September 2013 exam paper - CIMA

DO NOT OPEN THIS QUESTION PAPER UNTIL YOU ARE TOLD TO SO

Performance Pillar

Wednesday 28 August 2013 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, highlight and/or make notes 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 8 sub-questions and is on pages 2 to 5. Section B comprises 6 sub-questions and is on pages 6 to 7. Section C 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.

P1 – Performance Operations


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 The Chartered Institute of Management Accountants 2013

SECTION A – 20 MARKS [You are advised to spend no longer than 36 minutes on this question.]

ANSWER ALL EIGHT SUB-QUESTIONS IN THIS SECTION

Instructions for answering Section A: The answers to the eight sub-questions in Section A should ALL be written in your answer book. Your answers should be clearly numbered with the sub-question number then ruled off, so that the markers know which sub-question you are answering. For multiple choice questions, you need only write the sub-question number and the letter of the answer option you have chosen. You do not need to start a new page for each subquestion. For sub-questions 1.6 to 1.8 you should show your workings as marks are available for the method you use to answer these sub-questions.

Question One 1.1

AB is preparing its cash budget for next year. The estimated accounts payable balance at the beginning of next year is $540,000. The budgeted purchases for next year are $6,800,000, occurring evenly throughout the year. It is estimated that 75% of purchases will be on credit and the remainder will be for cash. The company pays for credit purchases in the month following purchase. The budgeted cash payments to suppliers next year are:

A

$6,375,000

B

$6,773,333

C

$6,915,000

D

$5,215,000 (2 marks)

1.2

A just-in-time (JIT) purchasing system may be defined as:

A

A purchasing system in which the purchase of material is contracted so that the receipts and usage of material coincide.

B

A purchasing system which is based on estimated demand for finished products.

C

A purchasing system where the purchase of material is triggered when inventory levels reach a pre-determined re-order level.

D

A purchasing system which minimises the sum of inventory ordering costs and inventory holding costs. (2 marks)

Performance Operations

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September 2013

The following data are given for sub-questions 1.3 and 1.4 below A company is estimating its costs based on past information. The total costs incurred by the company at different levels of output were as follows: Output (units) 160,000 185,000 190,000

Total costs $ 2,420,000 2,775,000 2,840,000

The company uses the high-low method to separate total costs into their fixed and variable elements. Ignore inflation. 1.3

The estimated total costs for an output of 205,000 units is:

A

$2,870,000

B

$3,050,000

C

$3,064,211

D

$3,080,857 (2 marks)

1.4

The company has now established that there is a stepped increase in fixed costs of $30,000 when output reaches 180,000 units. The estimate of total costs for an output of 175,000 units using the additional information is:

A

$2,645,000

B

$2,275,000

C

$2,615,000

D

$2,630,000 (2 marks)

Section A continues on the next page

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1.5

A company is considering investing in a project with an expected life of four years. The project has a positive net present value of $280,000 when cash flows are discounted at 12% per annum. The project’s estimated cash flows include net cash inflows of $320,000 for each of the four years. No tax is payable on projects of this type. The percentage decrease in the estimated annual net cash inflows that would cause the company’s management to reject the project from a financial perspective is, to the nearest 0.1%:

A

87.5%

B

21.9%

C

3.5%

D

28.8% (2 marks)

1.6

A bond has a coupon rate of 6% per annum and will repay its face value of $100 on its maturity in four years’ time. The yield to maturity on similar bonds is 4% per annum. The annual interest has just been paid for the current year.

Required: Calculate the expected market value of the bond at today’s date. (3 marks)

1.7

A company has annual sales revenues of $30 million and the following working capital periods: Inventory conversion period Accounts receivable collection period Accounts payable payment period

2.5 months 2.0 months 1.5 months

Production costs represent 70% of sales revenue.

Required: Calculate the total amount held in working capital excluding cash and cash equivalents. (3 marks)


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September 2013

1.8

A company uses 40,000 units of a particular item of inventory each year. Demand is predictable and spread evenly throughout the year. Ordering costs are $70 per order and the cost of holding one unit in inventory is $1.40 per annum.

