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TOPIC 3: FINANCE

Role
Influences
Processes
Strategies

Role of Financial Management

  • strategic role of financial management
  • objectives of financial management
               - profitability, growth, efficiency, liquidity, solvency
               - short-term and long-term
  • interdependence with other key business functions

Strategic role

Financial Management – the planning and monitoring of an organisation’s financial resources to enable the organisation to achieve its financial goals.

Financial Resources – the resources of a business that have a monetary or money value. 

Picture
Picture

Objectives of financial management

Picture
TASK:
  1. Explain the objectives of financial management.
  2. Explain how objectives of financial management may conflict with each other.

Interdependence

Picture
http://www.flickr.com/photos/epublicist/8718123610/ by Yoel Ben-Avraham
TASK: Describe how the other key business functions (KBFs) depend on financial management. Hint: Finance is about money, so each KBF needs to negotiate with Finance for their spending budget, and, of course, Marketing needs to interact with Finance regarding Price (Revenue = Quantity x Price).
Influences
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  • Home
  • About
    • About
    • Education Blog
    • Writing Blog
  • Case Studies
  • Courses
  • HSIE Resources
    • HSC Business Studies >
      • Operations >
        • Role of operations management
        • Influences
        • Processes (overview) >
          • Inputs
          • Transformation processes
          • Outputs
        • Strategies
      • Marketing >
        • Role of marketing
        • Influences
        • Process
        • Strategies
      • Finance >
        • Role of Financial Management
        • Influences
        • Processes
        • Strategies
      • Human Resources >
        • Role of human resource management
        • Influences
        • Processes
        • Strategies
        • Effectiveness
    • Preliminary Business Studies >
      • Nature of Business >
        • Role of business
        • Types of businesses
        • Influences
        • Business growth and decline
      • Business Management >
        • Nature of management
        • Management approaches
        • Management process
        • Management and change
      • Business Planning >
        • SMEs
        • Influences
        • Business Planning Process
        • Critical Issues
    • Economics >
      • Introduction to Economics >
        • The nature of economics
        • The operation of an economy
      • Consumers and Businesses >
        • Businesses
      • Markets >
        • Demand
        • Supply
        • Market equilibrium
        • Market structures
      • Labour Market >
        • Demand and supply of labour
        • Labour market trends
      • Economic Issues >
        • Economic growth
        • Unemployment
        • Inflation
        • External Stability
        • Distribution of Income and Wealth
        • Environmental Sustainability
    • Society and Culture >
      • Course Framework
      • Research Methods
      • P1: Social and Cultural World
      • P2 Personal and Social Identity
      • P3: Intercultural Communication
      • PIP
      • H1: Social and Cultural Continuity and Change
      • H2: Popular Culture - Social Media
      • H3: Equality and Difference
    • Geography (old syllabus) >
      • Coastal Management
      • Urban Growth and Decline
      • Human Rights
  • Contact