to corporate strategy.

ACCA F5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Advantage ★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 understanding of 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 gap✓ Product 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。

ACCAP5学习笔记第九章

第九章 divisional performance and transfer pricing issues (2)一 divisional structure and performance measures (2)二 measuring performance (2)2.1 managerial performance (3)2.2 profit statement (3)三 when transfer pricing is required (3)3.2 criteria for designing a transfer pricing system 三个原则 (4)四 the general rule 三大原则（重要） (4)五 the use of market price (4)六 cost-based approach (5)七 fixed cost and transfer pricing (6)八 standard cost versus actual cost（重要） (6)九 cost-based approach with no external market (7)十 opportunity cost and transfer prices (7)十一不能全部内销的情况（这个例题实在重要，理解） (7)十二 transfer pricing and a number of limiting factors (8)十三 shadow price and transfer prices (8)十四 negotiated transfer prices (8)十五 multinational transfer pricing (8)第九章divisional performance and transfer pricingissuesTransfer pricing这个东西在profit centre尤其适合用Transfer pricing的目的在于resolve the conflict between decision-making and performance evaluation 以及goal congruence between division and organization 2011.6 以及 pilot paper一divisional structure and performance measures之前第三章讲过divisional form，后来讲过这种形式的信息需求。

acca P5科目主要讲什么内容？

acca P5科目主要讲什么内容？点击免费领取：ACCA学习资料大礼包ACCA P5科目介绍P5《高级业绩管理》是F2《管理会计》和F5《业绩管理》的延伸，与P3《商务分析》也有一定的联系。

涵盖：战略计划和控制，外部影响因素如经济、财政、环境因素，业绩衡量系统和设计，战略业绩衡量，业绩评估，管理会计和业绩管理的******发展。

您将会学到：如何在不同的企业环境中运用各种战略性的管理会计技巧，评估公司的经营状况及战略发展状况。

ACCA P5科目考试技巧：ACCA P5 Advance Performance Management Paper Exam Tips for September 2015 Session are given below by famous tuition providersKaplanAnswer the wordy bits first, provided they don’t depend on calculationsyou’ve not yet done. This paper awards approx 70% of the marks for discussion, and 30% for calculations.Watch your time management when doing the calculations. Although they are not technically complicated, they can be time consuming. Lots of practice beforethe exam means you should be reasonably efficient at these parts in the exam, although you may well take more time than the 1.8 minutes per mark you should theoretically allow. However, if you realise it is taking too long, make up some numbers, move on and use those figures as the basis of your discussion as you’ll g et the follow through marks on that basis.ACCA P5科目复习方法：学习ACCA是否需要报一个班？我个人是在职，F阶段之前没有报过班，p阶段开始报班，虽然我相信自己学也迟早能过，但坦率地讲，报班还是避免了很多弯路，有时候过不过就是在那几分，比如格式分，在F阶段根本不用这部分就能过，到P阶段如果丢掉格式分，可能就对结果是决定性的影响，我在报班之前并不准确知道如何拿这部分的分…其他的技巧等，也是如此.无论是过没过，觉得p5简单的真不多(早些年什么情况不清楚)怎么学？就我个人而言，其实跟其他人应该也没差别，三部分，第一部分就是知识点的掌握，第二部分就是框架搭建，第三部分就是运用。

ACCA新大纲解析-P5

2014年ACCA新大纲考试科目全介绍Advanced Performance Management(P5) 科目介绍：P5《高级业绩管理》是F5《业绩管理》的后续课程，同时也涉及P3《商业分析》的战略层和经营层上的计划。

大纲分为六大部分，主要考察：1.管理会计作为一种计划和控制绩效的约束手段，在战略目标设定、监督和控制下的战略角色；2.外部因素对战略管理问题的影响，例如：宏观经济、财政、市场和环境因素对业绩的影响；3.在经营层面上，业绩评价系统和它们的设计存在的问题；4.在战略层面上，各种各样的背景下，包括非营利组织和跨国企业，它们的业绩评价系统和设计存在的问题；5.业绩评估和企业失败；6.在业绩管理方面的当前发展变化和可能会影响企业业绩管理的问题。

近几年考试通过率趋势图：知识结构：科目关联性:P5《高级业绩管理》考察的是在不同的商业背景下，如何运用相关知识、技能和专业判断来选择和应用战略管理会计技巧，使其有利于企业业绩的评估和战略发展。

