ACCA考试P3商务分析真题2015年6月及答案解析.doc

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1、ACCA 考试 P3 商务分析真题 2015 年 6 月及答案解析(总分：124.98，做题时间：180 分钟)一、Section A This ONE(总题数：1，分数：50.00)1 Introduction 2Tel is one of the largest mobile network operators in the world. It has grown mainly through significant acquisitionsand it has extensive experience in buying companies and integrating them in

2、to the group. 2Tel continually investssubstantial funds in research into network technologies. Like all global mobile network operators, it is constantlylooking for technical opportunities for making its networks quicker, more reliable and, if possible, cheaper to installand maintain. A business opp

3、ortunity has arisen in The Federated States (TFS) where network operator licences are about to berenewed. 2Tel is currently evaluating this opportunity and is considering either bidding directly for a licence (as 2Tel)or acquiring a current licensee and bidding through this company. 2Tel is interest

4、ed in entering the highly regulatedmobile network market in TFS, even though most of its acquisitions to date have been in countries where there is littleor no government regulation of the mobile network operators. The Federated States (TFS) The Federated States is a densely populated country with a

5、 population of 70 million people. The country hasexperienced five years of economic decline, characterised by high unemployment, falling incomes, and rising personaland government debt. Crime rates are also increasing. A year ago, a new government was elected with a mandate totackle the economic pro

6、blems of the country. Its priority has been to reduce the national debt and to help achieve thisaim, it has introduced higher taxes and cut welfare benefits. The removal of these welfare benefits provoked civildisturbance and rioting, where shops were looted and burnt and mass demonstrations, usuall

7、y ending in violence,were held in the streets of major cities. TFS is an increasingly socially fragmented country with vocal minority groups representing a wide range of pressuregroups and communities. It has a comprehensive and complex legal system, presided over by senior judges who werelargely ap

8、pointed by the previous government. The current government has suggested that many recent judgementsmade by these judges are politically-motivated and are designed to hold back the governments reforms. Theemployment laws of TFS make it relatively expensive to employ people (there are minimum wages l

9、aws) and alsodifficult to dismiss them (employment protection laws). Legal proceedings are often time-consuming and expensive. A report into the riots and demonstrations highlighted the role mobile phones and social networks played in co-ordinating attacks on shops and people. The report acknowledge

10、d that such communication devices had long beena widely used tool in organised crime in TFS, but that it had now also become a significant factor in organising massdisobedience. In an effort to prosecute offenders, the government asked mobile phone network operators to give itinformation about text

11、messages and the timing and duration of phone calls which possible offenders had sent andreceived during the period of the riots. The information provided was used as supporting evidence in court, and helpedconvict a number of people. The releasing of this information to the government has proved co

12、ntroversial. The network operators have beencriticised by civil liberties organisations which believe that this is personal, confidential information and, under theterms of the Data Protection Act of TFS, should not have been released without the persons consent. On the otherhand, the government has

13、 praised the network operators for their good citizenship and believes that the data providedis exempt from the Act as the Act allows data to be exempt if it is used for the detection and prevention of crime. Aninfluential newspaper, whilst recognising the contribution of the networks to the success

14、ful prosecution of offenders,felt that instead of helping catch offenders, the networks, by making their services unavailable might have preventedthe offences in the first place. One of the current network licensees, Z-Tel, is being sued for damages by people whoclaim that their confidential informa

15、tion has been illegally released to the government. The case has yet to bepresented to a court, but lawyers for both sides are confident of success. Licensing arrangements in TFS Communication network licences are granted to mobile network operators for an eight-year period. Licences areallocated to

16、 bidding companies on the basis that the companies meet a certain number of criteria. This includesfinancial criteria, such as liquidity and gearing, and environmental criteria. Successive governments of TFS haveenacted environmental regulations and set environmental targets (such as carbon emission

