ACCA P5 Interim Assessment
5854 words 24 pagesACCA
Advanced Performance Management
Interim Assessment – Answers
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PAPER P5 : ADVANCED PERFORMANCE MANAGEMENT
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The functions of management include the requirement to formulate and implement plans and to monitor and control actual performance. Planning and control systems, at an operational and a strategic level, depend on information. Feedback and feedforward systems of control are based on the provision of information for management to make their control decisions.
The best information systems are well-planned and structured. Given the developments that have occurred in information systems, ICS might well benefit from extensive integrated databases and executive information systems.
On the other hand, in a continually changing environment, it is also likely that much data and information reporting will become obsolete and unnecessary. Information is only worth having if the benefits from its use exceed the cost of collecting and storing it. It is therefore advisable for ICS to carry out regular reviews of their information systems, and remove unwanted data and eliminate unwanted routine reports.
In summary, managers need information to do their job properly. In a rapidly changing business environment, there will be a greater need for external environmental information. There will also be a continuing need for internally generated information, such as performance reports and statutory reports and statements. However, even if the nature of the information required changes