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Why financial management and human resource management should be interdependent?
Wiki User
∙ 11y ago
Financial management provides each of the other key business functions (so operations, marketing&human resources ) with budgets, cost centers etc. so without finance human resources (which is made up of employees and employers ) will not be paid and therefore will not work efficiently they way they are required. Finance management is also dependent on the human resource management. Therefore they are said to be interdependent because without one another they will not operate in a efficient and effective way.
Wiki User
∙ 11y ago
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What are the Procedures of a human resource management?
resource management should include procedures for recovering and demolibilizing resources
Should resource management include procedures for recovering ans demobilizing resources?
Should resource management include procedures for recovering and demobilizing resources
What the relationship between financial management and management?
Financial management and management are closely interconnected and interdependent within an organization. Financial management is a specialized function that focuses on the planning, organizing, controlling, and directing of financial resources to achieve the goals and objectives of an organization. On the other hand, management encompasses a broader set of activities that involve planning, organizing, coordinating, leading, and controlling resources (including financial resources) to achieve overall organizational objectives. Here are some key aspects of the relationship between financial management and management: Decision-Making: Financial management provides crucial financial information and analysis that supports managerial decision-making. It helps managers assess the financial implications of various options and make informed choices that align with the organization's goals and financial sustainability. Resource Allocation: Financial management plays a significant role in resource allocation within an organization. It involves determining how financial resources should be allocated across different departments, projects, or initiatives to optimize their utilization and achieve desired outcomes. This aligns with the broader management function of allocating resources effectively and efficiently. Performance Monitoring: Financial management provides tools and techniques to monitor and measure the financial performance of an organization. It involves analyzing financial statements, conducting financial ratio analysis, and preparing financial reports to assess the organization's financial health. This information aids management in evaluating the overall performance and making necessary adjustments to ensure financial stability and growth. Budgeting and Planning: Financial management involves the development and implementation of budgets, which are crucial management tools for planning, controlling, and monitoring organizational activities. Effective financial planning and budgeting help management set financial targets, allocate resources, and evaluate performance against established financial goals. Risk Management: Financial management plays a vital role in identifying, assessing, and managing financial risks within an organization. It involves evaluating potential risks related to investments, capital structure, liquidity, and financial markets. Management utilizes financial information to make risk-informed decisions and implement strategies to mitigate financial risks. Communication and Reporting: Financial management provides financial information to management, enabling effective communication and reporting. Financial reports, such as income statements, balance sheets, and cash flow statements, provide insights into the financial results and financial position of the organization. Management utilizes this information to communicate financial performance to stakeholders and make informed strategic decisions.
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Administrators desiring a centralized model of resource management should consider the network model?
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Where should the complete IRQ list in windows XP be checked?
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Definition of global human resource management?
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What are the various approaches of financial management?
Traditionally Finance involves arrangement of funds required by the business enterprise from and through financial institutions ('from' signifies procurement of loan capital, and 'through' implies the selling of securities by financial institutions). Hence, the traditional approach of financial management focused on 'arrangement of finance' for meeting various financial needs of an enterprise. In the modern sense, financial management encompasses wider applications, viz., assessment of funds required, effective procurement of those funds through most economical means, and efficient utilisation of those funds through profitable investments, as well as cash and liquidity management. To put it in the words of Ezra Solomon, the key questions in financial management of a business enterprise happens to be: "(i) What is the total volume of funds an enterprise should commit? (ii) What specific assets should an enterprise acquire? (iii) How should the funds required be financed?" These questions, if answered properly, lead to four broad decision areas of financial management, viz., funds requirement decision, financing decision, investment decision, and dividend decision.