17、s and recycling rates)which all companies operating in TFS have to achieve. Beyond these minimum criteria, the licences are allocated to the highest bidders, the companies which offer the mostmoney for a licence. There are four current licensees and these were the four highest bidders in 2009, the l

18、ast time that the licences were granted. During the licence period, no new network operators can enter the market. All fourlicensees are of a similar size, although their profitability varies (see Table one). The government is keen to ensurethat no one network provider dominates the market. Table on

19、e: Comparative data (2014) for the four licensees （分数：50.00）(1).(a)Write the briefing paper required by 2Tel. The briefing paper should: (i) Analyse the macro-environmental factors affecting the TFS mobile operator industry; (14 marks)（分数：12.50）_(2).(ii)Analyse competition within the TFS mobile oper

20、ator industry; (8 marks)（分数：12.50）_(3).(iii)Conclude with a summary of the opportunities and threats identified in the analysis. (4 marks) Professional marks are available in part (a) for the structure, coherence, style and clarity of the briefing paper. (4 marks)（分数：12.50）_(4).(b)2Tel also requires

21、 an evaluation of the relative advantages of bidding for a licence, either through acquiring T-Me, or through bidding directly. The evaluation should analyse four specific scenarios (acquire and not gainlicence; acquire and gain licence; bid directly and gain licence; bid directly and not gain licen

22、ce). The analysisof each scenario should include the financial implications of each scenario. The evaluation should conclude withyour recommendation on the preferred entry strategy. Required: Produce the evaluation of each scenario as required by 2Tel. Note: Construction of a decision tree is not re

23、quired and ignore the time value of money in your evaluation. (20 marks)（分数：12.50）_二、Section B TWO ques(总题数：3，分数：75.00)2.Yvern is large region in the country of Gaulle. It is ethnically and culturally distinct from the rest of the country and ithas aspirations for independence. The desire for this i

24、ndependence is reflected by consumers in Yvern preferring tobuy products which have been produced in the region. Yvern Trinkets Regional (YTR) is a manufacturer of giftware products aimed at the Yvern market. Its products arebought primarily by residents of Yvern and visitors to the Yvern region. It

25、 is the third largest company of its type inthe region, and the 50th largest producer of giftware in Gaulle. Its marketing message stresses the regional identityof the company and its employment of local skills and labour. It currently manufactures four products, designated hereas products A, B, C a

26、nd D. The company does not sub-contract or outsource any element of production and it hasnever done so. Data concerning products A, B, C and D are given in Table one. Table one: Production and marginal cost data for the YTR product range YTR recently appointed a new managing director, born outside t

27、he region. He has been tasked with improving theprofitability of the company. After a short period of consultation, the new managing director produced a proposal for the board. Here is an extractof his proposal. First of all, we need to be clear about our generic strategy. Strategists have suggested

28、 that we have four alternatives.I have reproduced them in this slide (shown here as Table two). Cost Leadership Differentiation Cost Focus Differentiation Focus Table two: Generic strategies My vision for YTR is that we should pursue a cost leadershipstrategy. I have already established that our pro

29、ductscan be produced by an established company in the distant country of Tinglia at the following prices (see Table three).These costs include the delivery of products to our warehouse here in Yvern. （分数：25.00）(1).(a)Evaluate the claim that all four products can be produced more cheaply by the suppl

30、ier in Tinglia and discuss the issues raised by outsourcing the production of YTRs products to Tinglia. (15 marks)（分数：12.50）_(2).(b)Examine the relevance of each of the four generic strategies shown in Table two to the competitiveenvironment in which YTR operates and evaluate the choice of a cost le

31、adership strategy by YTRs managingdirector.(10 marks)（分数：12.50）_2.The town of Brighttown in Euraria has a mayor (elected every five years by the people in the town) who is responsible for, amongst other things, the transport policy of the town. A year ago, the mayor (acting as project sponsor) insti

32、gated a traffic lite project to reduce traffic congestion at trafficlights in the town. Rather than relying on fixed timings, he suggested that a system should be implemented whichmade the traffic lights sensitive to traffic flow. So, if a queue built up, then the lights would automatically change t

