ACCA PROGRESS TEST

Advanced
Performance
Management (APM)

APM
September 2023 to June 2024

Time allowed: 3 hours 15 minutes

This exam is divided into two sections:

Section A – This ONE question is compulsory and MUST be attempted

Section B – BOTH questions are compulsory and must be attempted

Present Value and Annuity Tables are on pages 13 and 14.

Kaplan Publishing/Kaplan Financial

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© Kaplan Financial Limited, 2023

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SECTION A
This ONE question is compulsory and must be attempted.

1 Exhibit 1 – Background Information

Arfland is an economically developed country. It has a highly developed economy and

advanced technological infrastructure relative to other less industrialised countries. Arfland
is organised through 32 authorities designated as councils which consist of councillors
elected every five years.
The country has entered a period of recession and is therefore having to carefully consider
its levels of national expenditure and local government funding.
You are a performance management expert within Arfland’s government and have been
tasked with aiding some important national and local government decisions. You have
been asked to produce a report for the national government on a number of areas.
Exhibit 2 – Universities in Arfland
In Arfland, universities are self‐governing institutions, which gain most of their income from
government grants. Students are charged tuition fees but all students resident in Arfland
have their fees paid by the government and these are included as part of the government
grant. Lesser sums are gained from research contracts, tuition fees paid by international
students and other income from providing catering and accommodation to students and
conferences, and from a wide range of other sources. The universities are self‐governing in
respect of determining the portfolio of courses to be offered and the means by which the
courses are funded.
Exhibit 3 – Additional grant provision for business and management courses
The Arfland Government is split between a need to cut government spending to cope with
the current recession and a desire to increase the number of students going to university.
In particular, the Head of Education intends to expand the number of students on business
and management courses, but considers it better to expand one of the universities
substantially, rather than expand all marginally.
Comparative statistics are collected and used centrally by the government to assess value
for money. The assessment forms the basis for determining the annual grants allocated to
universities, and as a guide to considering any possible changes in the courses to be
provided and funded. These statistics are also used by individual universities as a guide to
relative performance.
The statistics shown in appendix 1 form part of the annual tender for grants submitted to
the central authority by a number of universities which provide broadly similar courses.
Using the information in appendix 1, you have been asked to prepare a 'value for money'
table showing the ranking of each university under a range of suitable criteria. Value for
money should be assessed using the 3 Es of economy, efficiency and effectiveness. The
table should include two performance measures for each ‘E’ and for each performance
measure the universities should be ranked from best to worst. Using this table, assess
which of the four universities should be provided with an additional grant to expand the
number of students receiving business and management courses on the basis of its current
relative performance.

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Exhibit 4 – West University performance

There has been some recent bad publicity concerning West University and questions have
been asked in parliament over its performance. You have been asked to make further use
of your table and any other information contained within the question, to evaluate the
relative performance of West University and to briefly recommend possible changes to
improve performance.
Exhibit 5 – Budgeting in Rockborough Council
Rockborough council is amongst the 32 councils in Arfland. The council has been heavily
criticised in recent years over its use of incremental budgeting and so has decided to use an
alternative approach. A new Chief Finance Officer (CFO) has recently been appointed. She
previously worked in the private sector and has experience of a variety of different
budgeting methods and approaches to controlling organisations.
The alternative approach agreed upon was zero based budgeting (ZBB). The CFO has put
the following ZBB process in place for the current year:
(1) The activities to be budgeted for using ZBB were decided upon and those responsible
were informed and sent on a two‐day course that attempted to explain how ZBB
worked.
(2) Each of the individuals responsible was given a reasonable deadline to describe the
activities in a decision package.
(3) Once received, the decision packages were reviewed and challenged before a second
and final draft was agreed.
(4) The decision packages were ranked using a weighting and ranking system and the
budget was then to be allocated. (Note: The weighting and ranking system is
explained below).
Weighting and ranking system ‐ In order to decide on the ranking of each decision package,
they were firstly given a score out of 10 in each of the four areas of the PEST model. Each
area was to be scored by an independent manager within the council.
Each of these scores was then multiplied by a weighting to give a total score for each PEST
factor. The weightings were not disclosed to the producers of the decision packages but
are shown here:
 Political 45%
 Economic 30%
 Social 20%
 Technological 5%
The totals were then summed and the budget allocated based on the total score.
An example ZBB budgeting package has already been submitted (for road building and
maintenance) and the scoring is shown in Appendix 2. Note that the producers of the
decision package are not given any information about how the PEST score is determined or
how the total score is used to decide on the budget allocation.

