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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 1
What element of financial management do you perform most often in your job?
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 following are elements of the financial management that most of the successful companies follow:
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.
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 following are elements of the financial management that most of the successful companies follow:
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.
Health Care Finance 4th Edition by Judith Baker
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