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check on the file and download .............................................................................................................................................................................................................................. Performance Pillar P2 - Performance Management 21 November 2012 - Wednesday Afternoon Session Instructions to candidates You are
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Performance Pillar P2 - Performance Management 21 November 2012 - Wednesday Afternoon Session Instructions to candidates You are allowed three hours to answer this question paper. You are allowed 20 minutes reading time before the examination begins during which you should read the question paper and, if you wish, make annotations on the question paper. However, you will not be allowed, under any circumstances, to open the answer book and start writing or use your calculator during this reading time. You are strongly advised to carefully read ALL the question requirements before attempting the question concerned (that is all parts and/or subquestions). ALL answers must be written in the answer book. Answers written on the question paper will not be submitted for marking. You should show all workings as marks are available for the method you use. ALL QUESTIONS ARE COMPULSORY. Section A comprises 5 questions and is on pages 2 to 6. Section B comprises 2 questions and is on pages 8 to 11. Maths tables and formulae are provided on pages 13 to 16. The list of verbs as published in the syllabus is given for reference on page 19. Write your candidate number, the paper number and examination subject title in the spaces provided on the front of the answer book. Also write your contact ID and name in the space provided in the right hand margin and seal to close. Tick the appropriate boxes on the front of the answer book to indicate which questions you have answered. P2 - Performance Management DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO DO SO TURN OVER The Chartered Institute of Management Accountants 2012 SECTION A - 50 MARKS [You are advised to spend no longer than 18 minutes on each question in this section.] ANSWER ALL FIVE QUESTIONS IN THIS SECTION. EACH QUESTION IS WORTH 10 MARKS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question One A company has developed a new product. The following information was prepared by the trainee accountant for presentation at the first performance review meeting for the new product. Standard labour wage rate Standard labour hours per unit Output to date Actual labour hours worked Labour efficiency variance $12 per labour hour 25 hours 32 units 460 hours $4,080 favourable The Management Accountant pointed out that this analysis ignored the learning curve and that 25 hours was the time taken for the first unit. The Management Accountant said that a better representation of the performance would be obtained by splitting the variance into planning and operating elements and calculated them to be as shown below: Labour efficiency planning variance Labour efficiency operating variance $4,320 favourable $240 adverse Required: (a) Calculate the learning rate that the Management Accountant assumed when recalculating the variances. (6 marks) (b) Explain TWO reasons why it is important for production planning and control purposes to identify the learning curve. (4 marks) (Total for Question One = 10 marks) Performance Management 2 November 2012 Question Two A newly formed engineering company has just completed its first three months of trading. The company manufactures only one type of product. The external accountant for the company has produced the following statement to present at a meeting to review performance for the first quarter. Performance report for the quarter ending 31 October 2012 Sales units Production units Budget 12,000 14,000 $000 Sales Direct materials Direct labour Variable production overhead Fixed production overhead Inventory adjustment Cost of sales Gross profit $000 360 70 140 42 84 (48) Actual 13,000 13,500 $000 Variance 1,000 (500) $000 385 $000 25 1 8 (1) (1) (36) (29) (4) 69 132 43 85 (12) 288 72 317 68 The external accountant has stated that he values inventory at the budgeted total