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The CFO is comfortable that the process that has been put in place is robust and fair but
Rockborough Council want to ensure that the new approach is not criticised in the same
way as its use of incremental budgeting was. In the next part of your report you have been
asked to evaluate the ZBB process put in place by the CFO. Your evaluation should consider
each stage of the ZBB process and include a comprehensive evaluation of the weighting and
ranking system used in stage 4.
In a previous role, the CFO worked in an organisation that used non‐budgetary methods for
organisational control. These methods helped to address some of the limitations of
traditional budgeting; such as being costly and time consuming, focusing on short‐term
results and being viewed as a system of command and control. When deciding on an
alternative to incremental budgeting, the CFO did initially consider the use of beyond
budgeting. However, after due consideration she reached the conclusion that it would be
unsuitable for use in the public sector, hence the subsequent decision to implement ZBB.
However, conscious that the new ZBB approach (or any budgeting approach chosen) would
be open to criticism and have its limitations, she would like to communicate the reasons
why beyond budgeting was not implemented at Rockborough Council, instead choosing to
stick with a budgeting method and process. In the final part of the report you have been
asked to briefly define what is meant by beyond budgeting and to discuss the problems of
using this approach in public sector organisations such as Rockborough Council.

Required:

It is now 1 September 20X5.

Write a report for Arfland’s national government to respond to its request for work on
the following areas:
(i) Preparation of a ‘value for money’ and provision of the additional grant (12 marks)
(ii) West University’s performance and possible changes (6 marks)
(iii) An evaluation of the ZBB process (12 marks)
(iv) Beyond budgeting definition and problems. (10 marks)
Professional marks will be awarded for the demonstration of skill in communication,
analysis and evaluation, scepticism and commercial acumen in your answer. (10 marks)
(Total: 50 marks)

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Exhibit 6 – Appendix 1

University data

North South East West

University revenue:
Grant as a % of total revenue 67 61 63 63
Other revenue as a % of total 33 39 37 37
revenue
Net financial surplus/(deficit) as 3.9 (1.7) 1.1 (3.1)
a % of total revenue
Business and management department data
Student and teaching staff numbers:
Number of students 1,714 230 792 423
Number of academic staff 72 18 44 29
Departmental revenue:
Income generated per staff $4,060 $24,960 $1,610 $0
member from research activities
Departmental expenditure:
For each student $2,450 $4,330 $2,200 $2,060
For each academic staff member $55,990 $70,200 $39,300 $37,900
Student data:
Average School Leavers’ Certificate 22.7 20.7 25.6 18.9
(SLC) points on entry (note)
% achieving high‐grade degrees 50 52 45 49
% completing course in normal 81 86 84 80
time
% graduates unemployed six 9 14 6 12
months after end of course

Note:
The average SLC points on entry indicates the level of achievement of students prior to
entering university – the higher the score, the greater the level of achievement.

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Exhibit 7 – Appendix 2
Example ZBB budgeting package for road building and maintenance
This decision package is in support of a request for $100m of funding to support the
building of new roads and the repair and maintenance of the existing roads in the
Rockborough area.

Score Weighting Total score

Political 6 45% 2.70
Economic 5 30% 1.50
Social 8 20% 1.60
Technological 6 5% 0.30
Total score 6.10

The budget allocation for this was set at $73.5m.

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SECTION B
BOTH questions are compulsory and MUST be attempted.

2 Exhibit 1 – Company Information

Great Eastern Railway (GER) is a listed company which operates a passenger train service in
Teeland. GER is one of the largest train operators in Teeland. It runs long distance inter‐
city services along the Great Eastern Main Line from the East of Teeland to the West of
Teeland.
The company’s mission is ‘to increase shareholder wealth by leading a world class railway in
which passengers are understood and their needs placed at the centre of the business
through seamless travel, excellent customer service and a safe environment for customers
and, in addition, a safe and rewarding environment for those who work on the railway’.
Teeland’s rail industry is growing. Passenger numbers are increasing at a faster rate than in
any of the other countries in the continent in which Teeland is located. However, GER’s
share price has underperformed compared to the market and the industry sector in the last
two years.
Exhibit 2 – Implementation of a balanced scorecard approach
Since it commenced operations thirty years ago, the board has always focused solely on the
use of traditional financial measures in order to assess the performance of GER. However,
the chief executive officer (CEO) has recognised that its current performance measures are
too narrow and is considering implementing a balanced scorecard (BSC) approach to
address this problem by improving the range and linkage between performance measures.
The CEO has asked you, a performance management consultant in GER, for assistance with
regard to the adoption of a BSC approach to performance measurement. The CEO has
asked you to advise how the BSC can help GER achieve its mission and to discuss the
potential benefits and limitations that may arise from the adoption of a BSC approach to
performance measurement within GER.
Exhibit 3 – Choice of goals and measures
Some information has been made available to you in respect of GER for the years ended
31 December 20X4 and 31 December 20X3. This information can be found in the
appendices and includes financial data (Appendix 1) and other information relating to GER
(Appendix 2).
The CEO has asked you to use this information, together with any other information in the
scenario, to make recommendations of two goals and measures for each of the four
perspectives of the BSC in respect of GER. You should include illustrative calculations as
part of this task. The CEO has also asked you to advise on two additional performance
measures which might be useful to assess the customer perspective of the BSC of GER and
for which data could be collected going forward.