P5是F2、F5的后续课程，F2、F5中提及并未深入的知识点在P5中都会展开；同时P5中部分模型和质量管理方面内容和P3（商业分析）有重合。

考试形式：P5的考试时长为3小时，分为两个部分，A部分两道题为必选题共50分；B部分共有三道题每道25分，可以任选两题作答。

新旧考纲的主要变化：在2014年12月到2015年6月的新考纲中，F部分业绩管理当今的发展与存在的问题中加入了一点，就是探索和分析在向股东汇报主要业绩指标时管理会计所充当的角色。

这个知识点是F2中第一章节管理会计在企业管理中的角色的进一步拓展。

除此以外，其余内容都与2013年考纲相同。

这次新加入的内容不会对P5的整个考试难度造成影响，新加的内容考试所占比例较小。

相关资源下载：P5 2013 syllabus and study guideP5 Pilot Paper Questions and AnswersP5 2012 Jun Exam QuestionP5 2012 Jun Exam AnswerP5 2012 Dec Exam Question P5 2012 Dec Exam Answer。

ACCA考试《P5高级业绩管理》知识辅导2

ACCA考试《P5高级业绩管理》知识辅导2本文由高顿ACCA整理发布，转载请注明出处REWARD SCHEMES FOR EMPLOYEES AND MANAGEMENTA major part of performance management involves managing employees and managers, as their performance will have a major effect on the performance of the organisation as a whole. This article looks at how reward schemes can be used to influence the behaviour of employeesMEANING OF REWARD SCHEMESA broad definition of reward schemes is provided by Bratton:‘Reward system refers to all the monetary, non-monetary and psychological payments that an organisation provides for its employees in exchange for the work they perform.’Rewards schemes may include extrinsic and intrinsic rewards. Extrinsic rewards are items such as financial payments and working conditions that the employee receives as part of the job. Intrinsic rewards relate to satisfaction that is derived from actually performing the job such as personal fulfilment, and a sense of contributing something to society. Many people who work for charities, for example, work for much lower salaries than they might achieve if they worked for commercial organisations. In doing so, they are exchanging extrinsic rewards for the intrinsic reward of doing something that they believe is good for society.OBJECTIVES OF A REWARD SCHEMEWhat do organisations hope to achieve from a reward scheme? The following are among the most important objectives:1. To support the goals of the organisation by aligning the goals of employees with these.2. To ensure that the organisation is able to recruit and retain sufficient number of employees with the right skills.3. To motivate employees.4. To align the risk preferences of managers and employees with those of the organisation.5. To comply with legal regulations.6. To be ethical.7. To be affordable and easy to administer.ALIGNING THE GOALS OF THE ORGANISATION AND EMPLOYEESThe reward scheme should support the organisation’s goals. At the strategic level, the reward scheme must be consistent with the strategy of the organisation. If a strategy of differentiation is chosen, for example, staff may receive more generous benefits, and these may be linked to achieving certain skills or achieving pre determined targets. In an organisation that has a strategy of cost leadership, a simple reward scheme offering fairly low wages may be appropriate as less skilled staff are required, new staff are easy to recruit and need little training, so there is less incentive to offer generous rewards. The US supermarket group Walmart competes on low cost. It recruits employees with low skills, and pays low wages. It discourages staff from working overtime, as it wishes to avoid paying overtime rates.TO RECRUIT AND RETAIN SUFFICIENT EMPLOYEES WITH THE RIGHT SKILLSIf rewards offered are not competitive, it will be difficult to recruit staff since potential employees can obtain better rewards from competitors. Existing staff may also be tempted to leave the organisation if they are aware that their reward system is uncompetitive.High staff turnover can lead to higher costs of recruitment and training of new staff. Losing existing employees may also mean that some of the organisation’s accumulated knowledge is lost forever. For many knowledge-based organisations, the human capital may be one of the most valuable assets they have. High technology companies such as Microsoft are companies that trade on knowledge, so offer competitive remuneration to key staff.TO MOTIVATE EMPLOYEESMotivation of employees is clearly an important factor in the overall performance of an organisation. Organisations would like their employees to work harder, and be flexible. The link between reward schemes and motivation is a complex issue that is hotly debated in both accounting and human resource-related literature.A well-known theory relating to motivation is Maslow’s hierarchy of needs. Maslow stated that people’s wants and needs follow a hierarchy. Once the needs of one level of the hierarchy are met, the individual will then focus on achieving the needs of the next level in the hierarchy. The lower levels of the hierarchy are physiological, relating to the need to survive （eg eating and being housed）；once these have been met, humans then desire safety, followed by love, followed by esteem, and finally at the top of the hierarchy, self actualisation, or self fulfilment.Applying Maslow’s hierarchy of needs to reward schemes suggests that very junior staff, earning very low wages will be motivated by receiving higher monetary rewards, as this will enable them to meet their physiological needs. As employees become progressively more highly paid, however, monetary rewards become relatively less important as other needs in the hierarchy, such as job security, ability to achieve one’s potential, and feeling of being needed become more important.Herzberg argued that increasing rewards only motivates employees temporarily. Once they become de-motivated again, it is necessary to ‘recharge their batteries’ with another increase. A far better way to motivate employees is to ‘install a generator in an employee’ so they can recharge their own batteries; in other words to find out what really motivates them. According to Herzberg, it is the intrinsic factors in a job that motivate employees, such as ‘achievement, recognition for achievement, the work itself, responsibility and growth or advancement.’ Giving greater responsibility to employees, for example, can increase motivation.Perhaps the conclusion to be gained from this is that monetary rewards alone are insufficient to motivate employees. Other factors such as giving greater recognition and greater responsibility may be equally important, for example giving praise at company meetings, promoting staff, and involving staff more in decision making.ALIGNING THE RISK PREFERENCES OF MANAGERS AND EMPLOYEES WITH THOSE OF THE ORGANISATIONManagers and senior employees make decisions on behalf of the company, acting as agents of the company. It is desirable that the risk preferences of these employees should match the risk preferences of the organisation and its stakeholders. One problem with many reward schemes is that managers are too risk averse, and will not make investments that may risk their targets not being met.The events leading up to the financial crisis of 2008 are a good example of the opposite situation, where the risk appetites of employees at investment banks did not match the risk appetites of the owners. During this period, individuals working in the banks were paid large commissions for selling mortgage loans to customers. The problem was that the employees were selling loans to customers that posed a large risk to the banks, due to their low credit worthiness.The problem was confounded by the fact that in many cases, the employees of the banks were paid commissions on the date that the loan agreements were signed, while the loans lasted for 25 years. In situations where the borrower defaulted, however, there was no claw back, so the employee would not be required to repay the commission.Many countries have put in place new laws and codes to change this situation. In the UK for example, the financial services authority introduced a code whereby remuneration structures should be based on sound risk management practices,incentive payments should be deferred over a number of years, and there should be claw back provisions whereby employees are required to repay bonuses in the event that the longer term results of their actions leads to similar problems experiences in the financial crisis.Share options may also create a miss-match between the risks faced by the organisation and the risks faced by the holders of the options, since the holders benefit if share prices increase, but do not bear any losses if the share price falls. Share options are discussed in more detail later in this article.COMPLYING WITH LEGAL REGULATIONSRewards should comply with legal regulations. Typically, employment laws include areas such as minimum pay, and equal pay legislation to ensure that no groups are prejudiced against. There have been high profile cases of female investment bankerswinning legal cases against their employers because their bonuses were far less than those paid to male colleagues.ETHICS AND REWARD SCHEMESIn recent decades there has been a move away from fixed remuneration systems towards reward systems where at least part of an employee’s rewards are based on performance of the individual and the business as a whole. Some writers claim that this is unethical for two reasons. First, such systems tend to place increased business risk onto employees. Second, such systems undermine collective bargaining systems, and reduce the power of unions. This leads to a situation where employees as a collective have less bargaining power.The size of total remunerations paid to directors of large public companies has also become a hot political issue, with a perception that the gap between top earners, and average earners is becoming larger. In the US, the average directors of S&P 500 companies earn 200 times more than the average household income in the US. Defenders of such large differences in pay point out that this difference has actually declined in recent years; in the year 2000, directors of S&P 500 companies earned 350 times the average household income. According to some research, such high packages are justified as they do reflect the performance of those directors.THE PYRAMIDS AND PITFALLS OF PERFORMANCE MEASUREMENTby Shane Johnson 01 Sep 2005It has become increasingly important for organisations to develop systems of performance measurement which not only reflect the growing complexity of the business environment but also monitor their strategic response to this complexity. The need for good performance management is an ongoing issue which should be addressed by the management of all organisations.This article considers issues which are central to the understanding and assessment of performance measurement within any organisation. The main issues requiring consideration by management are:linking performance to strategysetting performance standards and targetslinking rewards to performanceconsidering the potential benefits and problems of performance measures.In attempting to establish a clear link between performance and strategy it is vital that management ensures that the performance measures target areas within the business where success is a critical factor. The performance measures chosen should:measure the effectiveness of all processes including products and/or services that have reached the final customermeasure efficiency in terms of resource utilisation within the organisationcomprise an appropriate mix of both quantitative and qualitative methodscomprise an appropriate focus on both the long-term and short-termbe flexible and adaptable to an ever-changing business environment.The last point stresses how important it is that performance measurement systems are dynamic so that they remain relevant and continue to reflect the issues important to any