production cost per unit. Required: (a) Produce an amended statement for the quarter ending 31 October 2012 that is based on a flexed budget. (6 marks) (b) Explain ONE benefit and ONE limitation of the statement you have produced. (4 marks) (Total for Question Two = 10 marks) Section A continues on the next page TURN OVER November 2012 3 Performance Management Question Three KL is a transport company that has recently won a five-year government contract to provide rail transport services. The company appointed a new Director to take responsibility for the government contract. She has worked in various positions in other rail transport companies for a number of years. She has put together a team of managers by recruiting some of her former colleagues and some of KL's current managers. The contract stipulates that the company should prepare detailed budgets for its first year of operations to show how it intends to meet the various operating targets that are stated in the contract. The new Director is undecided about whether she should prepare the budgets herself or whether she should involve her management team, including the newly recruited managers, in the process. Required: Produce a report, addressed to the new Director, that discusses participative budgeting. Note: your report must explain TWO potential benefits and TWO potential disadvantages of involving the new and existing managers in the budget setting process. provide a recommendation to the new Director. (10 marks) (Total for Question Three = 10 marks) Performance Management 4 November 2012 Question Four A manufacturing company is reviewing its progress towards meeting its objective of having a reputation for producing high quality products. Extracts from the company's records for each of the years ended 30 September 2011 and 2012 are shown below. % of units rejected by customers % of units rejected before delivery 2012 12% 12% 2011 20% 3% Costs as % of revenue Raw material inspection Direct material Direct labour Training Preventative machine maintenance Machine breakdown maintenance Finished goods inspection 8% 18% 13% 8% 8% 5% 7% 3% 20% 12% 4% 2% 10% 1% Required: (a) Explain each of the four quality cost classifications using examples from the above data. (4 marks) (b) Discuss, using the above data, the relationship between conformance costs and non-conformance costs and its importance for this company. (6 marks) (Total for Question Four = 10 marks) Section A continues on the next page TURN OVER November 2012 5 Performance Management Question Five CDE has recently won a contract to supply a component to a major car manufacturer that is about to launch a new range of vehicles. This is a great success for the design team of CDE as the component has many unique features and will be an important feature of some of the vehicles in the range. CDE is currently building a specialised factory to produce the component. The factory will start production on 1 January 2013. There is an expected demand for 140,000 units of the component in 2013. Forecast sales and production costs for 2013: Quarter Sales (units) Variable production cost per unit 1 19,000 2 34,000 3 37,000 4 50,000 $ 60 $ 60 $ 65 $ 70 Fixed production overheads for the factory are expected to be $2.8 million in 2013. A decision has to be made about the production plan. The choices are: Plan 1: Produce at a constant rate of 35,000 units per quarter Inventory would be used to cover fluctuations in quarterly demand. Inventory holding costs will be $13 per unit and will be incurred quarterly based on the average inventory held in each of the four quarters. Plan 2: Use a just-in-time (JIT) production system The factory would be able to produce 36,000 units per quarter in 'normal' time and up to a further 20,000 units in 'overtime'. However, each unit produced in 'overtime' would incur additional costs equal to 40% of the forecast variable production cost per unit for that quarter. Required: (a) Produce calculations using the above data to show which of the two plans would incur the lowest total cost in 2013. (6 marks) (b) Explain TWO reasons why the decision about the production plan should not be based on your answer to part (a) alone. (4 marks) (Total for Question Five = 10 marks) (Total for Section A = 50 