ACCA考试P3考官文章分析

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ACCA考试与科目内容分析P1和P3

中公财经培训网：/
最新消息显示，ACCA考试科目中，P1和P3的这两门课程要合并了。

意思就是说，这两科的考试会变得相当的痛苦。

考试的题多了，考试时间也延长了。

两科共通的考试科目也将要开始出现了。

那么关于这两科，中公财经小编给大家整理了一个内容简介，以及考点分析。

希望能够对大家有所帮助;
ACCA P1
P1主要由公司治理，风险管理，职业操守三大模块组成。

主要以上市公司为例讲述公司组织的框架结构，管理层的组成和各岗位职责、权力范围;公司经营过程中存在的各种风险的分类，来源，防范，发现与处理，内部控制机制的建立、完善、实施;合格的会计人员应具备的职业操守的分类，独立性的概念，保持独立性的重要意义，对独立性产生的风险及防范，发现对独立性产生威胁的事物处理等。

着重在培养合格的国际会计师应具备的职业素养和道德风范，避免将来做会计师和管理者的道路上犯错误坐大牢现象的出现。

ACCA 非常注重会计师的职业操守，从F8开始，P1、P2、P7 这些科目中经常考，F8和P1中占的分数大，P2和P7经常至少考5分的职业道德题目。

F8和P1的关系：F8里的内部控制和商业风险，公司治理部分与P1内部控制和商业风险的内容重合，所以F8和P1一起参加考试占很大优势。

ACCA P3
主要从CEO角度去分析自己企业的内部和外部环境、资源、占有的优势、存在的劣势，财务报表的分析，盈利能力分析，为了发展方向目标及战略采取何种战术能够实现目标等。

在分析的时候用什么样的模型，模型的分类，各模型的优缺点及合理应用。

企业的并购，新产品的研发，海外市场的扩张等决策和采取的措施，做决策时应注意的各种问题等。

ACCA P3知识点：PESTEL分析模型

ACCA P3知识点：PESTEL分析模型在ACCA P3考试中分析企业外部环境时，常用PESTEL模型，PESTEL分析模型又称大环境分析，是分析宏观环境的有效工具，不仅能够分析外部环境，而且能够识别一切对组织有冲击作用的力量。

它是分析组织外部影响因素的方法，其每一个字母代表一个因素，可以分为6大因素：政治因素(Political)、经济因素(Economic)、社会因素(Social)、技术要素（Technological）、环境因素(Environmental)和法律因素(Legal)。

The PESTEL framework (sometimes also called "SLEPT" framework) analyses external forces under the headings:·Political;·Economic;·Socio-Cultural;·Technological;·Environmental; and·Legal.（1）政治因素(Political)：是指对组织经营活动具有实际与潜在影响的政治力量和有关的政策、法律及法规等因素。

（2）经济因素(Economic)：是指组织外部的经济结构、产业布局、资源状况、经济发展水平以及未来的经济走势等。

（3）社会因素(Social)：是指组织所在社会中成员的历史发展、文化传统、价值观念、教育水平以及风俗习惯等因素。

（4）技术因素(Technological)：技术要素不仅仅包括那些引起革命性变化的发明，还包括与企业生产有关的新技术、新工艺、新材料的出现和发展趋势以及应用前景。