business. There are a number of models of performance measurement which can be used by management. This article considers the 'performance pyramid' of Lynch and Cross （1991）1. The model represents an acknowledgement by the writers that traditional performance measurement systems were falling short of meeting the needs of managers in a much changed business environment.Lynch and Cross suggest a number of measures that go far beyond traditional financial measures such as profitability, cash flow and return on capital employed. The measures that they propose relate to business operating systems, and they address the driving forces that guide the strategic objectives of the organisation. Lynch and Cross propose that customer satisfaction, flexibility and productivity are the driving forces upon which company objectives are based. They suggest that thestatus of these driving forces can be monitored by various indicators which can be derived from lower level （departmental）measures of waste, delivery, quality and cycle time. The performance pyramid derives from the idea that an organisation operates at different levels each of which has a different focus. However, it is vital that these differentlevels support each other. Thus the pyramid links the business strategy with day-to-day operations.In proposing the use of the performance pyramid Lynch and Cross suggest measuring performance across nine dimensions. These are mapped onto the organisation - from corporate vision to individual objectives.Within the pyramid the corporate vision is articulated by those responsible for the strategic direction of the organisation. The pyramid views a range of objectives for both external effectiveness and internal efficiency. These objectives can be achieved through measures at various levels as shown in the pyramid. These measures are seen to interact with each other both horizontally at each level, and vertically across the levels in the pyramid.George Brown （1998）2 explains what Lynch and Cross refer to as 'getting it done in the middle' focuses on business operating systems where each system is geared to achieve specific objectives, and will cross departmental/functional boundaries, with one department possibly serving more than one operating system. For example, an operating system may have new product introduction as its objective, and is likely to involve a number of departments from design and development to marketing. At this level, performance focus will be on three needs. First, there will be a focus on the need to ensure customer satisfaction. Second, there will be a focus on the need for flexibility in order to accommodate changes in methods and customer requirements. Third, there will be a focus on the need to achieve productivity which necessitates looking for the most cost effective and timely means of achieving customer satisfaction and flexibility.At the bottom level of the pyramid is what Lynch and Cross refer to as 'measuring in the trenches'. Here the objective is to enhance quality and delivery performance and reduce cycle time and waste. At this level a number of non-financial indicators will be used in order to measure the operations. The four levels of the pyramid are seen to fit into each other in the achievement of objectives. For example, reductions in cycle time and/or waste will increase productivity and hence profitability and cash flowThe strength of the performance pyramid model lies in the fact that it ties together the hierarchical view of business performance measurement with the business process review. It also makes explicit the difference between measures that are of interest to external parties - such as customer satisfaction, quality and delivery - and measures that are of interest within the business such as productivity, cycle time and waste.Lynch and Cross concluded that it was essential that the performance measurement systems adopted by an organisation should fulfil the following functions:The measures chosen should link operations to strategic goals. It is vital that departments are aware of the extent to which they are contributing - separately and together - in achieving strategic aims.The measures chosen must make use of both financial and non-financial information in such a manner that is of value to departmental managers. In addition, the availability of the correct information as and when required is necessary to support decision-making at all levels within an organisation.The real value of the system lies in its ability to focus all business activities on the requirements of its customers.These conclusions helped to shape the performance pyramid which can be regarded as a modeling tool that assists in the design of new performance measurement systems, or alternatively the re-engineering of such systems that are already in operation. See Figure 1.Figure 1: the performance pyramid （Lynch and Cross, 1991）David Otley （2005）3 has observed that other related frameworks exist, such as the results and determinants framework by Fitzgerald et al （1991），the balanced scorecard by Kaplan and Norton （1992）and Neely et al's performance prism. A common thread in all of them is that performance measures should:be linked to corporate strategyinclude external as well as internal measuresinclude non-financial as well as financial measuresmake explicit the trade-offs between different dimensions of performanceinclude all important but difficult to measure factors as well as easily measurable onespay attention to how the selected measures will motivate managers and employees.Setting standards and targets To set standards and targets, management could choose to make use ofbenchmarking and/or target costing while being mindful of the critical need to link rewards to performance as appropriate.更多ACCA资讯请关注高顿ACCA官网：。

