Advanced Performance Management Webinar Notes

Date: June 24 Attempt
Presenter: Rwan Mania
Role: Principal at Wiffi

Introduction

• Welcome to the webinar focused on Advanced Performance Management (APM).
• Aim: To provide knowledge and exam techniques over the two-day session.
• Previous webinars have been successful for many students in passing their exams.

Presenter Details

• Rwan Mania has over 17 years of teaching experience in ACCA and has conducted numerous APM webinars.
• Provides assistance with ACCA future plans, paper selection, OBU, CFA, and certification courses.

Important Links and Groups

• Join the WhatsApp group for subject-related queries and free resources.
• The support team is available for any enrollment queries or group link requests.

Transition from PM to APM

• Transitioning from Performance Management (PM) to Advanced Performance Management (APM) means adopting a consultant mindset.
• Students should consider themselves as business consultants with knowledge across various industries (pharmaceuticals, clothing, manufacturing, services, etc.).
• Importance of adding value in assessments, recommendations, and evaluations; akin to how doctors diagnose and advise patients.

Exam Techniques and Mindset

• Adopt a professional appearance (dress as a consultant) to boost confidence during exams.
• Introduced "Smart Paper Solving Technique" to tackle exam questions efficiently.
• Emphasis on finding easy marks within the exam paper.
• Professional marks make up 20% of the total, and understanding the verbs in the requirements is essential.

Understanding Marking Scheme

• Marks are awarded for relevant calculations and unique points that add value to the answer.
• Avoid pure theory and repeated explanations of calculations for marks; focus on adding unique insights.
• Watch "Read the Marker's Mind" video for deeper insights into marking schemes.

Report Format

• The report should clearly communicate information to the board of directors.
• Key components include:
  • Purpose and mission achievement
  • Audience considerations
  • Relevant financial and non-financial information
  • Clear layout and structure (e.g., headings and paragraphs).

Key Areas to Focus On

• Understanding the exam structure: Section A (50 marks), Section B (2 questions, 25 marks each).
• Focus on performance reports, which are a crucial part of the examination.
• Remember to consider both financial and non-financial metrics when assessing performance.

Performance Reports

• A performance report is a dashboard used by the board of directors to assess company performance.
• Must reflect the company’s mission and assist in strategic decision-making.
• Information should be tailored to the audience’s needs, including external benchmarks and trend analyses.
• Importance of clear and meaningful commentary on key performance indicators.

Drafting Answers for Exam Questions

• Follow a stepwise approach to answer exam questions:
  1. Read the requirements.
  2. Identify and copy verbs and objects.
  3. Plan the structure of the answer.
  4. Write the answer logically, ensuring to cover all aspects of the requirement.
• Importance of logical structuring in responses to maximize scoring potential.

Professional Marks

• Marks can be earned by demonstrating professionalism in communication and analysis.
• Emphasis on skepticism and critical thinking when evaluating directors’ comments and initiatives.

Conclusion

• Engage with the materials provided, including WhatsApp groups and resources shared during the webinar.
• Feedback and insights from students are encouraged for continuous improvement.
• The session will continue with further requirements and exam techniques in the following day.