（5）环境因素(Environmental)：一个组织的活动、产品或服务中能与环境发生相互作用的要素。

（6）法律因素(Legal)：组织外部的法律、法规、司法状况和公民法律意识所组成的综合系统。

ACCA p3_2010_12月_问题que

Professional Level – Essentials Module The Association of Chartered Certiﬁ ed Accountants Business AnalysisWednesday 15 December 2010Time allowedReading and planning: 15 minutesWriting: 3 hoursThis paper is divided into two sections:Section A – This ONE question is compulsory and MUST be attemptedSection B – TWO questions ONLY to be attemptedDo NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet untilinstructed by the supervisor.This question paper must not be removed from the examination hall.P a p e r P 3This is a blank page.The question paper begins on page 3.2Section A – This ONE question is compulsory and MUST be attemptedThe following information should be used when attempting question 11IntroductionShoal plc is a well-known corporate organisation in the ﬁ sh industry. It owns 14 companies concerned with ﬁ shing and related industries.This scenario focuses on three of these companies:ShoalFish Ltd – a ﬁ shing ﬂ eet operating in the western oceansShoalPro Ltd – a company concerned with processing and canning ﬁ shShoalFarm Ltd – a company with saltwater ﬁ sh farms.Shoal plc is also ﬁ nalising the purchase of the Captain Haddock chain of ﬁ sh restaurants.ShoalFishShoal plc formed ShoalFish in 2002 when it bought three small ﬁ shing ﬂ eets and consolidated them into one ﬂ eet.The primary objective of the acquisition was to secure supplies for ShoalPro. 40% of the ﬁsh caught by ShoalFish are currently processed in the ShoalPro factories. The rest are sold in wholesale ﬁ sh markets. ShoalFish has recorded modest proﬁts sinc e its formation but it is operating in a c hallenging market-plac e. The western oc eans where it operates have suffered from many years of over-ﬁshing and the government has rec ently introduc ed quotas in an attempt to conserve ﬁ sh stocks.ShoalFish has 35 boats and this makes it the sixth largest ﬂ eet in the western oceans. Almost half of the total number of boats operating in the western oceans are individually owned and independently operated by the boat’s captain.Recent information for ShoalFish is given in Figure 1.ShoalProShoalPro was acquired in 1992 when Shoal plc bought the assets of the T revarez Canning and Processing Company.Just after the ac quisition of the c ompany, the government dec lared the area around T revarez a ‘zone of industrial assistance’. Grants were made available to develop industry in an attempt to address the economic decline and high unemployment of the area. ShoalPro beneﬁted from these grants, developing a major ﬁsh processing and canning capability in the area. However, despite this initiative and investment, unemployment in the area still remains above the average for the country as a whole.ShoalPro’s modern fac ilities and relatively low c osts have made it attrac tive to many ﬁshing c ompanies. The ﬁsh received from ShoalFish now accounts for a declining percentage of the total amount of ﬁ sh processed and canned in its factories in the T revarez area. Recent information for ShoalPro is given in Figure 1.ShoalFarmShoalFarm was acquired in 2004 as a response by Shoal plc to the declining ﬁ sh stocks in the western oceans. It owns and operates saltwater ﬁsh farms. These are in areas of the ocean close to land where ﬁsh are protected from both ﬁ shermen and natural prey, such as sea birds. Fish stocks can be built up quickly and then harvested by the ﬁ sh farm owner. Shoal plc originally saw this acquisition as a way of maintaining supply to ShoalPro.Operating costs at ShoalFarm have been higher than expected and securing areas for new ﬁ sh farms has been difﬁ cult and has required greater investment than expected. Recent information for ShoalFarm is given in Figure 1.3[P.T.O.All ﬁ gures in $mShoalFish 2007 2008 2009T urnover of market sector 200·00 198·50 190·00T urnover of ShoalFish 24·00 23·50 21·50proﬁt 1·20 1·10 1·05GrossShoalPro 2007 2008 2009T urnover of market sector 40·00 40·10 40·80T urnover of ShoalPro 16·00 16·20 16·50Grossproﬁt 1·60 1·65 1·75ShoalFarm 2007 2008 2009T urnover of market sector 10·00 11·00 12·00T urnover of ShoalFarm 1·00 1·10 1·12proﬁt 0·14 0·14 0·15GrossFigure 1: Financial data on individual companies 2007–2009Captain HaddockThe Captain Haddock chain of restaurants was founded in 1992 by John Dory. It currently operates one hundred and thirty restaurants in the country serving high quality ﬁ sh meals. Much of Captain Haddock’s success has been built on the quality of its food and service. Captain Haddock has a tradition of recruiting staff directly from schools and universities and providing them with excellent training in the Captain Haddock academy. The academy ensures that employees are aware of the ‘Captain Haddock way’ and is dedicated to the continuation of the quality service and practices developed by John Dory when he launched the ﬁ rst restaurant. All management posts are ﬁ lled by recruiting from within the company, and all members of the Captain Haddock board originally joined the company as trainees. In 1999 the Prime Minister of the country identiﬁ ed Captain Haddock academy as an example of high quality in-service training. In 2000, Captain Haddock became one of the thirty best regarded brands in the country.In the past few years, the ﬁ nancial performance of Captain Haddock has declined signiﬁ cantly (see Figure 2) and the company has had difﬁculty in meeting its bank covenants. This decline is partly due to economic recession in the country and partly due to a disastrous diversiﬁ cation into commercial real estate and currency dealing. The chairman and managing director of the company both resigned nine months ago as a result of concern over the breaking of banking covenants and shareholder criticism of the diversiﬁcation policy. Some of the real estate bought during this period is still owned by the company. In the last nine months the company has been run by an interim management team, whilst looking for prospective buyers. At restaurant level, employee performance still remains relatively good and the public still highly rate the brand. However, at a recent meeting one of the employee representatives called for a management that can ‘effectively lead employees who are increasingly demoralised by the decline of the company’. Shoal plc is currently ﬁ nalising their takeover of the Captain Haddock business. The company is being bought for a notional $1 on the understanding that $15 million is invested into the company to meet short-term cash ﬂ ow problems and to improve liquidity. Shoal plc’s assessment is that there is nothing fundamentally wrong with the company and that the current ﬁ nancial situation is caused by the failed diversiﬁ cation policy and the cost of ﬁ nancing this. The gross proﬁ t margin in the sector averages 10%.Captain Haddock currently buys its ﬁ sh and ﬁ sh products from wholesalers. It is the intention of Shoal plc to look at sourcing most of the dishes and ingredients from its own companies; speciﬁ cally ShoalFish, ShoalPro and ShoalFarm. Once the takeover is complete (and this should be within the next month), Shoal plc intends to implement signiﬁ cant strategic change at Captain Haddock so that it can return to proﬁ tability as soon as possible. Shoal plc has implemented strategic change at a number of its acquisitions. The company explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success of any planned change programme depends on an understanding of the context in which the change is taking place.Captain Haddock (all ﬁ gures in $m)2007 2008 2009T urnover 115·00 114·50 114·00)Gross proﬁ t (loss) 0·20 (5·10 ) (6·20Figure 2: Financial information for Captain Haddock 2007–20094Required:(a) In the context of Shoal plc’s corporate-level strategy, assess the contribution and performance of ShoalFish,ShoalPro and ShoalFarm. Your assessment should include an analysis of the position of each company in the Shoal plc portfolio. (15 marks)(b) Shoal plc explicitly recognises that there is no ‘one right way’ to manage change. It believes that the success ofany planned change programme will depend on a clear understanding of the context within which change will take place.(i) Identify and analyse, using an appropriate model, the contextual factors that will inﬂ uence how strategicchange should be managed at Captain Haddock. (13 marks)Professional marks will be awarded in part (b)(i) for the identiﬁ cation and justiﬁ cation of an appropriatemodel.(2 marks)(ii) Once the acquisition is complete, Shoal plc wish to quickly turnaround Captain Haddock and return it to proﬁ tability.Identify and analyse the main elements of strategic change required to achieve this goal. (8 marks)Professional marks will be awarded in part (b)(ii) for the cogency of the analysis and for the overallrelevance of the answer to the case study scenario.(2 marks)(c) Portfolio managers, synergy managers and parental developers are three corporate rationales for adding value.Explain each of these separate rationales for adding value and their relevance to understanding the overall corporate rationale of Shoal plc. (10 marks)(50 marks)5[P.T.O.Section B – TWO questions ONLY to be attempted2IntroductionTMP (The Management Press) is a specialist business publisher; commissioning, printing and distributing books on ﬁ nancial and business management. It is based in a small town in Arcadia, a high-cost economy, where their printing works were established ﬁ fty years ago. 60% of the company’s sales are made through bookshops in Arcadia. In these bookshops TMP’s books are displayed in a custom-built display case speciﬁcally designed for TMP. 30% of TMP’s sales are through mail order generated by full-page display advertisements in magazines and journals. Most of these sales are to customers based outside Arcadia. The ﬁ nal 10% of sales are made through a newly established website which offers a restricted range of books. These books are typically very specialised and are rarely featured in display advertising or stocked by general bookshops. The books available on the website are selected to avoid conﬂict with established supply channels. Most of the online sales are to customers based in Arcadia. High selling prices and high distribution costs makes TMP’s books expensive to buy outside Arcadia.Business changesIn the last decade costs have increased as the raw materials (particularly timber) used in book production have become dearer. Paper is extremely expensive in Arcadia and the trees used to produce it are becoming scarcer. Online book sellers have also emerged who are able to discount prices by exploiting economies of scale and eliminating bookshop costs. In Arcadia, it is estimated that three bookshops go out of business every week. Furthermore, the inﬂ uential journal ‘Management Focus’, one of the journals where TMP advertised their books, also recently ceased production. TMP itself has suffered three years of