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What are the influencing the decision making process during financial planning in engineering business?
Wiki User
∙ 12y ago
1. Preparation of Budget: - Decision-making involves budget allocation i.e., resource allocation to various aspect of decision. Budget may be allocated to various factors of production. 2. Future Development: - Strategic plans are usually expected to have a significance future prosperity of the organization. This is because there is a long-term commitment. In case of absence of long-term commitment the firm cannot achieve future development. 3. Orientation: - Strategic planning should keep in view of the competition existing in the market. Some times firms have to face non-price competition. 4. Factors of Environment: - Plans are always influenced by business environment always influencing factor for decision-making. There may external or internal that influence business. Buyers, Suppliers, government and competitors are likely to react in accordance with changes in environment. Thus business also should act in the same passion. 5. Risk:- Strategic plans mostly face the problem of risk. The plans should able to tackle the risk bearing capacity. Risk and uncertainty are two important aspects, which can not be expected by business man.
Wiki User
∙ 14y ago
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What has the author Constantin Zopounidis written?
Constantin Zopounidis has written: 'New Trends in Banking Management' 'Intelligent decision aiding systems based on multiple criteria for financial engineering' -- subject(s): Decision making, Finance, Data processing, Expert systems (Computer science), Artificial intelligence, Financial engineering 'Multicriteria decision aid methods for the prediction of business failure' -- subject(s): Forecasting, Business failures, Bankruptcy 'Computational optimization in economics and finance research compendium' -- subject(s): Mathematical optimization, Economic forecasting, Business forecasting, Systems biology, Computational intelligence
What is influencing decision making?
Money
Discuss the importance of social responsibilities and financial decision making?
Social responsibilities in financial decision making are important as they ensure that businesses consider the impact of their actions on stakeholders, society, and the environment. Incorporating social responsibilities into financial decision making can lead to better long-term outcomes, improved reputation, and increased trust among customers and investors. Failure to consider social responsibilities can result in negative consequences such as reputational damage, lawsuits, and regulatory fines.
What has the author KIESO AND KIMMEL WEYGANDT written?
KIESO AND KIMMEL WEYGANDT has written: 'Financial Accounting Tools for Business Decision Making' 'Financial Accounting'
What are the importance of financial management in any business organization?
Financial management is the managing of income and expenditure and also about making decision that will enable the business to survive financially. The aim is to create ggggggggggggwealth and generate cash in order to make the business profitable.
How are contribution margin and gross margin used for decision-making and measurement?
investment, financial markets, business accounting
How decision tree help the manager in decision making?
A decision tree will help a manager decide which direction that he will moe the business in. e.g. if a business is looking to expand than they would be able to use a decision tree in order to come to a decision in terms of which direction they will expand in. It looks at the different expansion ideas and looks at the possible outcomes for these. It will however only show financial factors affecting the outcome as it analysis solely financial factors.
Why is stock important in business?
by maintaining stock record in business Unit the following decision can be taken: - Production planning - Demand forecasting - in financial accounting - Marketing
Why is stock record important in business?
by maintaining stock record in business Unit the following decision can be taken: - Production planning - Demand forecasting - in financial accounting - Marketing
What is the cost implications?
Cost implications refer to the financial impact of a decision or action. It involves assessing how the decision will affect expenses, revenue, or profitability of an organization. It is important to consider cost implications when making business decisions to ensure financial sustainability and efficiency.
What 2 ways is accounting data used to make business decision?
accounting data is used to determind a company's financial status, and also to execute systematic reports of financial transactions
Who influenced Conan Doyle's decision become a doctor?
Conan Doyle's mother, Mary, believed that becoming a doctor was a prestigious career that would provide financial stability for her son. Additionally, Conan Doyle's uncle, who was a successful doctor, served as a role model and mentor, influencing his decision to pursue medicine.
