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These notes are not intended to cover the whole of the E3 syllabus
Contents
Page No.
An important message from Darren..3 Dealing with the pre-seen case-study material4 A message from the Examiners.5 Examiners comments November 2009.6 The scope for numbers in the examination..7 Examination Technique...8 Background to Paper...9 Syllabus Overview......11 Strategic Planning...12 Mission and Objectives......13 Internal Analysis..14 External Analysis.15 Filling the Gap.16 Strategic Options17 Method of Growth...18 Strategic Choice and Implementation..19 Change Management and other Implementation Issues..20 Developing an IT Strategy.22 Organisational Structure.23 Marketing..24 Profitable customers or products?....................................25 Business and Professional Ethics.26 The International Market Place..27 Review and Control.28
These notes are not intended to cover the whole of the E3 syllabus
Thank you for requesting a copy of my SMART Notes. The notes act as a learning and memory aid for the core models, theories and academic tools included in the syllabus. However, in order to pass your examination the academic knowledge must be combined with extensive question practice leading up to the examination. Your examiner is not interested in the regurgitation of your knowledge but how you APPLY that knowledge to the scenarios provided in order to answer the requirement set. The examiner feedback from every exam sitting confirms this. I suggest that you should practice as many exam standard questions as possible before the examination. Your practice answers can be a mixture of answer plans and full written answers to get through as many questions as possible. In particular, you must practice the new pilot paper for the new E3 examination. However, I would also suggest that it is essential for you to practice at least one full examination to time before entering the exam room. It is only by replicating the time pressure in the exam that you can appreciate the importance of time planning on the day. Keep a look out for relevant articles appearing in your professional magazine or on the Institutes website prior to the examination, particularly if they are written by the examiner. I would welcome feedback on the notes. And remember. Whether you believe you can or you cant, youre right. (Henry Ford) Regards, Darren Sparkes
These notes are not intended to cover the whole of the E3 syllabus
These notes are not intended to cover the whole of the E3 syllabus
Approach Required
Overall this paper is a balanced test of the key syllabus areas and covers a number of well used strategic tools and models. Candidates should not find any surprises in this paper and a well prepared candidate should have no difficulty in both demonstration of syllabus knowledge and in the application of this to the various examination scenarios. Its easy to get carried away with all the models covered in the (P6) syllabus and forget why its there in the first place. The syllabus is at the top of the business management pillar, but its title is very clear. It isnt a business strategy exam; its an exam in business strategy in the context of management accounting. candidates should recognise that depth of argument is desirable in answers to this paper, and a series of brief points will never be rewarded highly. (Co-examiners for CIMA P6)
These notes are not intended to cover the whole of the E3 syllabus
These notes are not intended to cover the whole of the E3 syllabus
Cost of Capital (debt / equity / WACC) Company Valuations Discounted Cash flow (NPV / IRR / ARR)
Enterprise Strategy
Expected Values
These notes are not intended to cover the whole of the E3 syllabus
Examination Technique to give the Examiners what they want PADI Plan, Analyse, Design, Implement
PLAN
1. USE 20 MINUTES READING TIME WISELY Examine section B questions and choose the two on which you can MAXIMISE MARKS (not necessarily those on your favourite topics) If you have some time left then analyse Question 1 requirements and skim read the Q1 un-seen material to get a feel for the relevant issues and identify where the information is for each part of the requirements. 2. WORK OUT TIMINGS Q1 = 90 minutes. Planning = 20-25 minutes, Writing answer = 65-70 minutes Section B Questions = 45 minutes each. Planning up to 10 minutes, Writing answer 35 minutes. Break down the time required for each part of the requirements using the marks as a guide. 1.8 minutes per mark in total, 1.4 minutes per mark after planning. I suggest you start with Question 1 as you know you have 90 minutes to complete it. START PLANNING IN YOUR ANSWER BOOK 3. ANALYSE THE REQUIREMENTS Identify the verb, or verbs, and make it stand out. The verb tells you what the examiner wants you to do, e.g. evaluate, recommend, analyse, calculate. Be sure to identify all the verbs in the requirement just in case there is more than one thing to do, e.g. analyse and discuss, evaluate and recommend. Identify key words. These tell you what to do it on or about, e.g. evaluate what?, recommend what? 4. ALLOCATE MARKS TO EACH VERB IN THE REQUIREMENT This can now determine how much to write for each verb in the requirement 5. IDENTIFY RELEVANT MODELS, TOOLS, THEORIES FROM YOUR KNOWLEDGE BANK