marks) End of Section A Section B starts on page 8 Performance Management 6 November 2012 This page is blank TURN OVER November 2012 7 Performance Management SECTION B - 50 MARKS [You are advised to spend no longer than 45 minutes on each question in this section.] ANSWER BOTH QUESTIONS IN THIS SECTION. EACH QUESTION IS WORTH 25 MARKS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE. Question Six Scenario for parts (a) and (b) Company WX manufactures a number of finished products and two components. Three finished products (P1, P2, and P3) and two components (C1 and C2) are made using the same resources (but in different quantities). The components are used internally by the company when producing other products but they are not used in the manufacture of P1, P2 or P3. Budgeted data for December for P1, P2, P3, C1 and C2 are as follows: Units demanded Selling price Direct labour ($10/hour) Direct material ($50/kg) Variable production overhead ($40/machine hour) Fixed production overhead ($20/labour hour) Gross profit P1 500 $/unit 155 25 10 10 P2 400 $/unit 125 15 20 15 P3 600 $/unit 175 30 20 20 C1 250 $/unit 10 5 10 C2 150 $/unit 15 10 20 50 30 60 20 30 60 45 45 - - Further information for December: Direct labour: 4,300 hours are available. Direct material: 420 kgs are available. Machine hours: no restrictions apply. Components: C1 and C2 are readily available from external suppliers for $50 and $80 per unit respectively. The external suppliers are reliable and the quality of the components is similar to that of those manufactured by the company. Required: (a) Produce calculations to determine the optimal production plan for P1, P2, P3, C1 and C2 during December. Note: it is not possible to produce partly finished units or to hold inventory of any of these products or components. (10 marks) Performance Management 8 November 2012 (b) There is a possibility that more of the direct material may become available during December. The shadow price per kg of the direct material has been calculated to be $200, $187.50 and $175 depending on how much extra becomes available. Required: Explain the shadow prices of $200, $187.50 and $175 for the direct material. Your answer should show the changes to the resource usage and the production plan for each of the shadow prices. (6 marks) Scenario for parts (c) and (d) Company YZ manufactures products L, M and N. These products are always sold in the ratio 9L:6M:5N. The budgeted sales volume for December is a total of 14,000 units. The budgeted sales volumes, selling price per unit and variable cost per unit for each of the products are shown below: Sales budget (units) Selling price per unit Variable cost per unit L 6,300 M 4,200 N 3,500 $ 300 100 $ 600 300 $ 230 50 The budgeted fixed costs of the company for December are $2.7 million. Required: (c) Calculate the number of units of each product that must be sold for Company YZ to break even in December given the current sales mix ratio. (4 marks) (d) The Sales Manager has now said that to be able to sell 6,300 units of product L in December it will be necessary to reduce the selling price of product L. Calculate the sensitivity of Company YZ's total budgeted profit for December to a change in the selling price per unit of product L. (5 marks) (Total for Question Six = 25 marks) Section B continues on the next page November 2012 9 TURN OVER Performance Management Question Seven Scenario for part (a) The OB group has two divisions: the Optics Division and the Body Division. The Optics Division produces optical devices, including lenses for cameras. The lenses can be sold directly to external customers or they can be transferred to the Body Division where they are sold with a camera body as a complete camera. Optics Division The relationship between the selling price of a lens and the quantity demanded by external customers is such that at a price of $6,000 there will be no demand but demand will increase by 600 lenses for every $300 decrease in the price. The variable cost of producing a lens is $1,200. The fixed costs of the division are $12 million each year. The Optics Division has the capacity to satisfy the maximum possible demand if required. Body Division After the lens has been included with a body to make a complete camera the