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CIMA CIMAPRO19-CS3-1クラムメディア: Strategic Case Study Exam - Fast2test クリア試験をアシスト
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CIMA Strategic Case Study Exam 認定 CIMAPRO19-CS3-1 試験問題 (Q11-Q16):
質問 # 11
Three weeks have passed since you were informed that the relocation would definitely proceed.
You have received the following email from William Seaton, Director of Finance:
From: William Seaton, Director of Finance
To: Finance Manager
Subject: Detailed issues associated with the relocation
Hi,
Congratulations, you are now officially in charge of the transition team! I am confident that you will do an excellent job and that it will be an opportunity to enhance your career.
I realise that the transition team is expected to reduce the pressure on the Board, but I have been asked to keep an eye on things and to ensure that your team has everything that it needs. I won't interfere, but I will stay in touch.
There are a few matters that I think you should address as a matter of urgency.
* Firstly, we need to have plans in place to ensure that our information systems are ready. What changes will we have to make in order to best align the information system with the company's needs? I am not asking about hardware issues or the physical relocation, but the changes to the information system itself.
* Secondly, how might we make use of the data in our own records and external sources to ensure that the new Head Office is managed as efficiently as possible? Remember that the present Head Office is a large and complex operation in its own right and it costs a significant amount to run.
* Thirdly, our relocation will create a number of challenges for our corporate treasury team. I need you to identify the key challenges and suggest how they might be dealt with.
* Finally, I would like you to identify the criteria against which the success or failure of your team will be judged once the transition is complete. I need your recommendations to be relevant and measurable.
William
正解:
解説:
Complete your answer and submit
質問 # 12
The formal merger with Darrell has been negotiated and the legal formalities have been completed. The two company management teams are working on the integration of the two businesses.
You receive an email from Peter Sorchi, the Chief Executive of the merged company:
From: Peter Sorchi, Chief Executive Officer
To: Senior Finance Manager
Subject: Integration of IT and treasury
Hi,
I need you to advise me on a couple of matters. The attached press clipping shows how sensitive this is.
We need to integrate the IT and treasury functions of the former Wodd and Darrell. I thought that it would be a simple matter of identifying the common ground and slimming down both companies' departments to cover the new entity, but I have the heads of both IT and treasury from each company arguing that their approaches are better for the merged group and that they should take the lead.
Wodd's Treasurer claims to be an expert in natural hedging of currency risks and Darrell's argues that her department was highly successful because it makes excellent use of derivatives for hedging. Both agree only on the fact that they cannot work together. I am afraid that I have to agree with them on that and the Board will have the difficult decision of choosing between them.
I have the opposite problem with the IT function. The two Heads of IT are excited to be able to combine their databases and to develop their respective interests in Big Dat a. They claim that we should retain all of the professional staff in both departments and possibly even expand the merged IT Department beyond that. Given the rationalisation in all of our other functions, I do not think that we can agree to that, but I would hate to throw away a worthwhile opportunity.
Please give me your thoughts on the following:
* What approach to hedging is more likely to meet our needs: natural hedging or heavy use of derivatives?
* Ignoring hedging, what other factors should we consider in deciding between the two treasurers?
* Are the two heads of IT likely to be correct in arguing that we need to retain all existing IT staff in order to exploit synergies in data, particularly opportunities to leverage Big Data?
* What would the challenges be in motivating them to reduce their joint staffing levels and how might we deal with these?
Peter
正解:
解説:
Complete your answer and submit
質問 # 13
You are sitting in your office when you hear Marcus Svenson, the Finance Director, speaking on the telephone. You can hear only Marcus' side of the conversation:
"Hello, I would like to speak to Sally Walker please. It is Marcus Svenson here. (pause) Hi Sally, you contacted me six months ago to discuss a job opportunity that you thought I'd be suitable for. I said that I didn't wish to pursue it at that time because I was committed to Wodd. Things have changed since then and I would like to be considered for a finance directorship in another company. (pause) Yes, I'm still with Wodd. (pause) Yes, I realise that there was an unfortunate story in the business press about the problems that the weak USD is causing us, but there was very little that I could do to prevent that. (pause) I am sorry to hear that. I had hoped to move on." (sound of telephone hanging up and door opening) Marcus discovers that you are sitting at your desk and realises that you would have heard his side of the call.
"Please don't tell anybody what you heard. Would you regard it as unethical to respect my privacy?
I suspect that the CEO knows that I am thinking of leaving. He commented on the need for Board members to be loyal to Wodd at the last Board meeting. But don't you agree that the shareholders can better protect themselves against currency fluctuations than the directors?
The crazy thing is that I suspect that the Chairman will dismiss me next month. If that happens, I get a year's salary as a severance package. That will really annoy the shareholders. How can I justify accepting the severance package if I am effectively being dismissed for failing to manage Wodd's finances properly?