These notes are not intended to cover the whole of the E3 syllabus
6. DEVELOP HEADINGS AND NUMBERS LAYOUT Put key elements of model in plan as headings, e.g. Porters 5 Forces analysis = 5 headings. Headings will give your answer a framework and structure. Use requirements to develop headings to show marker that you are answering the question asked 7. DISTRIBUTE MARKS ACROSS HEADINGS This can now determine how much you write under each heading
ANALYSE
8. ANALYSE THE SCENARIO Make brief notes in your plan under relevant headings from models/tools/theories and requirement Find relevant numbers for calculations
DESIGN
9. THINK BEFORE YOU WRITE Decide which points you are going to put in your answer (trying to put in everything usually leads to going over time) and start with your strongest points Decide how you are going to layout your answer to make life easy for the marker and maximise marks
IMPLEMENT
10. WRITE UP YOUR ANSWER TO MAXIMISE MARKS Layout calculations in a logical and easy to mark format - Add value to calculations by asking SO WHAT? Use as many headings as possible to give the answer structure Short sentences in short paragraphs - Paragraphs of 3/4 sentences maximum - Looking for 2 marks for each paragraph PEE for 2 marks Point, Evidence, Explain (So what?) Leave a blank line between paragraphs to make your answer easy on the eye Be strict with timings. When time is up on a question, or part of a question, move on. Stick to answering the requirement use your plan to keep you on track REMEMBER THE THREE GOLDEN RULES 1)APPLICATION 2) APPLICATION and 3)APPLICATION
These notes are not intended to cover the whole of the E3 syllabus
Evaluate the Key external factors affecting an organisations strategy Evaluate the impact of information systems on an organisation Advise on important elements in the change process Evaluate tools and methods for successfully implementing a change programme Recommend change management processes in support of strategic information Evaluate the process of strategy development Evaluate tools and techniques used in strategy formulation Evaluate tools and process of strategy implementation
Candidate Requirements
Apply knowledge and skills
Background
Format of paper
Study Weighting
Section A 50%
Compulsory Major case study, pre-seen and un-seen Usually four parts Case will include numbers
Interacting with the Competitive Environment Change Management Evaluation of Strategic Position and Strategic Options Implementation of strategic plans and performance evaluation
Section B 50%
Choice of two from three Each question up to three parts Will include short scenario
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Syllabus Overview
CSFs
SMART
PEST
Stakeholder Analysis
Resource audit Ms
External Analysis
Porters 5 Forces Competitor Analysis (PROSAC) Resource Based vs Positioning
Internal Analysis
Core competences (SARI)
Value Chain
Withdraw
Porters Generic Strategies Suitability, Acceptability, Feasibility Game theory, Real options HRM / IT Structure
Strategic Options
Risk
Strategic Choice
Implementation
International Trading Quality
Culture
Marketing
Ethics
SVA / EVA
Non-financial Measures
KPIs
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Integrates activities
Competitive advantage
Whole organisation
Strategy
Strategy is the direction and scope of an organisation over the long term: which achieves advantage for the organisation through its configuration of resources within a changing environment, to meet the needs of markets and to fulfil stakeholder expectations.
Freewheeling Opportunism Market Driven reactive Hands on management Exploit complacent players Relies on leaders vision No formula for success Take advantage of market opportunities Stock market problems
Alternative
Strategic Planning
Rational Top Down Approach Mission & Objectives Corporate appraisal Strategic options Strategic choice Implementation JSW Review Position Analysis Strategic Choice Strategy Implementation
Purpose
Respond and fit to environment Utilise scarce resources Provide direction Ensure consistent objectives Monitor progress
Incrementalism (Lindblom) Building block approach Build strategy through incremental steps not radical shifts Accepts uncertainty of future Builds commitment May be too slow Ideas often compromised
Emergent Strategy - Bottom up (Mintzberg) Intended Strategy Unrealised Strategy Deliberate Strategy Realised Strategy
Advantages Identification of strategic issues Consistency of goals Improve performance/survival Pro-active Recognises environment Optimum use of resources
Disadvantages Expensive (time and money) Bureaucracy Stifles creativity Less relevant in a crisis
Emergent strategy
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Purpose Strategy
Advantages Resolve stakeholder conflict Set direction Help formulate strategy Communicates values to employees Marketing to customers
Criticisms Meaningless terms used Written retrospectively? Not communicated to employees Ignored by managers
S M A R T
Mission Statement
Values the most generalised type of objective which can be thought of as its raison detre.