relationship between selling price and demand is such that at a price of $8,000 there will be no demand for the complete camera but demand will increase by 300 complete cameras for every $100 decrease in the price. The Body Division has annual fixed costs of $15 million and has the capacity to satisfy the maximum possible demand if required. The total variable costs of a camera body and packaging it with a lens are $1,750 (this does not include the cost of a lens). Note: If P = a - bx then Marginal Revenue (MR) will be given by MR = a - 2bx. Required: (a) Calculate the total revenue that would be generated by the complete cameras if: (i) the Manager of the Optics Division set the transfer price of a lens equal to the selling price which would be set to maximise profits from the sale of lenses to external customers; (ii) the transfer price of a lens was set to maximise the profits of the OB group from the sale of complete cameras. (10 marks) Scenario for parts (b) and (c) The FF group is a divisionalised company that specialises in the production of processed fish. Each division is a profit centre. The Smoke Division (SD) produces smoked fish. The Packaging Division (PD) manufactures boxes for packaging products. Smoke Division (SD) The Manager of SD has just won a fixed price contract to supply 500,000 units of smoked fish to a chain of supermarkets. This will fully utilise the capacity of SD for the next year. Budget details for the next year are: Variable cost per unit Fixed costs Revenue Output $12.00 (excluding the box) $6.0 million $13.5 million 500,000 units of smoked fish Each unit of smoked fish requires one box. Performance Management 10 November 2012 Packaging Division (PD) The Packaging Division has agreed to supply 500,000 boxes to SD at the same price that it sells boxes to external customers. Budget details for PD (including the order from SD) for the next year are: Variable production cost Fixed costs Output Capacity $1.40 per box $2.4 million 4.48 million boxes 4.50 million boxes Company Policy It has been announced today that FF will be introducing a new performance appraisal system. The Divisional Managers will only be paid a bonus if the profit of their division is at least 12% of assets consumed during the next year. The value of the assets consumed is assumed to be the same as the fixed costs. Required: (b) Calculate, following the change to the company policy: (i) the minimum price per box that PD would be willing to charge; (3 marks) (ii) the maximum price per box that SD would be willing to pay. (4 marks) (Total for part (b) = 7 marks) (c) The Manager of SD is unhappy about paying the same price per box as an external customer and thinks that transfer prices should be set using an opportunity cost-based approach. Discuss the view that transfer prices should be set using opportunity cost. You should use the data from the FF group to illustrate your answer. (8 marks) (Total for Question Seven = 25 marks) (Total for Section B = 50 marks) End of question paper Maths tables and formulae are on pages 13 to 16 November 2012 11 Performance Management This page is blank Performance Management 12 November 2012 PRESENT VALUE TABLE ( Present value of 1 unit of currency, that is 1+ r periods until payment or receipt. )n where r = interest rate; n = number of Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 1% 0.990 0.980 0.971 0.961 0.951 0.942 0.933 0.923 0.914 0.905 0.896 0.887 0.879 0.870 0.861 0.853 0.844 0.836 0.828 0.820 2% 0.980 0.961 0.942 0.924 0.906 0.888 0.871 0.853 0.837 0.820 0.804 0.788 0.773 0.758 0.743 0.728 0.714 0.700 0.686 0.673 3% 0.971 0.943 0.915 0.888 0.863 0.837 0.813 0.789 0.766 0.744 0.722 0.701 0.681 0.661 0.642 0.623 0.605 0.587 0.570 0.554 4% 0.962 0.925 0.889 0.855 0.822 0.790 0.760 0.731 0.703 0.676 0.650 0.625 0.601 0.577 0.555 0.534 0.513 0.494 0.475 0.456 Interest rates (r) 5% 6% 0.952 0.943 0.907 0.890 0.864 0.840 0.823 0.792 0.784 0.747 0.746 0705 0.711 0.665 0.677 0.627 0.645 0.592 0.614 0.558 0.585 0.527 0.557 0.497 0.530 0.469 0.505 0.442 0.481 0.417 0.458 0.394 0.436 0.371 0.416 0.350 0.396 0.331 0.377 0.312 7% 0.935 0.873 0.816 0.763 0.713 0.666 0.623 0.582 0.544 0.508 0.475 0.444 0.415 0.388 0.362 0.339 0.317 0.296 0.277 0.258 8% 0.926 0.857 0.794 0.735 0.681 0.630 0.583 0.540 