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1、AnswersProfessionalLevel–EssentialsModule–PaperP3BusinessAnalysisDecember2007AnswersTutorialnote:Thesemodelanswersareconsiderablylongerandmoredetailedthanwouldbeexpectedfromanycandidateintheexamination.Theyshouldbeusedasaguidetotheform,styleandtechnicalstandard(butnotinlength)ofanswerthatcandidatesshouldaimtoachieve.However,theseanswersmaynotincludeallvalidpointsmentionedbyacandidate–creditwillbegiventocandidatesmentioningsuchpoints.1(a)Strengths(1)Strongbrandidentityparticularlywiththecitizens。
2、ofOceania.Aquotedrecentsurveysuggestedthat90%ofpeoplepreferredtotravelONAforregionalflightsand70%preferredtotravelONAforinternationalflights.85%ofrespondentswereproudoftheirairlineandfeltthatitprojectedapositiveimageofOceania.(2)ONAhaveanexemplarysafetyrecord.Therehavebeennofatalaccidentssinceitsformationin1997.(3)ExcellentcustomerservicerecognisedbytheRegionalAirlineoftheYearawardandtheGoldenBowlasproviderofthebestairlinefoodintheworld.(4)Highbusinessclassloadfactors,particularlyintheregionalse。
3、ctor.ThisappearstosuggestthatONAareparticularlystronginthebusinessmarket.(5)Relativelystrongcargoperformance.Intheperiod2004–2006whenpassengerairtravelrevenuehadincreasedby12%(andairtraveltoOceaniaby15%)andcargorevenueby10%,ONAincreasedcargorevenueby11%,justabovetheindustryaverage.(6)Financially,althoughthenetprofitmarginhasfallen(seeweaknesses),thegrossprofitmarginremainsrelativelystable.Hencethecostofsales(excludingwages,salariesandfinancing)hasmovedroughlyinlinewithrevenue.Thegrossprofitmargi。
4、nfor2004is37·04%andfor2006itis36·98%,verylittlechange.(7)Thesettlementofdebtisanimportantissueforanorganisation.Theaveragesettlementperiodforreceivablesisconcernedwithhowlongittakesforcustomerstopaytheamountsowing.ThisislowatONA(29days)andreducing,suggestingeffectivecreditcontrolandanindustrywheremanycustomerspaybeforetheyareabletousetheservice.Itislikelythatmuchofthedebtistied-upwithcommissionsalesandcargoservices.(8)Thegearingratiomeasuresthecontributionoflong-termlenderstothelong-termcapitals。
5、tructureofthebusiness.GearingforONAremainedrelativelystableduringtheperiod2004–2006.Itstoodat71·13%in2006,amarginalincreaseonthe2004figureof71·05%.(9)Convenientlyscheduledflightstobusinesstravelfortheregionalsector.Allowsbusinesstobeconductedinoneday,withaflightoutinthemorningandaflightbackintheevening.Mostcitiesinthissectoralsoreceiveanextraflightinthemiddleoftheday.(10)Highlymotivated,courteousemployees.Weaknesses(1)Highcostbase.ThemosttangibleevidenceofthisistheaveragepilotsalarygiveninTable1。
6、.Pilotsalarycostsappeartobeover10%higherthantheircompetitors.ThescenarioalsosuggeststhatONApayaboveindustryaveragesalaries,offerexcellentbenefits(suchasfreehealthcare)andhaveagenerousnon-contributorypensionscheme.Otherhintsofhighcosts(insourcednon-coreactivitiessuchascatering,highlyunionised)arealsomentionedinthescenario.HighcostsarealsohintedatinTables1and2,withONAhavingrelativelyolderaircraft,presumablyrequiringmoremaintenance,andlowerutilisationhoursthantheircompetitors.Theaveragewageofanempl。
7、oyeerosebyabout7%duringtheperiodunderconsideration.(2)Poorgrowthrate.Thescenariomakesthepointthatintheperiod2004–2006,passengerairtravelrevenuehasincreasedworld-wideby12%(andrevenuefromairtraveltoOceaniaby15%).However,ONAonlyrecordeda4·6%increaseinpassengerrevenueinthisperiod.(3)Lowfrequencyofflightsintheinternationalsector,wherethereisonaverageonlyoneflightperdaytoeachdestination.Thismakesitverydifficultfortheairlinetogainanyoperationaleconomiesofscaleinthissector.(4)Themixedairlinerfleetislarg。
8、elyaresultofthemergerofthetwoairlinesthatformedONA.Theairframesforthebulkofthefleetarefromtwocompetingmanufacturers(BoeingandAirbus).TheinformationgiveninTable1suggeststhatthetwoaircrafttypes(Boeing737andA320)areverysimilar.Theneedtoserviceandmaintaintwoaircrafttypescreatesanunnecessarycost.(5)Althoughtheairlineofferson-linebooking,itdoesnotcurrentlyofferon-linecheck-in.Henceoverheadsstillremainintheembarkationprocess.Businesstravellersparticularlyfavouron-linecheck-inasitmeanstheycanleavetheirh。
9、omesandmeetingslater.In2006theNewStraitsTimesreportedarecentglobalsurveythatshowedthatairtravellersspendanaverageoffourdaysinayearinqueuesatairlinecheck-incounters.(6)Table2showsbelowaverageloadfactorsinstandardclassseating.Thisisparticularlysignificantoninternationalsectorflights.(7)Returnoncapitalemployed(ROCE)andreturnonordinaryshareholdersfunds(ROSF)areimportantmeasuresofprofitability.Bothoftheseratiosshowasignificantfallin2006.Thefallcanbelargelyattributedtoadeclineinnetprofitduetoincreases。
10、incostsoutstrippingincreasesinrevenue.(8)Thereductioninprofitabilityisalsorevealedbythenetprofitmarginwhichhasreducedfrom12·10%in2004to9·66%in2006.However,thegrossprofitpercentageremainsrelativelystableandsoitappearsthatitistheincreasedcostofwages,salariesandborrowingthathascausedONAprofitabilityproblems.13(9)Efficiencyratiosareusedtoexaminehowwelltheresourcesofthebusinessaremanaged.Thesalesrevenueperemployeehasreducedduringtheperiod,perhapssuggestingareductioninproductivitythatneedstobeinvestiga。
本文标题:p3-2007-dec-a
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