Objectives
Stakeholders
Determinants: Flexibility Innovation Resource utilisation Excellence (Quality of service) Results: Financial performance Competitiveness (Brignall et al)
F I R E
F C
A
Low Minimal Effort Give Direction Power
B
Keep Informed Education / Communication
C
High Keep Satisfied Intervention
D
Key Players Keep Close Participation
Effectiveness (Outputs)
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Manpower Management Money Make-up Machinery Methods Materials Markets Management information
Valuable Rare Cant be copied Not substitutable Give access to wide range of markets
S A R I
Primary Activities
Inbound Logistics Operations Outbound logistics Marketing and sales Service
McKinsey 7 S Model
Core Competences the activities or processes that critically underpin competitive advantage.
Innovation
Support/secondary activities
Procurement HRM Technology development Firm infrastructure Streamline linkages Eliminate non-value added activities Business Process Re-engineering Benchmark key processes
Uses
Value Networks
Benchmarking
1. 2. 3. 4. 5. 6. 7. Determine processes to be benchmark Choose type of benchmarking Choose partner Determine measures Collect data Learn and improve Implement changes
BCG Matrix
High Relative market share Low
Problems:
No common shape Unpredictable Self-fulfilling prophecy Product orientated ignores market High
STAR Build then Hold Losses to profits, negative to positive cash CASH COW Hold then Harvest Profits and positive cash
PROBLEM CHILD Build or Divest Losses, negative cash DOG Harvest then Divest Profits to losses, positive to negative cash
Competitive Process/Activity
Internal
BEST IN PRACTICE
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Economic Globalisation Economic cycle Interest rates Inflation Employment levels Exchange rates
Social & Demographic Income distribution Education levels Population size Age profile Lifestyle changes Market Fashions and tastes growth Consumerism
Technological Internet Government spending on RnD Communications Speed/rate of change Processes and methods of production Transportation
P R O S A C
Political and Legal Taxation Government policy Foreign trade regulations Monopoly legislation Environmental legislation Employment legislation Consumer protection Protectionism
Competitor Analysis
Competitive Rivalry
Greatest where: Competitors of similar size Slow market growth rate High fixed cost industry Lack of differentiation
Power of Buyers
Power greatest where: Few buyers High number of suppliers available Cost is high proportion of buyers total cost Low switching costs Buyers have low profits Buyers have full information Little product differentiation
Power of Suppliers
Power greatest where: Few suppliers Few substitutes High switching costs Threat from forward integration Customer not significant to supplier Supplier has differentiated product
INTERNAL EXTERNAL
Opportunities CIMA E3 Enterprise Strategy Threats Darren Sparkes, 2010 These notes are not intended to cover the whole of the E3 syllabus
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GAP
Future Plans Current operations
Time
Scenario Planning 1. 2. 3. 4. 5. 6. Define the scope of the scenario Identify the major stakeholders Identify basic trends Identify key uncertainties Construct initial scenario themes Check for consistency and plausibility 7. Develop learning scenarios 8. Identify research needs 9. Develop quantitative models 10. Evolve towards decision scenarios
possibilities Encourages creative thinking Encourages communication and participation Identifies sources of uncertainty Identifies most important variables
CIMA E3 Enterprise Strategy
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PEST
Harness core competences to give sustainable competitive advantage Resource Based Strategy (Inside-out) Method of Growth? (See next page) Limitations
Definition of market Ignores factors such as competitors Suggests strategies in isolation
Strategically develop organisation in line with environment challenges Positioning view (outside-in) What Basis?
