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Health Care Finance 4th Edition by Judith Baker
Edition 4ISBN: 978-1284029864Health Care Finance 4th Edition by Judith Baker
Edition 4ISBN: 978-1284029864 Exercise 2
Do you perform all four elements? If not, why not?
Explanation
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Financial management:
It refers to the effective and efficient money management in a manner to achieve the company's goals. It is the specialized function that is directly related with the top management. The financial management features are, controlling, planning, decision making and organizing.
The four financial management elements are explained below:
Planning:
The company's financial manager recognizes the steps that have to be taken to achieve the company's objectives. The goal of planning is to determine objectives and then determine the steps needed achieve the goals.
Controlling:
The financial department or manager must ensure that every department in the company is following the plan that has been implemented. To check whether all departments are following the plan, the manager must compare the present reports with the earlier reports and study the progress. This comparison will provide details about the department or the area that company needs more attention.
Decision making:
The manager (financial) of the firm makes decision between available options. Usually, decision making takes place equivalent to planning, organizing, and controlling. Most of the decisions made are relied on the information, and key tasks are analyzing and evaluating.
Organizing:
The financial manger makes a decision on how to utilize the resources of the company in a most efficient manner in order to execute the plans that have been formed. During directing, the executive works on a daily basis to keep the results of the firm running effectively. The objective is to make sure effective resource utilization and to have a everyday supervision.
"Successful companies must perform all elements of the financial management."
In order to have disciplined business operations, the companies must follow all the components of the fiscal management. A business to run effectively, it needs a variety of management actions to operate accurately. The financial management elements will help a company to perform proper management activities.
If a company does not execute all the financial management elements, then it will lead to a poor performance in a certain areas or department. Every elements in the financial management are interconnected with each other, so even if one elements is not are not performed effectively, then it will affect the entire company's performance and quality..
It refers to the effective and efficient money management in a manner to achieve the company's goals. It is the specialized function that is directly related with the top management. The financial management features are, controlling, planning, decision making and organizing.
The four financial management elements are explained below:
Planning:
The company's financial manager recognizes the steps that have to be taken to achieve the company's objectives. The goal of planning is to determine objectives and then determine the steps needed achieve the goals.
Controlling:
The financial department or manager must ensure that every department in the company is following the plan that has been implemented. To check whether all departments are following the plan, the manager must compare the present reports with the earlier reports and study the progress. This comparison will provide details about the department or the area that company needs more attention.
Decision making:
The manager (financial) of the firm makes decision between available options. Usually, decision making takes place equivalent to planning, organizing, and controlling. Most of the decisions made are relied on the information, and key tasks are analyzing and evaluating.
Organizing:
The financial manger makes a decision on how to utilize the resources of the company in a most efficient manner in order to execute the plans that have been formed. During directing, the executive works on a daily basis to keep the results of the firm running effectively. The objective is to make sure effective resource utilization and to have a everyday supervision.
"Successful companies must perform all elements of the financial management."
In order to have disciplined business operations, the companies must follow all the components of the fiscal management. A business to run effectively, it needs a variety of management actions to operate accurately. The financial management elements will help a company to perform proper management activities.
If a company does not execute all the financial management elements, then it will lead to a poor performance in a certain areas or department. Every elements in the financial management are interconnected with each other, so even if one elements is not are not performed effectively, then it will affect the entire company's performance and quality..
Health Care Finance 4th Edition by Judith Baker
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