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They are of two types:. Shareholders always demand a higher dividend, while the management would want to retain profits for business needs. Hence, this is a complex managerial decision. Suggested Videos. Classification of business.

1. introduction to financial management

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Introduction to financial management

Most reacted comment. Hottest comment thread. Recent comment authors. Notify of. Therefore, finance is critical to the success of all companies. All business decisions have financial consequences. Managers in all departments must work closely with financial personnel.

Introduction to Financial Management

The head of the IT department will need to justify any requests for new computer systems or employee laptops. Financial managers must track how money is flowing into and out of the firm see Figure.

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Then they choose the best sources to obtain the required funding. For example, a financial manager will track day-to-day operational data such as cash collections and disbursements to ensure that the company has enough cash to meet its obligations. Over a longer time horizon, the manager will thoroughly study whether and when the company should open a new manufacturing facility.

Financial management is closely related to accounting.

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In most firms, both areas are the responsibility of the vice president of finance or CFO. Financial managers use financial statements and other information prepared by accountants to make financial decisions. Financial managers focus on cash flows , the inflows and outflows of cash.

Financial managers have a complex and challenging job. One day they may be developing a better way to automate cash collections, and the next they may be analyzing a proposed acquisition. The key activities of the financial manager are:. How can financial managers make wise planning, investment, and financing decisions? When she asked Prof.

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Schwartz about this, he told her that he decided to take his family for a short vacation after the conference. He told her that he did not was not asking for reimbursement of any of his family's expenses, just his extended hotel bill. Besides, by staying longer he actually saved money on the airfare. He told her to just put the reimbursement through since he had plenty of money left in his grant and, because the airfare was so much cheaper, the difference was just a few dollars anyway.

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After all, as long as the costs are reasonable, no-one would ever question the expense. Administrators are frequently placed in situations that require ethical decision-making. Sometimes the situations result from a principal investigator Principal Investigator An individual designated by the institution to direct the project or activity being supported by external funding.

He or she is responsible and accountable to the institution and sponsor for the proper conduct of the project or activity.