declining sales and proﬁ ts. Expenditure on marketing has been reduced signiﬁ cantly in this period and further reductions in the marketing budget are likely because of the weak ﬁ nancial position of the company.Overall, there is increasing pressure on the company to increase proﬁ t margins and sales.Despite the poor ﬁ nancial results, the directors of TMP are keen to maintain the established supply channels. One of them, the son of the founder of the company, has stated that ‘bookshops need all the help they can get and management journals are the heart of our industry’.However, the marketing director is keen for the company to re-visit its business model. He increasingly believes that TMP’s conventional approach to book production, distribution and marketing is not sustainable. He wishes to re-examine certain elements of the marketing mix in the context of the opportunities offered by e-business.A young marketing graduate has been appointed by the marketing director to develop and maintain the website.However, further development of the website has not been sanctioned by the Board. Other directors have given two main reasons for blocking further development of this site. Firstly, they believe that the company does not have sufﬁ cient expertise to continue developing and maintaining its own website. It is solely dependent on the marketing graduate. Secondly, they feel that the website will compete with the established supply channels which they are keen to preserve.However, the marketing director is convinced that investing in e-business is essential for the survival of TMP. ‘We need to consider what unique opportunities it offers for pricing the product, promoting the product, placing the product and providing physical evidence of the quality of the product. Finally, we might even re-deﬁ ne the product itself’. He feels if the company fails to grasp these opportunities, then one of its competitors will, and ‘that will be the end of us’.Required:(a) Determine the main drivers for the adoption of e-business at TMP and identify potential barriers to itsadoption. (5 marks)(b) Evaluate how e-business might help TMP exploit each of the ﬁve elements of the marketing mix (price,product, promotion, place and physical evidence) identiﬁ ed by the marketing director. (20 marks)(25 marks)6Frigate Limited is based in the country of Egdon. It imports electrical components from other countries and distributes them throughout the domestic market. The company was formed twenty years ago by Ron Frew, who now owns 80% of the shares. A further 10% of the company is owned by his wife and 5% each by his two daughters.Although he has never been in the navy, Ron is obsessed by ships, sailing and naval history. He is known to everyone as ‘The Commander’ and this is how he expects his employees to address him. He increasingly spends time on his own boat, an expensive motor cruiser, which is moored in the local harbour twenty minutes drive away. When he is not on holiday, Ron is always at work at 8.00 am in the morning to make sure that employees arrive on time and he is also there at 5.30 pm to ensure that they do not leave early. However, he spends large parts of the working day on his boat, although he can be contacted by mobile telephone. Employees who arrive late for work have to immediately explain the circumstances to Ron. If he feels that the explanation is unacceptable then he makes an appropriate deduction from their wages. Wages, like all costs in the company, are closely monitored by Ron.Employees, customers and suppliersFrigate currently has 25 employees primarily undertaking sales, warehousing, accounts and administration. Although employees are nominally allocated to one role, they are required to work anywhere in the company as required by Ron.They are also expected to help Ron in personal tasks, such as booking holidays for his family, ﬁ lling in his personal tax returns and organising social events.Egdon has laws concerning minimum wages and holidays. All employees at Frigate Ltd are only given the minimum holiday allocation. They have to use this allocation not only for holidays but also for events such as visiting the doctor, attending funerals and dealing with domestic problems and emergencies. Ron is particularly inﬂ exible about holidays and work hours. He has even turned down requests for unpaid leave. In contrast, Ron is often away from work for long periods, sailing in various parts of the world.Ron is increasingly critical of suppliers (‘trying to sell me inferior quality goods for higher prices’), customers (‘moaning about prices and paying later and later’) and society in general (‘a period working in the navy would do everyone good’). He has also been in dispute with the tax authority who he accused of squandering his ‘hard-earned’ money.An investigation by the tax authority led to him being ﬁ ned for not disclosing the fact that signiﬁ cant family expenditure (such as a holiday for his daughters overseas) had been declared as company expenditure.Company accountantIt was this action by the tax authority that prompted Ron to appoint Ann Li as company accountant. Ann had previously worked as an accountant in a number of public sector organisations, culminating in a role as a compliance ofﬁ cer in the tax authority itself. Ron felt that ‘recruiting someone like Ann should help keep the tax authorities happy. After all, she is one of them’.Ann was used to working in organisations which had formal organisational hierarchies, specialised roles and formal controls and systems. She tried to install such formal arrangements within Frigate. As she said to Ron ‘we cannot have everyone working as if they were just your personal assistants. We need structure, standardised processes and accountability’. Ron resisted her plans, at ﬁ rst through delaying tactics and then through explicit opposition, tearing up her proposed organisational chart and budget in front of other employees. ‘I regret the day I ever made that appointment’, he said. After six months he terminated her contract. Ann returned to the tax authority as a tax inspector.Required:The cultural web allows the business analyst to explore ‘the way things are done around here’.(a) Analyse Frigate Ltd using the cultural web or any other appropriate framework for understanding organisationalculture. (15 marks)(b) U sing appropriate organisation conﬁguration stereotypes identiﬁed by Henry Mintzberg, explain how anunderstanding of organisation conﬁguration could have helped predict the failure of Ann Li’s proposed formalisation of structure, controls and processes at Frigate Ltd. (10 marks)(25 marks)7[P.T.O.The Institute of Administrative Accountants (IAA) has a professional scheme of examinations leading to certiﬁ cation.The scheme consists of six examinations (three foundation and three advanced) all of which are currently assessed using conventional paper-based, written examinations. The majority of the candidates are at the foundation level and they currently account for 70% of the IAA’s venue and invigilation costs.There are two examination sittings per year and these sittings are held in 320 centres all over the world. Each centre is administered by a paid invigilation team who give out the examination paper, monitor the conduct of the examination and take in completed scripts at the end. Invigilators are also responsible for validating the identity of candidates who must bring along appropriate identiﬁ cation documents. At over half of the centres there are usually less than ten candidates taking the foundation level examination and no candidates at all at the advanced level. However, the IAA strives to be a world-wide examination body and so continues to run examinations at these centres, even though they make a ﬁ nancial loss at these centres by doing so.Recent increases in invigilation costs have made the situation even worse. However, the principles of equality and access are important to the IAA and the IAA would like to increase the availability of their examinations, not reduce it. Furthermore, the IAA is under increased ﬁ nancial pressure. The twice-yearly examination schedule creates peaks and troughs in cash ﬂ ow which the Institute ﬁ nds increasingly hard to manage. The Institute uses its $5m loan and overdraft facility for at least four months every year and incurred bank charges of $350,000 in the last ﬁ nancial year.ExaminationsAll examinations are set in English by contracted examiners who are paid for each examination they write. All examinations are three-hour, closed-book examinations marked by contracted markers at $10 per script. Invigilators send completed scripts directly to markers by courier. Once scripts have been marked they are sent (again by courier) to a centralised IAA checking team who check the arithmetic accuracy of the marking. Any marking errors are resolved by the examiner. Once all marks have been veriﬁed, the examination results are released. This usually takes place16 weeks after the examination date and candidates are critical of this long delay. The arithmetic checking of scriptsand the production of examination results places signiﬁ cant demands on IAA full-time administrative staff, with many being asked to work unpaid overtime. The IAA also employs a signiﬁ cant number of temporary staff during the results processing period.E-assessmentThe new head of education at the IAA has suggested e-assessment initiatives at both the foundation and advanced levels.He has suggested that all foundation level examinations should be assessed by multiple-choice examinations delivered over the Internet. They can be sat anytime, anyday, anywhere. ‘Candidates can sit these examinations at home or at college. Anywhere where there is a personal computer and a reliable broadband connection.’Advanced-level examinations will continue to be held twice-yearly at designated examination centres. However, candidates will be provided with personal computers which they will use to type in their answers. These answers will then be electronically sent to markers who will use online marking software to mark these answers on the screen.The software also has arithmetic checking facilities that mean that marks are automatically totalled for each question.‘100% arithmetic accuracy of marking is guaranteed.’He has also suggested that there is no need to make a formal business case for the adoption of the new technology.‘Its justiﬁ cation is so self-evident that deﬁ ning a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation would just be a pointless exercise. It would slow us down at a time when we need to speed up.’Required:(a) Evaluate the perceived beneﬁ ts and costs of adopting e-assessment at the IAA. (15 marks)(b) Explain why establishing a business case, managing beneﬁ ts and undertaking beneﬁ ts realisation are essentialrequirements despite the claimed ‘self-evident’ justiﬁ cation of adopting e-assessment at the IAA.(10 marks)(25 marks)End of Question Paper8。

