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Additional info for ACCA P5 Advanced performance management (APM) Essential text

Example text

Test your understanding 7 What types of strengths, weaknesses, opportunities and threats would a 'no frills' airline have? Addressing the performance gap The SWOT analysis can be used to identify the extent to which the organisation has managed to obtain a fit with its environment and can suggest possible strategies to close the resulting performance gap. • S­O strategies pursue opportunities that are a good fit to the organisation’s strengths. • • W­O strategies overcome weaknesses to pursue opportunities.

For example, if a company is interested in studying customer service, it needs to determine what specific area or activity within customer service needs to be examined. • Success will hinge on the level of commitment from top managers who must be prepared to make changes in response to the results of benchmarking. It may be difficult to obtain information, particularly non­financial information about competitors. KAPLAN PUBLISHING chapter 1 • Benchmarking information must be interpreted carefully to ensure that organisations are being compared on a similar basis, and account must be taken of differences in the way data is produced, such as differences in accounting treatment, and external factors which influence performance in the area being benchmarked.

By hedging.  Exchange rate fluctuations also need to be taken into account in developing performance measures for business unit managers in overseas locations to ensure that they are not being penalised for changes in income which are out of their control. Test your understanding 6 Possible steps include: • • • involving local managers in strategy formulation • permitting flexibility within the strategic planning process to allow for changes due to local circumstances. agreeing strategies with business units within certain boundaries ensuring performance management reflects a combination of short­ and long­term issues KAPLAN PUBLISHING 39 Introduction to strategic management accounting Test your understanding 7 Strengths: Weaknesses: • Airports used are better than • those used by competitors Airports used are worse than those used by the big carriers • • Management skills • Lower costs than established • airlines • Ease of booking flights • Punctuality • • • • Recognised logo Cash flows No established safety record Poorer than average customer service.

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ACCA P5 Advanced performance management (APM) Essential text by Kaplan


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