ACCA P5 Interim Assessment Essay

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ACCA Paper P5 Advanced Performance Management December 2011 Interim Assessment – Answers To gain maximum benefit, do not refer to these answers until you have completed the revision mock questions and submitted them for marking. PAPER P5 : ADVANCED PERFORMANCE MANAGEMENT © Kaplan Financial Limited, 2011 All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing. The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not…show more content…
(b) Although managers can sometimes make excellent decisions on a hunch or 'by instinct', in the long run their decision-making will be more rational and soundly based when they are properly informed. The quality of management decisions is always likely to be better when managers are well-informed about the different options available, and the likely outcome of pursuing each different course of action. KAPLAN PUBLISHING 3 PAPER P5 : ADVANCED PERFORMANCE MANAGEMENT When the future is uncertain, management information helps to reduce the uncertainty and analyse the risks involved. When the business environment is changing rapidly, organisations must adapt to survive and grow. Information systems can help managers to recognise the nature of the changes that are happening, and their potential significance. They can then formulate new strategies to adapt to the changing circumstances. However, the type of information required by management differs between a rapidly changing business environment and a stable environment. In a stable environment, most information needs can be obtained from within the organisation and derived from historical results. The past is a useful guide to the future. In a rapidly changing environment, in contrast, information has to be more forward-looking, taking account of risk and uncertainty. Information sources are also likely to be sourced
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