2015年ACCA考试P3考点归纳

P3考点集成作者：River简介：中博讲师，被限制的资深吃货准妈妈知识产权申明：本系列复习文章的知识产权归属于何文（river）。

本系列文章仅用作考生准备P3复习课。

若其他机构非法转载或者用于盈利意图，本人将保留所有的起诉权力！吃货又来了，为大家奉上P3的考点分析。

P3的模型很多，几乎囊括了企业经营的方方面面，估计大家看见这一堆堆模型的心情跟我看见孕妇禁食名单是一样一样的。

但是至少模型还有规律可循。

我们可以把大纲分成几个集成的考试模块，然后在复习的时候一个个的攻坚处理。

这样能够有效的整合大纲当中的知识，提高复习效率。

这篇文章怎么用（非常重要）我会将大纲分成几个集成的考试模块，对每一个模块之间的模型关系做一个简单的介绍。

然后附上考官文章以及经典考题。

你们需要把文章中提及的每一个模型都背下来，然后熟读考官文章，最后试着自己去回答问题。

P3的答案排布是非常具有逻辑性的，通常都是current situation analyze,option consideration and final recommendation.第一模块：战略循环Strategic position Macro-environment PESTELIndustry environment Porter`s five forces&porter`sdiamondOrganization M`s model and cultureStrategic choice1st level Porter`s generic strategy2nd level Ansoff`s matrix3rd level Acquisition,internal growth orstrategic alliancesEvaluation Suitability,Acceptability andFeasibilityStrategic action Change management andcultureStrategic position环境分析一直都是考试的重点。