33、ogreen (go). The mayor suggested that this would have a number of benefits. Firstly, it would reduce harmful emissionsat the areas near traffic lights and, secondly, it would improve the journey times for all vehicles, leading to driversbeing less stressed. He also cited evidence from cities oversea

34、s where predictable journey times had been attractiveto flexible companies who could set themselves up anywhere in the country. He felt that the new system would attractsuch companies to the town. The Eurarian government has a transport regulation agency called OfRoad. Part of OfRoads responsibiliti

35、es is tomonitor transport investments and it was originally critical of the Brighttown traffic lite project because the projectsbenefits were intangible and lacked credibility. The business case did not include a quantitative cost/benefit analysis.OfRoad has itself published a benefits management pr

36、ocess which classifies benefits in the following way. Financial:A financial benefit can be confidently allocated in advance of the project. Thus if the investment will save$90,000 per year in staff costs then this is a financial benefit. Quantifiable:A quantifiable benefit is a benefit where there i

37、s sufficient credible evidence to suggest, in advance, howmuch benefit will result from the project. This benefit may be financial or non-financial. For example, energy savingsfrom a new building might be credibly predicted in advance. However, the exact amount of savings cannot beaccurately forecas

38、t. Measurable benefit:A measurable benefit is a benefit which can only be confidently assessed post-implementation,and so cannot be reliably predicted in advance. Increase in sales from a particular initiative is an example of ameasurable benefit. Measurable benefits may either be financial or non-f

39、inancial. Observable benefit: An observable benefit is a benefit which a specific individual or group will decide, using agreedcriteria, has been realised or not. Such benefits are usually non-financial. Improved staff morale might be an exampleof an observable benefit. One month ago, the mayoral el

40、ections saw the election of a new mayor with a completely distinct transport policywith different objectives. She wishes to address traffic congestion by attracting commuters away from their cars andonto public transport. Part of her policy is a traffic light system which gives priority to buses. Th

41、e town council ownsthe buses which operate in the town and they have invested heavily in buses which are comfortable and havesignificantly lower emissions than the conventional cars used by most people in the town. The new mayor wishes toimprove the frequency, punctuality and convenience of these bu

42、ses, so that they tempt people away from using theircars. This will require more buses and more bus crews, a requirement which the mayor presents as being good forthe unemployment rate in this town. It will also help the bus service meet the punctuality service level which itpublished three years ag

43、o, but has never yet met. A reduction in cars and an increase in buses will help us meet ourtarget, the mayor claims. The mayor has also suggested a number of initiatives to discourage people from taking their cars into the town. Sheintends to sell two car parks for housing land (raising $325,000) a

44、nd this will reduce car park capacity from 1,000to 800 car spaces per day. She also intends to raise the daily parking fee from $3 to $4. Car park occupancy currentlystands at 95% (it is difficult to achieve 100% for technical reasons) and the same occupancy rate is expected whenthe car park capacit

45、y is reduced. The new mayor believes that her policy signals the fact that Brighttown is serious about its green credentials. This,she says, will attract green consumers to come and live in our town and green companies to set up here. Thesecompanies and consumers will bring great benefit to our comm

46、unity. To emphasise this, she has set up a Go Greenteam to encourage green initiatives in the town. The traffic lite project to tackle congestion proposed by the former mayor is still in the development stage. The newmayor believes that this project can be modified to deliver her vision and still be

47、 ready on the date promised by herpredecessor. Required: （分数：24.99）(1).A terms of reference (project initiation document, project charter) was developed for the traffic lite project to reduce traffic congestion. Discuss what changes will have to be made to this terms of reference (project initiation document, projectcharter) to reflect the new mayors vision of the project. (5 marks)（分数：8.33）_(2).(b)The new mayor wishes to re-define the business case for the project, using the benefits categorisation suggestedby OfRoad. Identify cost