Required: (i)

Calculate the economic order quantity (EOQ). (2 marks)

(ii)

Calculate the total annual ordering and holding costs for the inventory item assuming the company uses the EOQ and no buffer inventory is held. (2 marks)

(Total for sub-question 1.8 = 4 marks)

(Total for Section A = 20 marks)

Reminder All answers to Section A must be written in your answer book. Answers to Section A written on the question paper will not be submitted for marking.

End of Section A. Section B begins on page 6

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SECTION B – 30 MARKS [You are advised to spend no longer than 9 minutes on each sub-question in this section.] ANSWER ALL SIX SUB-QUESTIONS. YOU SHOULD SHOW YOUR WORKINGS AS MARKS ARE AVAILABLE FOR THE METHOD YOU USE.

Question Two

(a)

A company, when deciding its cash management policy, has to balance the costs of holding insufficient cash with the costs of holding cash. The motives for holding cash can be categorised as follows:   

Transaction motive Precautionary motive Speculative motive

Required: Explain the three categories of motives for holding cash given above. (5 marks)

(b)

A company has to decide which of three mutually exclusive projects to undertake. The directors believe that success of the projects will depend on consumer reaction. There is a 25% chance that consumer reaction will be strong, a 40% chance that consumer reaction will be good and a 35% chance that consumer reaction will be weak. The company uses expected value to make this type of decision. The net present value for each of the possible outcomes is as follows:

Consumer reaction

Project A

Project B

Project C

$000s

$000s

$000s

1,000

1,600

1,200

Good

250

300

375

Weak

200

140

100

Strong

A market research company believes it can provide perfect information on consumer reaction.

Required: Calculate the maximum amount that should be paid for the information from the market research company. (5 marks)

(c)

Explain the potential benefits for a company from using a just-in-time (JIT) production system. (5 marks)


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September 2013

(d)

CD has annual sales revenue of $2,007,500 and trade receivables of $330,000 which represent 60 days’ sales based on a 365 day year. Sales and trade receivables are expected to continue at the same level for the next year. CD pays interest on its overdraft at a rate of 10% per annum. CD is considering the use of non-recourse factoring to manage its trade receivables. The factor will pay 80% of the trade receivable when a credit sale is made and the remaining 20% when the cash is received from the customer. It is estimated that, as a result of the factor’s expertise, cash will be received from customers in 50 days. The factor will charge interest at a rate of 12% per annum on cash advanced and a fee of 2% of annual sales revenue. CD estimates that credit control costs will be reduced by $30,000 each year if the factor is used.

Required: Calculate whether it is financially beneficial for the company to use the factor. (5 marks)

(e)

A supplier of pre-packed sandwiches is trying to decide how many batches of sandwiches should be prepared for each day. Any sandwiches prepared and not sold are thrown away at the end of the day. Each batch of sandwiches can be sold for $100 and has a variable cost of $40. It is estimated that demand will be 20, 21, 22 or 23 batches each day and therefore a minimum of 20 batches and a maximum of 23 batches will be prepared per day. The management accountant has started to produce a pay-off table showing the contribution for the possible outcomes as follows:

Demand 20 batches 21 batches 22 batches 23 batches

20 batches $1,200 $1,200

Number of batches prepared 21 batches 22 batches $1,160 $1,120 $1,260 $1,220

23 batches $1,080 $1,180

Required: (i)

Calculate the figures that are required to complete the pay-off table. (2 marks)

(ii)

Apply the minimax regret criterion to determine the number of batches that should be prepared each day. (3 (3 marks) (Total for sub-question (d) = 5 marks)

(f)

Explain the differences between activity based budgeting and incremental budgeting. (5 marks)

(Total for Section B = 30 marks)

End of Section B. Section C begins on page 8 September 2013

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SECTION C – 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 Three DE is a distributor of three models of Tablet PCs (Premium, Deluxe and Superfast) to retailers. The details of the sales volume budget, standard selling prices and standard variable costs for each model for July were as follows: Sales volume budget Premium Deluxe Superfast

7,000 units 5,000 units 8,000 units

Premium $ per unit 400 300

Standard selling price Standard variable cost

Deluxe $ per unit 450 320

Superfast $ per unit 500 350

At the end of July the senior management of the company decided that the impact of the failure of a major competitor had been underestimated and produced a revised sales volume budget as follows: Revised sales volume budget Premium Deluxe Superfast