ACCA P3考试模拟题及解析

ACCA P3考试模拟题及解析World Engines (WE) is one of the largest producers of aircraft and ship engines in the world. It has assets in excess of $600bn. It is currently considering improvements to its marine engine production facilities. These improvements include the introduction of specialist hardware and software engine testing technology. Two companies have been shortlisted for supplying this technology.Amethyst is a well-established company whose product provides sophisticated testing facilities and costs $7m. The software that supports the product is written in a conventional programming language. The solution is widely used,but it is relatively inflexible and it has an out-of-date user interface. Amethyst has been trading profitably for 20 years and currently has an annual turnover of $960m.Topaz is a relatively new company (formed three years ago) whose product is more expensive ($8m) but it offers significant advantages in high volume performance and stress testing. It has a modular software design that allows it to be easily maintained and upgraded. It is written in a relatively new powerful programming language and it also has an attractive and contemporary user interface. Topaz currently has a turnover of $24m per year. Some WE executives are concerned about purchasing from such a young, relatively small company, although externally commissioned credit reports show that Topaz is a profitable, liquid and lightly geared company.On a recent evaluation visit to Amethyst, WE’s complete e valuation team of five people, including the financial specialist, were killed when their aircraft crashed on its approach to landing. It was a small, 12 seat commuter aircraft that was flying the WE team on a short 100 km flight from the international airport to a small rural airport close to Amethyst’s base. It later emerged that small commuter airlines and aircraft were subject to less stringent safety procedures than larger aircraft used by established airlines.Later that year, one of the divisional directors of WE was given responsibility for picking up and running the testing technology evaluation project. He has found the following table (Figure 1) produced by the financial specialist in the evaluation team who was killed in the air crash. The divisional director recalls that these returns were based on ‘tangible benefits resulting from the two options. The returns reflect the characteristics of the two products. Topaz produces better returnsif demand for testing is high, but is less effective in low demand circumstances. This is a reflection of the fact that the two solutions differ slightly in terms of their functional scope and power’.Figure 1: expected returns for three demand and supplier combinations.Option Supplier IF High demand IF Low demandA Amethyst $3m per annum $0·5m per annumB Topaz $4m per annum $0·1m per annumThe divisional director also recalls a workshop convened to consider future market demand.‘Demand in the marine industry is currently affec ted by global economic uncertainty and it is increasingly difficult to predict demand.I remember that we were also asked to estimate demand for our marine products for the next six years. We eventually came up with the following figures, although it was relatively hard to get everyone to agree and debate at the workshop became a little heated’.–High demand for six years: probability p = 0·4–Low demand for six years: probability p = 0·4–High demand for three years, followed by low demand for three years: probability p = 0·2These figures are confirmed by a document also recovered from the air crash site. ‘As I recall’, said the divisional director, ‘the financial specialist intended to develop a decision tree to help us evaluate the Amethyst and Topaz alternatives. However, there is no evidence that he ever constructed it, which is a pity because we could have taken the procurement decision on the basis of that decision tree’.Required:(a) Develop a decision tree from the information given in the scenario and discuss its implications and shortcomings.Ignore the time value of money in your analysis. (9 marks)(b) The divisional director suggests that the procurement decision could have been taken on the evidence of the decision tree.Discuss what other factors (not considered by the decision tree analysis) should also be taken into consideration when deciding which option to select. (6 marks)(c) WE executives are concerned about the risk of Topaz, as a relatively new company, going out of business. They have also expressed concern about the loss of the evaluation team in a fatal accident and they believe that this should lead to a review of the risks associated with employee travel.Discuss how EACH of the above risks (supplier business failure and employee travel) might be avoided or mitigated. (10 marks)(25 marks)Answer:(a) A decision tree for the information in the scenario is given below.The expected value of Amethyst is:($18m x 0·4) + ($3m x 0·4) + ($10·5m x 0·2) = $10·5m MINUS cost of $7m = $3·5mThe expected value of Topaz is:($24m x 0·4) + ($0·6m x 0·4) + ($12·3m x 0·2) = $12·3 MINUS cost of $8m = $4·3mThe analysis suggests that the Topaz option should be chosen.This decision tree is based on the information available at this point in time. The probabilities set in the workshop are subjective and are not based on an analysis of past statistical data. As the divisional director recalls in the scenario, ‘it was relatively hard to get everyone to agree and debate at the workshop became a little heated.’ The sensitivity of the outcome to slight alterations in probability assessments should be undertaken. It is also unlikely that the predicted returns will be completely accurate. The basis of these estimates is not given, but a further sensitivity analysis, this time focusing on returns, would be valuable. The predicted annual return of Topaz ($4m per annum) under conditions of high demand needs particular attention. This value (and its associated probability) contributes about 78% of the total expected value of this option. If the annual returns are overestimated by 10% (say $3·6m per annum not $4·0m), then this ceases to be the best option.Software prices may also be negotiable, and changes in prices and structure may also need to be experimented with. The decision tree will have been just one input into the procurement decision.(b) As highlighted in the first part of the answer, the decision tree is only one input to the procurement decision. The scenario states that the returns used in the decision tree analysis were based on tangible benefits. The business case for each option would also have to state intangible benefits offered by each option. For example, the Topaz option offers a more contemporary user interface and this may provide intangible benefits associated with a better user experience. Intangible benefits need to be identified and listed for each option.Importantly, the risk associated with each option will also have to be considered and documented. An element of this is reflected in the scenario. Amethyst, a well-established supplier, is perceived as a less risky option than the relatively newly formed, smaller Topaz. The relative supplier risk is not reflected in the decision tree. This risk, and other risks identified for each option, must be documented in the business case.Amethyst optionTopaz optionHigh p = 0·4Low p = 0·4High then low p = 0·2High p = 0·4Low p = 0·4High then low p = 0·26 x $0·1m6 x $4m3 x $4m + 3 x $0·1m6 x $0·5m6 x $3m3 x $3m + 3 x $0·5mIt may also be necessary to assess the relative impact on the organisation of each option. The options appear to differ in their functional scope and power and these differences might have disproportionate effects on the degree of change necessary within the organisation to accommodate the solution and the effect that each option has on organisational processes and the people with responsibility for those processes.Finally, an effective selection process should allocate appropriate weight to features associated with the supplier of the solution. This is not just financial robustness, but also factors such as the availability of support, the presence and effectiveness of a user group, process certification etc. Similarly, the product needs to be assessed for functional fitness and for overall product characteristics, such as usability, flexibility and its overall design philosophy. We are told that Topaz is modular and up-to-date and this may be in its favour, but it will not be reflected in the decision tree analysis.(c) The risk assessment for Topaz has documented concerns about the long-term viability and stability of the supplier. Current financialanalysis reveals a profitable, liquid and lowly geared company. However, the company is relatively young and it has a very small turnover compared to WE. It also has to be recognised that WE intends to enter a long-term relationship with this supplier. Hence the continuing success and viability of Topaz is important to WE. A risk avoidance strategy would be to avoid purchasing from small, newly-established companies. Hence Topaz would not be considered.Should this risk actually take place, and Topaz goes out of business, then its impact may be mitigated by the following:– The software used in the product is perceived to be innovative, modular and up-to-date. WE should ensure that this software is lodged in an escrow agreement. In such an agreement the source code is stored with an independent third party. If Topaz goes out of business, then their customers (including WE) have access to the software source code which should allow them, or their appointed agents, to maintain and support it.– WE should also consider establishing in-house expertise in the programming language used by the Topaz product. This could have two objectives:(1) As a basis for developing a long-term in-house software application that could be used to replace the software elements of the product offered by Topaz. The team could also be used to develop other significant applications required by the company. The software is contemporary and powerful and so other applications within WE should not be difficult to find.(2) To provide a basis for enacting the escrow agreement if Topaz goes out of business. Access to the source code is particularly appropriate if an in-house team is able to pick up the software, maintain it and develop it.– WE is a very significant company, with considerable assets. It should be relatively easy for it to maintain funds which could be used for purchasing Topaz should it run into difficulties. Many large companies take this approach as it secures software supply and potentially severs the supply, in this case, of the software to competitors.WE need to maintain a contingency plan for moving to an alternative supplier or an in-house team. This contingency plan could be linked to monitoring the financial performance of Topaz. Many financial organisations offer a continuous monitoring facility to ensure thatsuppliers are not just evaluated at the point of purchase, but throughout the subsequent business relationship. This is particularly important when the supplier’s application is business-critical to the customer and any interruption in supply would have significant implications.The key lessons learned from the fatal air crash should result in WE developing risk avoidance or mitigation actions to make sure that such catastrophic events do not happen again, or, if they do happen, that they have less impact on the organisation.Potential actions include:1. Not permitting teams to travel together –the complete evaluation team was in the aircraft. Many organisations insist that key employees do not travel together to conferences and meetings.2. Looking for safer transport alternatives –the fatal journey was on a small commuter plane travelling a distance which might have been undertaken by car or train. The riskiness of different ways of travelling needs to be considered. Small commuter airlines and aircraft may have less stringent safety procedures than larger, mainstream airlines. Again, this would have to be investigated.3. Eliminating unnecessary travel – was the journey necessary? Encouraging employees to work from the home or the office reduces the risk of travel accidents by avoiding travel in the first place. The company might not only consider electronic meetings as a way of cutting costs, but also as a way of reducing the chance of fatal travel accidents.4. Finally, ensuring that all documentation is up-to-date andself-explanatory, so that it can be picked up easily by other employees of the organisation, hence avoiding the situation described in the scenario where the divisional director has to piece together fragments of documentation left by the unfortunate team.。