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Exhibit 4 – Data visualisation

The implementation of the BSC will result in changes to the way in which performance is
measured and reported to management. The current performance reports are adequate in
that they consider the purpose of the report, the audience for which the report is being
produced, the information needed and the layout. However, at present, the reports only
include simple bar charts and diagrams. The CEO views the implementation of a BSC
approach as an opportunity to improve the performance reporting system by using data
visualisation to present performance data. The CEO has asked you to briefly advise how
data visualisation tools could be used by GER and to discuss the benefits for GER of using
these tools.

Required:
It is now 1 September 20X5.
Respond to the CEO’s request for work on the following areas:
(a) How the balanced scorecard can help GER achieve its mission and the potential
benefits and limitations that may arise from its adoption (8 marks)
(b) Goals and measures for each perspective of the balanced scorecard and additional
measures for the customer perspective (8 marks)
(c) How data visualisation tools could be used and benefits of use. (4 marks)
Professional marks will be awarded for the demonstration of skill in analysis and evaluation,
scepticism and commercial acumen in your answer. (5 marks)
(Total: 25 marks)
Exhibit 5 – Appendix 1
Financial data for GER for the years ended 31 December 20X4 and 31 December 20X3
20X4 20X3
$000 $000
Revenue 33,000 30,525
Costs (14,850) (14,652)
––––––– –––––––
Gross profit 18,150 15,873
Operating expenses (8,250) (7,293)
Depreciation (3,300) (3,300)
––––––– –––––––
Operating profit 6,600 5,280
––––––– –––––––
Assets and current liabilities
Non‐current assets 33,160 29,500
Net current assets 9,360 6,420
––––––– –––––––
42,520 35,920
––––––– –––––––
Equity and non‐current liabilities
Bank loan 2,000 1,000
Ordinary share capital ($1) 22,500 22,500
Retained earnings 18,020 12,420
––––––– –––––––
Capital employed 42,520 35,920
––––––– –––––––

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Exhibit 6 – Appendix 2
Other information relating to GER for the years ended 31 December 20X4 and 31 December
20X3
20X4 20X3
Revenue ($000)
Existing routes 25,080 24,420
New routes 7,920 6,105
Current assets and current liabilities ($000)
Cash 4,150 1,220
Inventory 6,610 4,950
Receivables 2,560 3,550
Trade payables 3,960 3,300
Other statistics
Number of new routes (planned) 4 6
Number of new routes (actual) 6 4
Number of customer ticket enquiries received 1,375,000 1,271,875
Number of customer tickets sold 1,100,000 1,017,500
Number of routes in operation 36 30
Number of routes producing 80% of total revenue 20 24
Number of trains in operation 15 15
Average number of days in use 320 335
Number of passenger miles 66,000,000 61,000,000
Average train occupancy 80% 78%
Number of times trains were 100% occupied 120 39
Number of train journeys 4,000 3,900
Number of train station ‘stops’ 10,000 9,500
Number of late arrivals at train station ‘stops’ 200 285
Number of employees 254 250
Number of hours of employee training 2,159 2,000
Note: Each new route introduced required a cash investment in capital equipment of
$660,000.

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3 Exhibit 1 – Company Information

Grigs Engineering (Grigs) is a listed company, manufacturing highly engineered components