0.500 0.463 0.429 0.397 0.368 0.340 0.315 0.292 0.270 0.250 0.232 0.215 9% 0.917 0.842 0.772 0.708 0.650 0.596 0.547 0.502 0.460 0.422 0.388 0.356 0.326 0.299 0.275 0.252 0.231 0.212 0.194 0.178 10% 0.909 0.826 0.751 0.683 0.621 0.564 0.513 0.467 0.424 0.386 0.350 0.319 0.290 0.263 0.239 0.218 0.198 0.180 0.164 0.149 Periods (n) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 11% 0.901 0.812 0.731 0.659 0.593 0.535 0.482 0.434 0.391 0.352 0.317 0.286 0.258 0.232 0.209 0.188 0.170 0.153 0.138 0.124 12% 0.893 0.797 0.712 0.636 0.567 0.507 0.452 0.404 0.361 0.322 0.287 0.257 0.229 0.205 0.183 0.163 0.146 0.130 0.116 0.104 13% 0.885 0.783 0.693 0.613 0.543 0.480 0.425 0.376 0.333 0.295 0.261 0.231 0.204 0.181 0.160 0.141 0.125 0.111 0.098 0.087 14% 0.877 0.769 0.675 0.592 0.519 0.456 0.400 0.351 0.308 0.270 0.237 0.208 0.182 0.160 0.140 0.123 0.108 0.095 0.083 0.073 Interest rates (r) 15% 16% 0.870 0.862 0.756 0.743 0.658 0.641 0.572 0.552 0.497 0.476 0.432 0.410 0.376 0.354 0.327 0.305 0.284 0.263 0.247 0.227 0.215 0.195 0.187 0.168 0.163 0.145 0.141 0.125 0.123 0.108 0.107 0.093 0.093 0.080 0.081 0.069 0.070 0.060 0.061 0.051 17% 0.855 0.731 0.624 0.534 0.456 0.390 0.333 0.285 0.243 0.208 0.178 0.152 0.130 0.111 0.095 0.081 0.069 0.059 0.051 0.043 18% 0.847 0.718 0.609 0.516 0.437 0.370 0.314 0.266 0.225 0.191 0.162 0.137 0.116 0.099 0.084 0.071 0.060 0.051 0.043 0.037 19% 0.840 0.706 0.593 0.499 0.419 0.352 0.296 0.249 0.209 0.176 0.148 0.124 0.104 0.088 0.079 0.062 0.052 0.044 0.037 0.031 20% 0.833 0.694 0.579 0.482 0.402 0.335 0.279 0.233 0.194 0.162 0.135 0.112 0.093 0.078 0.065 0.054 0.045 0.038 0.031 0.026 November 2012 13 Performance Management CUMULATIVE PRESENT VALUE TABLE Cumulative present value of 1 unit of currency per annum, Receivable or Payable at the end of each year for n years Periods (n) 1 2 3 4 5 1 (1+ r ) n r 1% 0.990 1.970 2.941 3.902 4.853 2% 0.980 1.942 2.884 3.808 4.713 3% 0.971 1.913 2.829 3.717 4.580 4% 0.962 1.886 2.775 3.630 4.452 Interest rates (r) 5% 6% 0.952 0.943 1.859 1.833 2.723 2.673 3.546 3.465 4.329 4.212 7% 0.935 1.808 2.624 3.387 4.100 8% 0.926 1.783 2.577 3.312 3.993 9% 0.917 1.759 2.531 3.240 3.890 10% 0.909 1.736 2.487 3.170 3.791 6 7 8 9 10 5.795 6.728 7.652 8.566 9.471 5.601 6.472 7.325 8.162 8.983 5.417 6.230 7.020 7.786 8.530 5.242 6.002 6.733 7.435 8.111 5.076 5.786 6.463 7.108 7.722 4.917 5.582 6.210 6.802 7.360 4.767 5.389 5.971 6.515 7.024 4.623 5.206 5.747 6.247 6.710 4.486 5.033 5.535 5.995 6.418 4.355 4.868 5.335 5.759 6.145 11 12 13 14 15 10.368 11.255 12.134 13.004 13.865 9.787 10.575 11.348 12.106 12.849 9.253 9.954 10.635 11.296 11.938 8.760 9.385 9.986 10.563 11.118 8.306 8.863 9.394 9.899 10.380 7.887 8.384 8.853 9.295 9.712 7.499 7.943 8.358 8.745 9.108 7.139 7.536 7.904 8.244 8.559 6.805 7.161 7.487 7.786 8.061 6.495 6.814 7.103 7.367 7.606 16 17 18 19 20 14.718 15.562 16.398 17.226 18.046 13.578 14.292 14.992 15.679 16.351 12.561 13.166 13.754 14.324 14.878 11.652 12.166 12.659 13.134 13.590 10.838 11.274 11.690 12.085 12.462 10.106 10.477 10.828 11.158 11.470 9.447 9.763 10.059 10.336 10.594 8.851 9.122 9.372 9.604 9.818 8.313 8.544 8.756 8.950 9.129 7.824 8.022 8.201 8.365 8.514 Periods (n) 1 2 3 4 5 11% 0.901 1.713 2.444 3.102 3.696 12% 0.893 1.690 2.402 3.037 3.605 13% 0.885 1.668 2.361 2.974 3.517 14% 0.877 1.647 2.322 2.914 3.433 Interest rates (r) 15% 16% 0.870 0.862 1.626 1.605 2.283 2.246 2.855 2.798 3.352 3.274 17% 0.855 1.585 2.210 2.743 3.199 18% 0.847 1.566 2.174 2.690 3.127 19% 0.840 1.547 2.140 2.639 3.058 20% 0.833 1.528 2.106 2.589 2.991 6 7 8 9 10 4.231 4.712 5.146 5.537 5.889 4.111 4.564 4.968 5.328 5.650 3.998 4.423 4.799 5.132 5.426 3.889 4.288 4.639 4.946 5.216 3.784 4.160 4.487 4.772 5.019 3.685 4.039 4.344 4.607 4.833 3.589 3.922 4.207 4.451 4.659 3.498 3.812 4.078 4.303 4.494 3.410 3.706 3.954 4.163 4.339 3.326 3.605 3.837 4.031 4.192 11 12 13 14 15 6.207 6.492 6.750 6.982 7.191 5.938 6.194 6.424 6.628 6.811 5.687 5.918 6.122 6.302 6.462 5.453 5.660 5.842 6.002 6.142 5.234 5.421 5.583 5.724 5.847 5.029 5.197 5.342 5.468 5.575 4.836 4.988 5.118 5.229 5.324 4.656 7.793 4.910 5.008 5.092 4.486 4.611 4.715 4.802 4.876 4.327 4.439 4.533 4.611 4.675 16 17 18 19 20 7.379 7.549 7.702 7.839 7.963 6.974 7.120 7.250 7.366 7.469 6.604 6.729 6.840 