ACCA P3考试经验分享：了解这些acca考试经验助你备战6月考季

中公财经培训网：/ ACCA考试经验非常重要，了解这些考试经验对于小伙伴们的考试非常重要。

对于已经考过P1的学员们，今年六月是考P3的最后一次机会。

如果把握不在，你们就要迎接全新的科目-SBL，而之前P1的成绩也作废。

想想就让人心痛!为了帮助大家把握住最后一次机会，中公财经网小编(zgacca)总结整理了ACCA P3考试经验，分享给大家!ACCA P3考试经验:正确理解分析模型P3是很多中国考生比较害怕的一科，靠死记硬背或是刷题是不能理解掌握这些模型的。

建议大家可以听听我的的直播课程，听听专业老师通过案例和真题对模型的分析，逐渐培养自己的逻辑分析能力。

其实P3并没有唯一或标准答案，只要考生能正确理解模型并做出合理分析，分值自然不会低。

ACCA P3考试经验:多做练习练习的目的是为了掌握重点模型，熟悉答题技巧。

刚开始练习，中公财经网小编建议大家多思考答题角度，完善的写出自己的想法，不要追求做题速度。

练习的同时，要规范答题格式，养成好的答题习惯。

ACCA P3考试经验:注意答案中的给分点不要去背练习题的答案，要看答案进行分析和推理。

我们需要通过观察给分点来了解答题思路，明白怎么写答案能写到得分点上，什么样的答案能得高分。

记住，P3不是靠背，而是靠想!ACCA P3考试经验:考前整理模型在考试中，如果题目没有明确要求用哪个模型作答，我们就可以按照自己的思路来回答。

但是各位考生切记:不要对模型生搬硬套，要先引用再分析。

P3要求考生有应用能力，而不只是理论本身。

P3不需要怎么背，重要的是理解掌握模型，多看讲义，强化理解。

中公财经网小编祝大家最后一次P3考试旗开得胜!返回，查看更多。

ACCA考试经验：P3考试只需一次

中公财经培训网：/可能很多小伙伴都会在P阶段的时候被非常专业的问题和考试形式所吓倒。

其实，如果你真的到达那个层次了，P阶段的考试一次通过也不在话下。

下面是中公财经小编整理的关于P3的考试经验分享，希望能够对大家有所帮助;"1 mark for each appropriate/relevant point up to a maximum of XX marks"——这是P3评分标准中最常见的一句话。

可以看出，P3是一门要求考生灵活应用所学理论知识解决实际案例问题的考试，P3考官对考生如何答题一般不做强行要求，我们从官方公布的答案中经常可以看到这样的字句："This model answer is structured around XXX model, but this is not required by the question. Answers that take a different approach will be given appropriate credit."或者"A number of different legitimate approaches could be used to answer this question. The structure used here is based on XXX model. However, alternative frameworks are acceptable as long as appropriate points are made."再比如："There are a range of potential solutions. Some ideas are presented below, but other legitimate answers will be given credit."因此，成功通过P3的关键在于考生形成适合自己的分析案例问题的思路以及在时间压力之下快速构建有条理的解决案例问题的答题结构。

2015年ACCA P3商务分析考点总结(2)

