labman g3 Financial Management Flashcards
(52 cards)
a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved
Financial Management
a business function that deals with investing the available financial resources in a way that greater business success and ROI is achieved
Financial Management
is a process in which executives of an organization establish their goals and objectives as well as their vision for the future
Strategic Planning
with representatives from all areas, leads the process in an open, documented way.
Strategic Planning
often set using SMART criteria, enable leaders to measure and track progress toward the mission
The Goals
defines its purpose, direction, and goals, providing a broad yet actionable foundation
The Mission
strategic planning begins by assessing the business’s current position through tools like SWOT analysis to understand its environment and trajectory
Identify
planners set objectives aligned with the mission, focusing on the most relevant, urgent goals while considering resources, timelines, and KPIs
Prioritize
stakeholders create tactical plans that fit into the overall strategy, using tools like strategy maps and balancing costs with priorities
Develop
the strategic plan is put into action with clear communication, assigned responsibilities, and regular reviews to keep it on track
Implement
the plan is periodically reviewed and adjusted to align with changing conditions and new opportunities, using metrics for performance assessment
Update
reviewing the plan every quarter provides a convenient interval to reassess initial assumptions and evaluate progress using key metrics
Quarterly Reviews
it allows leaders to examine metrics from the past year and make necessary adjustments to the strategic plan
Annual Reviews
it focuses on competitive advantages, growth opportunities, and resource allocation to achieve goals
Business
it organizes company structure, policies, and leadership to align with strategic objectives
Corporate
It supports corporate strategy with detailed focus on departments like marketing, HR, and finance, covering policies, processes, and budgets
Functional
This helps stakeholders see how goals, like improving workflows to reduce costs, interconnect within the strategy
Strategy Map
it is the division of a business responsible for finding, recruiting, screening, and training job applicants and administering employee benefits programs
Human Resources (HR)
it is a strategic approach to managing company employees the work culture, and the work environment so that people can function as effectively and productively as possible
Human Resource Management
they provide a comprehensive approach to managing employees and an organization’s culture and environment
HRM strategies
the actual expense or expenditure incurred to acquire or produce something
Cost
a planned allocation of resources or funds for a specific purpose or project
Budgeting
cost directly related to each procedure
Direct Costs
general support costs not linked to specific tests
Indirect Costs