9,800 units 7,000 units 11,200 units

Actual results for July

Sales volume (units) Selling price per unit Variable cost per unit


Premium 11,000 $410 $300

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Deluxe 6,000 $440 $320

Superfast 9,000 $520 $350

September 2013

Required: (a)

Prepare a statement that reconciles the original budgeted contribution with the actual contribution for July, including planning and operational variances. Your statement should show the variances in as much detail as possible for each individual model, and in total. (13 marks)

(b)

Explain why separating the sales volume variance into a sales mix and a sales quantity variance will provide useful information for the company’s sales manager. You should use the variances calculated in (a) to illustrate your answer. (6 marks)

(c)

Explain why separating variances into their planning and operational components provides better information for planning and control purposes. (6 marks) (Total for Question Three = 25 marks)

Section C continues on the next page

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September 2013

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Question Four A car rental company is considering setting up a division to provide chauffeur driven limousines for weddings and other events. The proposed investment will include the purchase of a fleet of 20 limousines at a cost of $200,000 each. It is estimated that the limousines will have a useful life of five years and a resale value of $30,000 each at the end of their useful life. The company uses the straight line method of depreciation. Revenue and variable costs Each limousine will be hired to customers for $800 per day. The variable costs, including fuel, cleaning and the chauffeur’s wages, will be $300 per day. The limousines will be available for hire 350 days of the year. A market specialist was hired at a cost of $20,000 to estimate the demand for the limousines in Year 1. The market specialist estimated that each limousine will be hired for 260 days in Year 1 and that the number of days’ hire will increase by 10 days each year for the remaining life of the project. Fixed costs Each limousine will incur fixed costs, including maintenance and depreciation, of $45,000 a year. The administration of the division is expected to cost $300,000 each year. The garaging of the limousines will not require any additional investment but will utilise existing facilities for which there is no other use. The head office will charge the division an annual fee of 10% of sales revenue for the use of these facilities. Taxation The company’s financial director has provided the following taxation information:  

Tax depreciation: 25% per annum of the reducing balance, with a balancing adjustment in the year of disposal. The limousines will be eligible for tax depreciation. Taxation rate: 30% of taxable profits. Half of the tax is payable in the year in which it arises, the balance is paid in the following year.

Other information Ignore inflation. The company uses a cost of capital of 12% per annum to evaluate projects of this type.


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September 2013

Required: (a)

Evaluate whether the company should go ahead with the project. You should use net present value as the basis of your evaluation. (14 marks)

The company is also carrying out a review of its existing car rental business. The company is deciding whether it should replace the cars that it uses after one, two or three years. The cars will not be kept longer than three years due to the higher risk of breakdowns. The estimated relevant cash flows for the three possible options for each car can be obtained from the following information: Year

0 1 2 3

Cash outflows $ (30,000) (1,500) (2,700) (3,600)

Residual Value $ 21,000 15,000 9,000

The company uses a cost of capital of 12% for decisions of this type.

Required: (b)

Calculate, using the annualised equivalent method, whether the cars should be replaced after one, two or three years. You should ignore taxation and inflation.

. (7 marks)

(c)

Explain the limitations of the annualised equivalent method for making decisions to replace non-current assets. (4 marks) (Total for Question Four = 25 marks)

(Total for Section C = 50 marks)

End of question paper Maths tables and formulae are on pages 13 to 16 September 2013

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September 2013

PRESENT VALUE TABLE Present value of $1, that is 1  r  payment or receipt.

n

where r = interest rate; n = number of periods until

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 0.705 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

September 2013

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Cumulative present value of $1 per annum, Receivable or Payable at the end of each year for n years

1(1 r )  n r

Periods (n) 1 2 3 4 5

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 4.793 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


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September 2013

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  x 100 w Q   w   1   Qo  x 100 w

TIME SERIES Additive Model Series = Trend + Seasonal + Random Multiplicative Model Series = Trend * Seasonal * Random

September 2013

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FINANCIAL MATHEMATICS Compound Interest (Values and Sums) Future Value S, of a sum of X, invested for n periods, compounded at r% interest S = X[1 + r]

n

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 Yx = aX

b

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 EOQ =

2C o D Ch

where:

Co Ch D

= = =

cost of placing an order cost of holding one unit in inventory for one year annual demand


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September 2013

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.

September 2013

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

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Performance Pillar

Operational Level Paper


September 2013


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September 2013