2015年ACCA P3商务分析考点总结（2）BENCHMARKINGBenchmarking can be thought of as a scientific way of setting objectives that will act as targets before and during the operating period, and comparators during and after the periodBenchmarking can be defined as: 'The establishment, by the collection of data, of comparators that allow relative levels of performance to be identified.’Benchmarking can be thought of as a scientific way of setting objectives that will act as targets before and during the operating period, and comparators during and after the period. The phrase ‘by the collection of data’ is crucial: anyone can establish objectives without the collection of data, but these will be of little use because they are likely to be arbitrary and without any validity. Benchmark data validates objectives.The sources of data that can be used include internal data (for example, comparing the results of different branches), data about other companies (for example, those in the same industry) and government data (for example, data about employee sick days). We will examine the sources of data in more detail later.BENCHMARKING AND THE STRATEGIC PLANNING PROCESSBenchmarking can be used in all three steps of the classical, rational model of strategic planning:Assess the strategic position (internal and externalfactors)Frequently, strategic planning starts by defining the mission or mission statement. For example, BMW states that its mission is: ‘The BMW Group is the world’s leading pro vider of premium products and premium services for individual mobility.’So, without comparison through benchmarking, how does BMW know that it is delivering premium products and services?Assessment of an organisation’s current strategic position can be summarised in a SWOT analysis. However, the use of comparators is inherentin a SWOT analysis: if you can say that something is a ‘weakness’ or a ‘strength’ you must be carrying out some sort of comparison when making that value judgement. Similarly with opportunities and threats. A factor is a threat to us only because it is better or stronger than we are in that area – whether it is an organisation that is better financed, or one that produces products more cheaply, or a technological development that promises a better product in terms of cost-benefit, or an organisation that has a stronger brand name.Note that a benchmarking exercise can also highlight where a competitor’s performance is weaker and so point out the areas where that competitor is vulnerable and might be fruitfully attacked. For example, if it is found that the quality and reliability of a competitor’s products are inferior to one’s own products, then an advertising campaign emphasising quality of our products could be effective.In all cases, the SWOT analysis should be based as far as possible on facts; data that has been collected and transformed into benchmark standards.Consider strategies and make choices Chosen strategies are those that should lead to competitive advantage.According to Michael Porter, competitive advantage can be obtained through either cost leadership or differentiation (each with or without focus). If cost leadership is to be attained, then an organisation must know what costs it needs to beat. What are competitors’ costs? What are the benchmarks for cost leadership? If the organisation has little hope of equalling or bettering those costs, then cost leadership is not a sensible strategy to attempt.Similarly with differentiation. This strategy is always more complex than cost leadership, where the main criterion is simply to lower unit costs while maintaining average quality. Differentiation, however, can be attained in a multitude of ways: quality, brand, style, innovation. Whatever the secret of differentiation is, it must be something that beats the competition – better quality, stronger brand attributes, better style or more radical innovation. Once again, measuring how competitors perform in these metrics is essential.Strategic implementation (strategy into action) Setting objectives is a major tool for implementing a strategy. Strategic plans are often communicated by issuing budgets to divisions, departments and individualsand, of course, budgets consist of objectives or targets. However, budgets have to be both challenging (to stay competitive and generate motivation) and attainable (to be taken seriously). Once again, an assessment of potential attainability should be based on the results that other organisations achieve, and so budget targets need to be benchmarked against these.Therefore, benchmarking can be used to:· push people in the directions where improvement is required· provide measures as to whether that required performance has been attained or to indicate what improvement is still needed.TYPES OF BENCHMARKThere are a number of different ways in which benchmarks can be established. A common categorisation of the approaches is as follows:Internal benchmarking. This does not mean simply inventing an objective internally out of thin air because benchmarking implies comparison. Internal benchmarks are likely to be set by looking at historical performance or performances achieved by different branches or divisions. If last period’s actual result s showed that it took 12 minutes to produce each unit, then it might be valid to set a benchmark of 11.5 minutes for the next period. Similarly, if the best branch achieved a net profit percentage of 15%, then that might be a valid target to set all branches.The potential danger with these approaches is that they are both inward-looking. Therefore:· No attention has been paid to what other organisations, such as competitors, are achieving. Note that Porter talks of the need to achieve competitive advantage. It’s all very well saying that our best branch achieves 15% net profit, but what if competitors routinely achieve 18%? Similarly, last year’s production time of 12 minutes might be way in excess of more efficient producers.· Additionally, t he opportunities for learning are small. If an organisation does not realise that competitors are better, not only is that dangerous in itself, but the organisation will never be inspired to try to find out how competitors do better.However, internal benchmarking can have advantages, such as:· access to the required data should be quick, easy and cheap· it might be the only method if there are no external suitable companies for comparison· it might be the only approach possible where other companies’ data is confidential and difficult to obtain.Industry benchmarking. In this approach, benchmarks are set by looking at what other organisations in the same industry achieve. Industry benchmarking can be divided into:· non-competitor benchmarking· competitor benchmarking.Examples of non-competitor benchmarking can be seen in comparing treatment results for hospitals in different towns, the efficiency of rubbish collection by different local authorities and the exam success of children in different schools. Because the different organisations are not in competition, the exchange of data should be relatively open, though an organisation that thinks it is performing poorly might be reluctant to release its data. Therefore, governments often insist that state enterprises, such as schools or hospitals, publish statistics as it is recognised that this is important information for managers, staff, users of the facilities and government. The hope is that by publishing the data, poorer performers will be motivated to improve their game and to learn from good performers.Examples of competitor benchmarking can be seen in aircraft turnaround times (how long the aircraft is on the ground between flights) and the load factor (what percentage of seats are occupied) for different airlines. Both of these are relatively easy to measure because they are very visible and you can be sure that airlines keep a close watch on their competitors’ statistics. However, you will appreciate that many of the most interesting pieces of data about a competitor will not be easily accessible and that competitors will often try to keep this information confidential to try to maintain their own competitive advantage. Manufacturing companies sometimes use reverse engineering to attempt to calculate competitors’ costs. It is common, forexample, for car companies to buy a competitor’s new model and to dismantle it carefully as the basis for estimating production costs and time.Although industry benchmarking might seem to be almost foolproof, there is a danger that benchmarks are inappropriate because comparisons are made with the wrong organisation or because no allowance has been made for important differences. Therefore, when comparing the performance of children in schools, it would probably be valid to make allowance for schools in different parts of town. A school in a relatively rich area where many parents are well-educated and supportive of their children might be expected to outperform a school in a poorer area. In addition, an organisation might not be perceived as a competitor (and therefore not used for benchmarking) when in fact it is in competition. For example, there is no point in being a really efficient producer of inexpensive stand-alone digital cameras when that market is being supplanted by the increasing quality of cameras in mobile phones. Similarly, the exercise would be of limited use in comparing the costs of customer interactions in a traditional bank with those of a purely online bank.Sometimes, organisations in a particular sector set up collaborative benchmarking. Data can be shared either openly (where there is no competition) or anonymously (where there is competition) so that the whole industry can make use of the data to improve. Thus, in the UK each year the Department for Business, Innovation and Skills (a government department) publishes key performance indicator data (around 700 datasets) for the construction industry. Each company will be able to recognise its own data and therefore judge how it is performing relatively.Best-in-class benchmarking. In this approach, rather than comparing entire organisations, the individual activities of an organisation are compared to those activities in other organisations where the activities are carried out really well. So, it would be valid for a telephone-based bank to compare its call answering times to those in an organisation in a different sector that had a very good reputation in dealing promptly with phone calls. From a pricing perspective, a hotel business might learn a lot from studying how airlines change their fares in response to demand. Both hotel room vacancies and unoccupied aircraft seats are perishable commodities and maximising profits in both industries depends on enticing in the last guest or traveller at the maximum marginal revenue.One of the most famous examples of best-in-class benchmarking is that of airlines improving their turnaround times by benchmarking themselves against Formula One racing car pit-stop operations. In both cases, there will be both routine operations to be carried out efficiently and occasional emergency or unexpected repairs and replacements of components. Well-trained teams, spares inventories, technician availability will be essential to the success of both operations.The great strength of best-in-class benchmarking is the high degree of learning that is encouraged. The observation of very successful processes and activities, wherever found, will often generate radical inno vation and improvement in an organisation’s competitive strength. Furthermore, very good performance in one aspect of a certain industry, perhaps a very slick website in a travel site, is likely to raise customers’expectations in many different industries, so that slick websites are expected everywhere.。

acca tx考官文章观后感

acca tx考官文章观后感首先，ACCA考试需要保证时间和精力的投入。

我是在本科学习期间，利用课余时间学习ACCA的。

每次准备两门考试的时间只有两个月左右，而ACCA阅读量大，练习量也大，所以几乎所有的课余时间我都用来啃那些厚厚的教材了。

对知识的灵活运用是建立在对知识点的熟练掌握和深刻理解基础之上的，这就需要我们平时对课本深读。

一般而言，我会看三遍教材，对任何一个角落都不放过。

这个过程中，要对一些重点句子词组做上重点记号，还要用几个单词对一段文字归纳总结，难以理解的地方也做上记号。

第二遍精读，看了一遍书后，对这门课程的基本内容和体系有了了解，也能把握哪些章节是重点，在第二遍阅读的过程中，就要理解第9遍中不明白的地方，还要纠正以前一些错误的理解，对于教材中的例子，要求自己关上书，再做一遍。