有关ACCA考试P1、P3、P5的简介

有关ACCA考试P1、P3、P5的简介本文由高顿ACCA整理发布，转载请注明出处P1课程名称是公司治理，风险管理及职业操守（Governance，Risks and Ethics）。

这门课是从2007年12月起新大纲最新增加的一门功课。

公司治理、内控和风控、职业道德是现代企业管理课程中非常流行的课题。

很有意思的是，我们有些没有考到这门课就毕业了的老学员现在要求回来听这门课的内容。

P1也是整个专业阶段里面其他课程里涉及到公司治理、内控和风控、职业道德理论考试的基础。

比如P1所学习到的知识到了P2（公司报告）每年的第一大题里会有8到15分是考该课程的理论内容，而P1里面的Corporate Social Responsibilities（企业社会责任）,Stakeholders Theory（利益相关者理论）和Risk Matrix（风险矩阵）在P3（商务分析）和P5（高级业绩管理）里都会再次出现的，考试时如果学生忘记了该部分的理论内容，在P3和P5需要进行分析的时候就会出现欠缺，导致比较难通过。

P3课程名称是商务分析（Business Analysis）。

通过学习真实的案例，学生可以拓宽思维方式和提高分析能力。

我们有些学生不是为了考试，因为自己有家族企业，单独来学习这门课。

P3整本书大概有16套理论可以用模型来做商务分析。

考试时要求学生灵活的运用能力。

我们上课时总结为：掌握必备知识要点；定位战略分析高度；要想理论联系实际；必须充分发散思维；答题牢记12点，活学活用定能通过。

P5课程名称是高级业绩管理（Advanced Performance Management）。

通常要求运用所学的8种绩效评估方法中的一两种，对一家上市公司和一家非牟利机构的绩效进行比较和评估，或者对一家母公司下属的两家不同的分公司绩效进行比较和评估，也有少量内容要求对公司内部员工的绩效进行比较和评估。

P5这门课比较难，因为它是在默认前面设置的所有ACCA课程都已经扎实学习掌握好的基础上，综合前面所有课程的知识后又增添了绩效管理体系的内容，因此在时间和难度上的要求都远远超过了ACCA专业阶段的核心课程，通常学生需要掐着时间多写多练，训练在规定时间内的书写速度和思维反应能力，多些分析和论述后就不会觉得难度那么大了。

ACCAF5复习提纲Word版

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 betweencosts, volumeand 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 ob jectivespel 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 plan Step 7. Respond to divergences from the plan。

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ACCA P5知识点：Psychological contracts
今天浦江`财经给大家介绍的是ACCA P5 human resource management当中的一个小知识点叫做：psychological contracts(心理契约）。

什么是心理契约呢？“心理契约”是美国著名管理心理学家施恩（E.H.Schein）教授提出的一个名词。

他认为，心理契约是“个人将有所奉献与组织欲望有所获取之间，以及组织将针对个人期望收获而有所提供的一种配合。

”心理契约可能存在于组织中的个人之间，也可能出现在组织之间。

那么在这个知识点上，我们需要掌握以下几点：
1.The main contents of psychological contract
-对individual来说：derive benefits and prepare to contribute a certain effort in return
-对organization来说：expects the individual to fulfill certain requirements and offer certain rewards in return
2.Types of psychological contracts
-Coercive contract:
对个人来说，被要求在组织中付出努力，但是the rewards are inadequate compensation
-Calculative contract:
对个人来说，他们主动接受公司的合同然后希望有一个已经定好的reward，但是如果公司想要员工付出更多的努力，就需要给出更多的rewards来motivation
-Co-operative contract:
这种情况下，组织中的员工能够识别自己在组织中的位置，了解组织的目标，能够为组织主动积极的做出贡献，组织激励员工是依靠的是工作成功带来的成就感和自我实现的感觉。

3.Application of psychological contract
-Motivation happens when the organization and individual view the contract in the same way as bargain process.
-Equity perception:3E perspectives,i,e,internal equity,external equity,self-equity.
-Judge what the type of psychological contract is according to the information provided.
此文为浦江`财经原创，如需转载请注明出处！。