for use in production of aircraft. The company has grown significantly by acquisition in the
last 20 years to become a worldwide business.
The overall objective of the company is ‘to deliver sustainable growth in value to the
shareholders by working in partnership with customers to deliver innovative and value‐for‐
money component solutions using the skills of the highly trained workforce’.
The chief executive officer (CEO) has recognised that the company has been so focused on
making acquisitions that it has not improved other aspects of performance management.
You are a performance management expert in Grigs. The CEO has given you some tasks.
Exhibit 2 – Economic value added
One criticism of performance management at Grigs was that it lacked an over‐arching
measure of performance. As a result, the CEO is considering the introduction of economic
value added (EVATM) to replace return on capital employed (ROCE) as a principal
performance measure. The CEO wants to present this idea at the next board meeting and
so needs an illustrative calculation of EVATM along with a discussion of its benefits as a
replacement for ROCE. The data in appendix 1 should be used for the calculation.
Exhibit 3 – Reward scheme
Grig’s success has, in part, been built on the skills and experience of the highly trained and
expert engineering team who have consistently developed innovative component designs
and production techniques, that also balance the need for value‐for‐money manufacturing.
However, in the last 2‐3 years, Grig’s has loss a significant number of its engineering team
to its competitors, who have attracted these individuals with a sought after reward
package. The CEO has stated that ‘this leakage of engineering skills and talent must be
halted and that Elrig should consider how its reward system needs to be amended to
attract and retain the best engineers’. Grigs is now considering the various remuneration
packages that could be offered to engineers and have put forward three different
proposals:
1 The engineers will be paid a salary at least 20% more than the average paid by similar
sized competitors, in order to attract and retain the best engineers.
2 The engineers will be paid a salary matching that of similar sized competitors plus a
bonus linked to the achievement of turnover targets.
3 Engineer’s remuneration will be the current basic salary plus a flexible choice of
benefits plus a bonus based on a proportion of annual EVATM.
The CEO has asked you to evaluate each of these proposals and to briefly conclude on the
key factors that should be considered before a change in the reward scheme is made.
Exhibit 4 – Management style
Grigs’ current management style is budget constrained. Manager’s performance is
evaluated upon their ability to meet short‐term targets, primarily ROCE but also targets
such as annual gross profit. The CEO wants to understand a little more about alternative
management styles, more specifically a profit‐conscious style. For your final task, you have
been asked to explain what is meant by a profit‐conscious style and to assess its suitability
as a replacement for the current style.

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Required:
It is now 1 September 20X5.
Respond to the CEO’s request for work on the following areas:
(a) EVATM calculation and discussion of its benefits (8 marks)
(b) Proposed changes to the reward package and factors to consider before a change is
made (8 marks)
(c) What is meant by a profit‐conscious style and its suitability. (4 marks)
Professional marks will be awarded for the demonstration of skill in analysis and evaluation,
scepticism and commercial acumen in your answer. (5 marks)
(Total: 25 marks)
(Total Section B: 50 marks)
Exhibit 5 – Appendix 1
Financial data for Grigs for the year ended 31 December 20X4
$m
Operating profit 117.2
Interest (20)
––––
Profit before tax 97.2
Tax at 35% (34.0)
––––
Profit after tax 63.2
––––

1 January 20X4 1 January 20X5

Capital employed ($m) 443 459
Notes:
(1) $5.4 million and $7.0 million was spent on marketing in each of the years 20X4 and
20X3 respectively. This was to build the long‐term brand of Grigs.
(2) Grigs incurred non‐cash expenses of $5.6 million in 20X4.
(3) The company’s weighted average cost of capital is 9.5%.

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Present Value Table

Present value of 1 i.e. (1  r)n

Where r = discount rate
n = number of periods until payment

Periods Discount rate (r)

(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 1
2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 2
3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 3
4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 4
5 0.951 0.906 0.863 0.822 0.784 0.747 0.713 0.681 0.650 0.621 5
6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 6
7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 7
8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 8
9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 9
10 0.905 0.820 0.744 0.676 0.614 0.558 0.508 0.463 0.422 0.386 10
11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 11
12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 12
13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 13
14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 14
15 0.861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 15

(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 1
2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 2
3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.609 0.593 0.579 3
4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482 4
5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 5
6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 6
7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 7
8 0.434 0.404 0.376 0.351 0.327 0.305 0.285 0.266 0.249 0.233 8
9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 9
10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 10
11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135 11
12 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 12
13 0.258 0.229 0.204 0.182 0.163 0.145 0.130 0.116 0.104 0.093 13
14 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078 14
15 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 15

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Annuity Table

1  1  r n
Present value of an annuity of 1 i.e.
r
Where r = discount rate
n = number of periods
Periods Discount rate (r)
(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%
1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 1
2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 2
3 2.941 2.884 20829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 3
4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 4
5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 5
6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 6
7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 7
8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 8
9 8.566 8.162 7.786 7.435 7.108 6.802 6.515 6.247 5.995 5.759 9
10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 10
11 10.37 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 11
12 11.26 10.58 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 12
13 12.13 11.35 10.63 9.986 9.394 8.853 8.358 7.904 7.487 7.103 13
14 13.00 12.11 11.30 10.56 9.899 9.295 8.745 8.244 7.786 7.367 14
15 13.87 12.85 11.94 11.12 10.38 9.712 9.108 8.559 8.061 7.606 15

(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%
1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 1
2 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.566 1.547 1.528 2
3 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106 3
4 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 4
5 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 5
6 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326 6
7 4.712 4.564 4.423 4.288 4.160 4.039 3.922 3.812 3.706 3.605 7
8 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837 8
9 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031 9
10 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192 10
11 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327 11
12 6.492 6.194 5.918 5.660 5.421 5.197 4.988 4.793 4.611 4.439 12
13 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533 13
14 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611 14
15 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 15

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