第三遍略读，这一遍一般在考试前几天进行。

我觉得比较有效的方式是看大纲，边看大纲边回忆知识点，不清楚的地方就翻到原文，再温习一遍，加深理解。

每一章后面的Chapter roundup 也是对该章内容很精练的概括，在复习的时候也可以帮助我们回顾知识点。

其次，要领悟ACCA特有的思维模式，掌握国际专业的表达方式，提高自己分析问题和解决问题的能力。

ACCA的考题一般都是先提出问题，再分析问题，最后解决问题。

而且，题目设置的背景与实际紧密联系，需要我们结合实际情况回答问题。

例如在2.4 Financial Management and Control与3.7 Strategic Financial Management的投资决策分析中，往往是先根据题设条件计算出NPV，然后考虑其他一些非财务因素，例如管理层对风险的态度，政府部门可能采取的管制措施，决策对内部员工士气的影响，对竞争对手的影响，对环境的影响等等。

最后需要综合各个方面的因素，做出最符合实际情况的决策。

如果能在答案中引用自己在现实工作中的例子，是很受考官赏识的，说不定还有额外加分。

2015年ACCA P3商务分析考点总结(1)

2015年ACCA P3商务分析考点总结（1）COMMUNICATING CORE VALUES AND MISSIONThis article focuses on the syllabus area relating to an organisation’s core values and mission to the public, shareholders and employees. This is an objective which can easily get overlooked in the rush to master environmental analyses, strategic choice and outsourcing decisionsLearning objective 6(g) of the Paper P3, Business Analysis syllabus relates to how an organisation communicates its core values and mission to the public, shareholders and employees. This is an objective that can easily get overlooked in the rush to master environmental analyses, strategic choice and outsourcing decisions. However, it is important in practice and it is a challenge that many organisations take very seriously. This article will:· briefly describe what the terms ‘mission’, ‘mission statement’ and ‘core values’ mean· suggest why their communication to stakeholders is important· describe a commonly used model of communication· b riefly describe communication methods that are available· describe and give examples of how organisations might undertake the communication process.TERMINOLOGYAn organisation’s mission is its basic purpose: What is it for? Why does it exist? What is its ‘raison d’être’?A mission statement formalises the organisation’s mission by writing it down. Johnson, Scholes and Whittington define a mission statement as ‘a statement of the overriding direction and purpose of an organisation’. Some co mpanies refer to ‘vision statements’ instead of mission statements; some writers and textbooks wring their hands attempting to distinguish between the terms ‘vision’ and ‘mission’. However, thedistinction does not achieve much and the Paper P3 exam will treat the terms as meaning the same.Many other writers attempt to expand the definition of a mission statement by adding detail to it. In summary, mission statements are usually assumed to address:· what business is the company in?· whom does the organisation serve?· what benefits are to be delivered?· what are the organisation’s values and ethics?The final line above introduces the concept of values or core values. Johnson, Scholes and Whittington define core values as ‘princip les that guide an organisation’s actions’.Remember, there is no standard format or list of contents for mission statements, and organisations are completely free to write their own. However, for most purposes, it is worth distinguishing between a mission statement and a slogan. Nike’s ‘Just do it’ is a powerful advertising slogan, but under most definitions does not qualify as a mission statement. Here are several examples of mission statements and core values:TESCO (A UK SUPERMARKET CHAIN):Our vision To be the most highly valued by:The customers we serve Our core purpose is to create value for customers to earn their lifetime loyalty. This objective sits right at the heart of our business as one part of our Values –‘No one tries harder for customers’.The communities in which we operate For Tesco to be considered a force for good, we must be a good neighbour and a responsible member of society.Our loyal and committed staff We know that if we look after our staff, they will look after our customers. Work can be a large part of our lives so our people deserve an employer who cares. That’s why one of our values is ‘Treat people how we like to be treated’. We are committed to providing opportunities for our people to get on and turn their jobs intocareers, and across all of our markets we offer a wide range of competitive benefits.Our shareholders As the owners of the business, it’s crucial that our shareholders value Tesco highly. Shareholders want a good return on their invest ment and that’s what we will continue to deliver for them. … We offer sustainable, profitable growth from a combination of a strong core UK business and exposure to rapidly growing emerging markets.INTEL (A MANUFACTURER OF COMPUTER CHIPS):Our missionThis decade we will create and extend computing technology to connect and enrich the lives of every person on earth.Our values Customer orientation Results orientation Great place to work Quality Discipline Risk taking。

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ACCA考试P3考官文章分析
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在ACCA考试中，考官文章是非常重要的复习资料之一，每年考试前后，ACCA考官会定期针对一些考试重点、难点撰写分析性文章,帮助学生在学习过程中充分理解知识点,以确保考生在考试过程中,答题思路的准确性
每年P3考试科目考题都可以非常准确地预测出来，是因为P3 的考官非常Nice，考官文章帮助巨大。

越新越没考过的文章考试的可能性越大。

可惜的是，P3的考官太喜欢炫耀自己的知识了，考官文章不仅多，而且又长又晦涩，常常是学生自学后，长叹一声：说得什么啊，没看懂。

按照考纲来全面掌握考点是答题的基础，在熟练考点的基础上，可以灵活地串联起来进行分析和发散，思路越练越开阔，内心的境界也越来越宽广和深刻，P3的同学上课之后P5学习起来很轻松也很容易通过。

这两年内的考官文章都是重点，其实我们面授的时候是学习的8年内的，这样效果更好些。

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