Differentiation
(Premium price, better margin, barrier, reduce buyer power)
Focus (Niche)
(Cost or Differentiation, focus on market needs, develop core competencies)
Strategic Options
What Direction?
competitive products,
Uses
Analyse rivals Suggest own strategy SBU level strategy
Horizontal diversification
complementary products, by-products
Do nothing / Withdraw Ansoffs Matrix Products, existing and new (PEN) Markets, existing and new (MEN)
Vertical Integration
Advantages Economies of combined ops Economies of control and coordination Avoiding the market Tap into technology Disadvantages Increased operational gearing Reduced flexibility to change partners Capital investment needs Disadvantages No additional benefit to shareholders through synergies No operating advantages
Conglomerates
Advantages Flexibility Quick growth Access to capital Portfolio effect Avoidance of antimonopoly legislation
These notes are not intended to cover the whole of the E3 syllabus
Advantages
Quick Lower risk Overcomes barriers to entry Same number of competitors Possible synergies Possible under-valuation of target
Disadvantages
Purchase premium Integration issues o Systems o People o Culture Synergies do not materialise Reputation of target
Advantages
No premium for assets People development Staged investment Established culture Introduction of new technology and systems easier Possibility of grants
Disadvantages
Slow Increases number of competitors Overcoming barriers to entry No opportunity for synergies Higher risk
Method of Growth?
Withdrawal
Demerger
Gives shareholders an exit route Management can focus on core areas Two companies can develop separate identities
Joint Venture
Separate business entity with equity form two or more businesses
Strategic Alliance
Long-term agreement to share knowledge, competences, technology for mutual benefit
Franchising
Giving the right to exploit a business method/model in return for a capital sum plus a share of the profits. Franchisor usually provides support e.g. marketing, training, technical CIMA E3 Enterprise Strategy
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Suitability
Is the proposed strategy suitable for the present situation and circumstances of the organisation? i.e. Is it suitable given the SWOT analysis?
Acceptability
Will the proposed strategy meet the objectives of the organisation and, therefore, be acceptable to the major stakeholders?
Feasibility
Has the organisation got, or can it get, the necessary resources to carry out the strategy?
Risk
Cost/Benefit
Game Theory
Concerned with the interrelationships between the competitive moves of a set of competitors Can be a useful tool to analyse and understand different scenarios Relies on two key principles: - Strategists take a rational, informed view of potential competitor actions - If a competitors strategy allows them to dominate us then the priority is to eliminate that strategy
Real Options
the net present value rule is not sufficient. To make intelligent investment choices, managers need to consider the value of keeping their options open. (Dixit and Pindyck, 1995) all business decisions are real optionsthey confer the right but not the obligation to take some initiative in the future. (Lewent, 1994) Real options capture the value of managerial flexibility to adapt decisions in response to unexpected market developments.
For example, taking competitor reaction into account, a company may not be any better off by making a particular strategic move as it may be cancelled out by the competitor. This may leave both companies worse off than they were before.
McKinseys 4 stage process for Real Options 1. Use standard NPV approach to produce valuation of investment 2. Use scenario planning to determine the potential futures Model the uncertainties in the project with event trees 3. Identify the decision options at key stages of the project Convert event tree into decision tree 4. Value the portfolio of options using the Black & Scholes portfolio approach
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Unfreeze
Change
Refreeze
Job Factors Cultural Web Stories Rituals Symbols Power structure Organisation structure Control systems
Role
Personal Factors Social Factors
Task Person
Strengthen
Weaken
Power
Driving Forces
Organisational Factors Participation Education & communication Facilitation & support Negotiation Manipulation Coercion
Kanters prescription for creativity: A N I T A Acceptance of change New Ideas Interaction Tolerance of failure Acknowledge creative behaviour
Culture
The way we do things around here
Change Management
Implementation Issues
Quality
Context of Change
Triggers Internal External Types of change Planned Emergent Incremental Step Transformational Fitness for use
Organisational Development To increase: Level of trust Likelihood of solving problems Openness of communication Level of individual and group responsibility for problem solving Methods Survey research and feedback Therapy groups (T-Groups) Team Building Change Agents CIMA E3 Enterprise Strategy
TQM
Quality control = reactive Quality Assurance = proactive
Four costs of Quality: Appraisal Preventative Internal failure External failure Get it right first time
Customers Competence
Commitment
6 Cs
Costs
Continuous improvement
Communication
Continued on next page These notes are not intended to cover the whole of the E3 syllabus
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Recruitment Appraisals Training Reward Job design Involvement Status and security
HRM Strategy
HRM Practices
HRM Outcomes
Behavioural Outcomes
Performance Outcomes
Financial Outcomes
Networks
Groupware
Benefits
People encouraged to generate & use knowledge Knowledge = closest we can get to ultimate competitive advantage Motivated workforce
Intranet
Systems
Extranet
Politics
Issues / Problems
Data Mining Errors in data transfer Support strategic decision making Support integrated value chain
Forecasting
De-motivation
Social barriers
Data Warehousing
Clustering
Predictive models
Descriptive models 21
Beat the five forces Key business areas Cost Generic strategies
Support
Strategic importance in current competitive environment L o w Improve management effectiveness but not critical to the business
High Potential
Innovative with high future potential
Implications
Considerations (PICK)
1. 2. 3.