I need to explain at the next Board meeting why it would have been difficult to evaluate the risk of the USD weakening. According to an article I read, it has been picked up as a serious problem for us. How would you advise me to explain that?" Reference Material:
正解:
解説:
Complete your answer and submit
質問 # 14
A further eight weeks have passed since the discussion concerning Wodd's creation of an accredited Forest Certification Service.
Wodd's Chairman has asked you to a meeting:
"I thought that we had a lucky escape over the Barry Crauder story from a recent news article, but the Government is considering modifying the tax arrangements associated with forestry. Professional forestry companies such as Wodd will continue to pay no tax on forestry profits, but private individuals such as Mr Crauder will be taxed on profits just as they would for any other business. The Government is taking this action because public opinion is against granting generous tax relief to wealthy individuals.
For the moment, this is all highly secret. The minister responsible for forestry has spoken to the chairmen of all of the major forestry companies on the basis that each gives a personal guarantee to respect the Government's confidence. The minister has done so because she is concerned that stock markets will panic when the news of the tax changes are announced next week. If the shareholders incorrectly believe that we will lose the tax shield on our profits then the share price will drop like a stone. We will be able to announce that we are aware of the changes and that we will not be taxed differently because of them.
I have spoken to the Board about this, making them promise not to repeat any of this information. We have called in and briefed the key analysts who advise the main institutional investors in Marland on the forestry industry.
As things stand, we can expect a lot of the wealthy individuals who own forests to divest themselves as soon as they discover that there are no more tax incentives. That will have significant implications for Wodd, both directly and indirectly.
The Board believes that the markets will overreact when the tax changes are first announced and that we will be unable to do much to manage that. One suggestion that has been put forward is that we should increase the dividend slightly as a signal that we are confident in the future strength of the industry. I suspect that the executive directors are just a little too concerned with the fact that they all have stock options that can only be exercised on a date that falls just after the government is due to announce its intentions on tax.
I need your thoughts in order to have an independent viewpoint from that voiced by the Board:
* What effect will the tax changes have on our business?
* Do you agree that briefing the analysts will mitigate the risk of our share price overreacting when the tax changes are announced?
* Will the additional dividend payment help to maintain the share price?
* Is granting executive stock options always a sound basis for aligning the interests of the executive directors and the shareholders?"
正解:
解説:
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質問 # 15
Memorandum of Understanding between Fouce Oil and Slide
It is proposed that Fouce Oil and Slide will temporarily combine their exploration activities, with Slide taking overall control in recognition of the greater expertise of its professional exploration staff.
This collaboration will work as follows:
1. Slide will take responsibility for the management and operation of all future exploration activities for the two companies, with effect from 1 October 2015.
2. Fouce Oil will second all of its professional oil exploration staff to Slide. Fouce will continue to employ these staff and will pay their salaries.
3. Slide will brief Fouce Oil's professional oil exploration staff on all operational matters relating to exploration activities for the duration of this arrangement.
4. The provisions of paragraph 3 will apply to any projects in which Slide participates with third parties on a farm-in or other joint venture basis.
5. In recognition of Slide's greater expertise, Fouce Oil will offer its entire portfolio of existing exploration rights to this venture, without any charge to Slide. Fouce Oil will also pay for 55% of any and all exploration costs, leaving Slide responsible for the remaining 45%.
6. The revenues from all successful discoveries will be shared equally by Slide and Fouce Oil. In the event that either party wishes to sell an oil well, the other will have the option of purchasing the other's rights for 50% of the well's agreed valuation.
7. This arrangement will be subject to review at the end of five years and annually thereafter. In the event that either party wishes to discontinue the arrangement, all ongoing exploration projects will be drawn to an orderly conclusion.
Signed
Thomas Yip, Chief Executive Officer, Fouce Oil
Andrew Jones, Chief Executive Officer, Slide
14 May 2015
正解:
解説:
Complete your answer and submit
Topic 3, Norland Telegraph (NEW)
Arrfield targeted by environmentalists
Environmental campaigners have criticized fuel suppliers at Norland's airports for selling aviation fuel more cheaply than in other countries The N$ is strong, making it possible to import fuel more cheaply Most suppliers are passing some of the savings on to airlines in order to boost revenues.
Airlines are responding by buying more when they refuel aircraft in Norland This means they need to buy less fuel for the return flight from their destination Environmentalists are concerned because this means that aircraft are carrying tonnes more fuel on their outward journeys and so consume more fuel and cause more pollution in the process.
Airlines refer to this as "tankerage" because aircraft are effectively acting as fuel tankers on their outbound journeys An airline spokesperson defended the practice, stating that it is a cheaper way to fly even though fuel consumption is increased.
質問 # 16
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