The first section of P2 covers mainly the key contributors to operation performance (i.e., revenue; decisions of what to produce, at what price). The second section covers costs (i.e., how to manage them to maximise profitability).
So, what should be our strategy to pass this exam? Perhaps, we should start on how we're going to prepare for this exam paper - by studying of course!
I've listed down my personal strategy on how I will nail this exam once I enter the exam room! I don't have plans to topnotch this paper - I just want to pass.
1) Familiarise and understand the syllabus
There is no point of studying the entire textbook from cover to cover if some parts of it won't be included in the exam. Unless you have plenty of time, you can really devote most of it in getting used to the questions that will mostly appear.
The syllabus structure for P2 has been communicated to the students. As you can see, Pricing and Product Decisions and Cost Planning and Analysis for Competitive Advantage has 30% each weight. If you can get all the questions related to these two topics correctly, you've already passed at 60% mark!
2) Read the study text and answer the example questions
There is no way you'll be able to pass P2 if you immediately jump into answering the questions from Past Papers. You should at least know the basic theories - like what is relevant cost or ABC costing or Cost-Volume Profit, etc.
3) Practice, practice, practice
The key really in passing P2 is by constant practicing in answering the questions. The exam is actually more or less 90% computation - so, it means you need to compute!
In practicing, don't simply copy the model answers. At least, try to come up with your own solution. Once you have your own proforma answers, live everyday with those answers!
4) Read the Post Exam Guides
The Post Exam Guides are comments from the examiners about the common mistakes of the students who took the past exams. These aim to guide you on how marks are allocated on the questions, expected outline of the answers and the usual mistakes committed.
5) On the Exam itself, Write Legibly!
Put yourself on the examiners' shoes, would you be encouraged to understand and put marks on a very chaotic and disorganised answers? Most likely you want to mark all of them wrong.
Answer the questions! Plan your Answers! Write Clearly!