Strategic Weapon
Performance
H i g h
Key Operational
Critical to sustain existing business
Strategic
Critical to future business success
Developing an IT Strategy
Low
High
Support
No strategic value
Turnaround
Expect info system to become strategically important in the future
IT Strategy
Technology infrastructure
H i g h
Factory
See strategic value of info system now but expect value to decrease in the future
Strategic
Depend on info system for competitive advantage
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Functional Entrepreneurial
Fast decisions Responsive to market Congruence No career structure No autonomy Single product & market Economies of scale Specialists with some autonomy Career structures Frees up entrepreneur Slow decisions (bureaucratic) Functional silos Few products & markets
Divisional
Multiple products & markets Autonomy for SBU managers Training of SBU managers Frees up senior managers Focus on specific products/markets Loss of congruence? Duplication of effort Isolation of SBU managers
Centralised vs Decentralised S T O P T I E S
Strategy Technology Ownership People Tasks Ideology Environment Size
Checklist
Matrix
Breakdown of silos Shared knowledge Skill development Innovation and creativity Dual command Dilution of functional authority Time consuming meetings
Organisational Structure
Span of control Tall/Narrow Mintzbergs Structural Configurations
Promotional opportunities Smooth progression between levels More personal contact
Decentralisation
Advantages: Frees senior management Better local decisions Better motivation Flexibility Training/career path
Flat/Wide
Disadvantages: Loss of control Loss of congruence Duplication of effort Extra costs of control Encourages delegation Quicker, more informed decisions Encourages participation of lower levels Lower management costs Promotions real and meaningful Closer contact between senior management and lower levels
Simple structure = entrepreneurial Machine bureaucracy = functional Professional bureaucracy = decentralised Divisional form Adhocracy = matrix
Revolutionary Crisis Leadership Autonomy Control Red Tape Psychological saturation Darren Sparkes, 2010
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Market Leader - largest market share Market Challenger - runner-up, fighting to increase share Market Follower - runner-up, aiming to hold share
Supplier Markets
Recruitment Markets
Referral Markets
Customer Markets
Marketing Strategy
Analyse environment and competitors PEST / Porters five forces / PROSAC / 4Ps
Competitive Strategies
Firms orientation A I D A
Awareness Interest Desire Action Communications Mix: Advertising Sales promotion Public relations Personal selling
Marketing
Place
Use of intermediaries: Economic criteria Control criteria
Marketing Research
systematic gathering, recording and analysing of data about problems relating to the marketing of goods and services
Cost based Target pricing Discriminatory pricing Psychological pricing Promotional pricing Product line pricing Captive product pricing Market skimming Market penetration
Field Research (Primary data) Interviews, focus groups, questionnaires, experiments, Test marketing
Desk research (secondary data) Internal Accounts, Sales reports, Customer complaints External CSO reports, Business monitors, Trade journals, newspapers
Product
Product Life Cycle Product to meet needs
Product mix
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Sales (price x number of units returns) LESS: Costs (unit cost + ordering + inventory + storage + transport + shelf stacking + wastage + breakage)
Calculating DPP
Improving DPP: Increase sales price Increase sales volume Reduce costs of stocking Offer incentives
Evaluation of DPP: Too product focussed Easier and cheaper to cut price than conduct DPP exercise Ignores relationships between products
Typical cost drivers: Product size Demand uncertainty Delivery cycle Ordering method
Drawbacks: Hard to predict future behaviour Hard to factor in competitors Difficult to pinpoint life-cycle stage Uncertainty of environmental factors
Consider: Present value of existing & future purchases Probability of customer retention Probability of customer purchasing new products Costs of initial attraction