6.938 7.025 6.265 6.373 6.467 6.550 6.623 5.954 6.047 6.128 6.198 6.259 5.668 5.749 5.818 5.877 5.929 5.405 5.475 5.534 5.584 5.628 5.162 5.222 5.273 5.316 5.353 4.938 4.990 5.033 5.070 5.101 4.730 4.775 4.812 4.843 4.870 Performance Management 14 November 2012 FORMULAE PROBABILITY A B = A or B. A B = A and B (overlap). P(B | A) = probability of B, given A. Rules of Addition If A and B are mutually exclusive: If A and B are not mutually exclusive: P(A B) = P(A) + P(B) P(A B) = P(A) + P(B) - P(A B) Rules of Multiplication If A and B are independent: If A and B are not independent: P(A B) = P(A) * P(B) P(A B) = P(A) * P(B | A) E(X) = (probability * payoff) DESCRIPTIVE STATISTICS Arithmetic Mean x = x n x= fx f (frequency distribution) Standard Deviation SD = ( x x ) 2 n SD = fx 2 x 2 (frequency distribution) f INDEX NUMBERS Price relative = 100 * P1/P0 Price: Quantity: Quantity relative = 100 * Q1/Q0 P w 1 Po w x 100 Q w 1 Qo x 100 w TIME SERIES Additive Model Series = Trend + Seasonal + Random Multiplicative Model Series = Trend * Seasonal * Random November 2012 15 Performance Management FINANCIAL MATHEMATICS Compound Interest (Values and Sums) Future Value S, of a sum of X, invested for n periods, compounded at r% interest n S = X[1 + r] Annuity Present value of an annuity of 1 per annum receivable or payable for n years, commencing in one year, discounted at r% per annum: PV = 1 1 1 r [1 + r ] n Perpetuity Present value of 1 per annum, payable or receivable in perpetuity, commencing in one year, discounted at r% per annum: PV = 1 r LEARNING CURVE b Yx = aX where: Yx = the cumulative average time per unit to produce X units; a = the time required to produce the first unit of output; X = the cumulative number of units; b = the index of learning. The exponent b is defined as the log of the learning curve improvement rate divided by log 2. INVENTORY MANAGEMENT Economic Order Quantity 2C o D EOQ = Ch where: Co Ch D = = = cost of placing an order cost of holding one unit in inventory for one year annual demand Performance Management 16 November 2012 This page is blank November 2012 17 Performance Management This page is blank Performance Management 18 November 2012 LIST OF VERBS USED IN THE QUESTION REQUIREMENTS A list of the learning objectives and verbs that appear in the syllabus and in the question requirements for each question in this paper. It is important that you answer the question according to the definition of the verb. LEARNING OBJECTIVE Level 1 - KNOWLEDGE What you are expected to know. Level 2 - COMPREHENSION What you are expected to understand. VERBS USED DEFINITION List State Define Make a list of Express, fully or clearly, the details/facts of Give the exact meaning of Describe Distinguish Explain Communicate the key features Highlight the differences between Make clear or intelligible/State the meaning or purpose of Recognise, establish or select after consideration Use an example to describe or explain something Identify Illustrate Level 3 - APPLICATION How you are expected to apply your knowledge. Apply Calculate Demonstrate Prepare Reconcile Solve Tabulate Level 4 - ANALYSIS How are you expected to analyse the detail of what you have learned. Level 5 - EVALUATION How are you expected to use your learning to evaluate, make decisions or recommendations. November 2012 Analyse Categorise Compare and contrast Put to practical use Ascertain or reckon mathematically Prove with certainty or to exhibit by practical means Make or get ready for use Make or prove consistent/compatible Find an answer to Arrange in a table Construct Discuss Interpret Prioritise Produce Examine in detail the structure of Place into a defined class or division Show the similarities and/or differences between Build up or compile Examine in detail by argument Translate into intelligible or familiar terms Place in order of priority or sequence for action Create or bring into existence Advise Evaluate Recommend Counsel, inform or notify Appraise or assess the value of Advise on a course of action 19 Performance Management Performance Pillar Management Level Paper P2 - Performance Management November 2012 Wednesday Afternoon Session Performance Management 20 November 2012Step by Step Solution
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