Time allocation and strategy... - ACCA Global Accountancy Discussion Forums

georgeTan · 11-24-2008, 11:01 AM

EXAMINATION TECHNIQUES

This is my first time attend ACCA exam, and I has analyse my strategy how to approach P3 during exam in terms of time and strategy. All comments are welcome...

First of all, we know that we have three hours of exam and 15 minutes for reading. There are three ways to approach the paper:

HTML Code:

.===========.===========.===========.
| OPTION 1  | OPTION 2  | OPTION 3  |
|===========|===========|===========|
| Section A | Section B | Section B |
| Section B | Section A | Section B |
| Section B | Section B | Section A |
.___________.___________.___________.

Option 1: Do the case study first followed by two chosen optional questions.
Option 2: Attempt 1st optional question, then go to case study and then flow back to 2nd optional question.
Option 3: Attempt all optional questions first, put compulsory question at the last one.

From my little research, many students use Option 1, which result in unfinished business because they spend too much time in Section A, then leave no more time for Section B.

Some students who plan further than students who choose Option 1 would pssibly choose Option 3. My little research shows that similar case happen, not enough time...

So my strategy here would be Option 2 for the reason attempt one question from Section B first can ensure enough time for Case Study Section A. As when I finish Section A, there would be some time spare I can manage my last question. The 195 minutes are distributes as follows:

First 15 minutes
Skim through section B, pick two question. After that run through section A. Understand all questions requirements in this 15 minutes.

Start with Section B (45 minutes)
Use 20 minutes to read the scenario and interpret the scenario. Immediately plan the answer. Use the remaining 25 minutes to write the answer. (1 mark = 1 minute)

Turn to Section A (90 minutes)
Use 15 minutes read the scenario and highlight/underline main points and important information. Then uses maximum of 25 minutes to interpret the questions and plans answer. Then use the remaining time (around 50 minutes) to present the answer.

Focus to Section B (45 minutes)
Same as Section B above.

Follow this strategy will allow me to analyse the question correctly and answer the question without too much beat around the bush.

I personally will try this technique in coming exam... Wish all the best to everybody...

georgeTan · 11-24-2008, 11:08 AM

MARKER'S EXPECTATION

I have gone through some examiner's writings and conclude the basic requirements for a good answer to have the element of "TEA".

Yes, it's "TEA", which stands for theory, evidence, and analysis.

Theory
Theory includes all academic models we learn in the syllabus. These are basic principles that form the very foundation of P3.

Evidence
The discussion must within the context of the scenario given. Examples could be drawn from the case provided.

Analysis
This is the area that is most challenging. We need to discuss critically why, why, and WHY! Explain why we use that model, why we say so.... A good analysis is objective focused and easy to understand.

Personally, I still need a lot of practice to reach that level.

georgeTan · 11-24-2008, 11:15 AM

CORE AREA OF THE SYLLABUS

The main topic of the syllabus is the rational model of strategic planning by Johnson, Scholes and Whittington. (Section A: 50%)

Strategic Analysis
1. Vision and mission
2. Strategic goals and objectives
3. Position audit or Internal appraisal
4. External environment analysis
5. Forecasting
6. Ascertain the gap?
7. SWOT

Strategic Choices
1. Generating strategic options
a. Porter's generic competitive strategies;
b. Ansoff's model; and
c. Lynch's growth strategies.
2. Decision making tools

Strategic Implementation
1. Organisation structure
2. Organisation culture
3. Managing or leadership styles
4. Outsourcing
5. Communication channel

Strategic control
1. Performance measurement and feedback

Good Luck!!!

georgeTan · 11-24-2008, 11:19 AM

OTHER COMPLEMENTARY AREAS

These areas are supportive to the main rational models of strategic planning. They can come out in Section B or part of Section A.

1. Information Technology / Information System
2. Operation
3. Marketing and sales
4. Human resource management
5. Procurement
6. Accounts and finance
7. Quality issues
8. Strategic change management
9. Globalisation
10. Ethics, corporate social responsibility and corporate governance (from P1)
11. Project and project management
12. Business process re-engineering

LiMe · 11-25-2008, 12:27 AM

George, sounds good. Spending too long on section A is most student's problems. Wish you and everyone else success.

georgeTan · 11-25-2008, 01:12 PM

CAUSES OF FAILURES

1. Poor coverage of syllabus
2. Misconception with regards to P3
3. High rate of absenteeism of lectures/classes (for those who attend classes)
4. Lack of constant revision
5. Fail to make own notes
6. Poor narrative skills
7. Heavy reliance on spotting
8. Auditor of answer instead of author of answer
9. Lack of confidence in one's lecturer
10. Lack of practice
11. Pre-exam blues
12. Absence or ignorance of examination techniques
13. Poor command of English language
14. Give up before the 'game' starts

georgeTan · 11-25-2008, 01:23 PM

UNDERSTANDING THE SCENARIO

When I practice some questions, I found that it is not easy to know clearly (with a conscious mind) exactly what the scenario discuss about, particularly the length of the case is so long.

Hence, it is important for us as a student to understand the scenario before start answering. This is the way I use to improve my understanding for the scenario given.

1. Name of the company.
2. Nature of business.
3. Small/medium/large/global
4. Distinctive competence (if any)
5. DD of the co.'s product
==> What product/service sell?
==> Who are the customers? (industrial/end user)
==> Customer price-sensitive?
6. SS of the co. product
==> business process
==> HRM
==> IT/IS
==> Marketing
7. Change/Issues/Crisis took place

Having those information in my mind do help me a lot to udnerstand the company clearer. Hope it works for you...

georgeTan · 11-25-2008, 01:59 PM

ANSWER THE QUESTION

One of the exam technique use wrongly by many students is not answer to the question. As when I ask many of my friends who done ACCA previously, many of them just read the question and think that they know what to answer, which in fact they don't understand the question and hence not answer to the point.

The fundamental thing we must do to answer the question straight to the point is break the question and analyse it. Doing this will ensure we really clear what the question ask and avoid beat around the bush.

For example:

Discuss the key differences between the industrial buying environment and consumer goods buying environment and show how knowledge of these differences can help a company.

Working:

1. Breakdown the question:

2. Highlight the keywords:

3. Write down relevant points:

By having the basic breakdown, the answer would be more structured and actually ANSWER the question.