1. Analyse customer base and divide into segments 2. Calculate annual revenues earned from customer segments 3. Calculate annual costs of serving the segment including the hassle factor 4. Identify and retain quality customers 5. Eliminate or re-engineer unprofitable customers Minimum order size Install telesales / EDI Charge service fees Impose flat order charge Discriminatory pricing
CIMA E3 Enterprise Strategy
Evaluation of CAP: Includes non-production costs Identifies customer groups of value to the firm Enables assessment of value of marketing expenditure Leads to ill-judged product changes Calculation difficulties Single period view
DREAMED
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C O P P I T
Equal opportunities
Professional Ethics
Self control, not self interest
Consumer health and safety Fair Trade Safety in the workplace Honesty in Advertising Sustainability
Corporate Governance
Divorce of ownership and control Separate roles of CEO and Chairperson Audit Committee / Remuneration Committee Directors re-election at least every 3 years Non-exec Directors o Independent o Role on audit / remuneration committees o Corporate conscience o Mentors to inexperienced execs o Strategic value through expertise
Issues
Environment
Competitive advantage
Recruitment
Benefits to Business
Relieve stress on management Attract ethical investor funds Competitive disadvantage
Potential problems
Bad publicity from monitoring and enforcement CIMA E3 Enterprise Strategy These notes are not intended to cover the whole of the E3 syllabus Darren Sparkes, 2010
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Political sponsorship
Political power PEST Economies of scale Reduced risk Market Knowledge Financial
PROSAC
Pressure on ROCE
General risks
Demand Conditions
5 Forces
Exporting
Low capital outlay Low risk Can learn about market May not meet customer needs Perceived lack of commitment High distribution costs
Porters Diamond
National Competitive Advantage
Factor Conditions
Ethnocentric
Perceives foreign markets as similar to domestic market Products & marketing mix constant Standardisation to save time and money Supply-driven policy
Multinational - Polycentric
See overseas market as distinctive Customised products and marketing mix Increased overseas sales volumes BUT Fewer EOS giving higher costs, so volumes not turned into profits
Global - Geocentric
Standardise wherever possible, e.g. RnD, Branding Market convergence may allow standardised product BUT Demand-driven Customised marketing mix where necessary = GLOCAL
Exporting
Overcomes lack of host skills, unified culture, Transfers competencies Resentment by host, cultural myopia
Alleviates cultural myopia, inexpensive Limits career mobility, isolates HQ from subsidiaries
Efficient use of HR, builds strong culture and management network Subject to National immigration policies, expensive
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Transfer Prices:
Marginal Cost no incentive for seller & inflated profit for buyer Full Cost (Cost Plus) may be no incentive for the buyer & no incentive for seller to control costs Market price no buyer incentive Opportunity Cost usually best Centrally set uncontrollable Negotiated powerful divisions Problem: no account taken of invested capital used to generate profits Examples Gross margin Net margin Cost % sales Profit
PBIT X 100 = % CE
Relative Measure %
Absolute Measure s
Problems:
Problems:
Absolute measure poor for performance comparisons
Benefits
Longer-term measures More difficult to manipulate Measures determinants and results Promotes goal congruence Includes stakeholders
Customer Perspective
Conclusion
Financial measures should not be used in isolation to measure performance but should be combined with non-financial measures.
Potential Drawbacks
Measures conflict with each other Requires cultural change Overload paralysis by analysis Time and cost No obvious relationship with shareholder wealth
1. 2. 3. 4. 5.
Identify CSFs Identify competences required for CSFs Develop KPIs for competences Measure competence Take action continuous improvement
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