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Answering "If you have no intention of becoming a financial managerwhy do you need to understand financial management?"
Managers need to understand the process of learning and development because they are charged with teaching and helping employees to learn. When they understand the way that employees learn, they become more effective teachers.
Partially Yes. Enhancing Share holder wealth is one of the most important goals for managers.
To make an informed decision, you need financial information such as income, expenses, assets, liabilities, and cash flow. This data helps you understand your financial situation and make decisions based on your financial goals and priorities.
This is very useful information to manage and invest your own money and your family members money.
Answering "If you have no intention of becoming a financial managerwhy do you need to understand financial management?"
Managers have to have vision first off all. Then they have to be able to articulate their vision. Even now it is advantageous to be "system literate" and even more so in the future. They need to understand the possibilities for reporting and business intelligence.
Managers need to understand the process of learning and development because they are charged with teaching and helping employees to learn. When they understand the way that employees learn, they become more effective teachers.
Financial planners are a must for a stable future. One must obtain a trusted financial planner that will put them on the right track to a successful future.
Partially Yes. Enhancing Share holder wealth is one of the most important goals for managers.
Managers must know how to coordinate people and other resources to achieve the organization's goals and objectives. The resources in total are, material, human, financial, and informational resources.
Because financial managers are responsible for giving funds to other departments like Marketing Department, Human Resource Departmet etc. and for the runing of the business.
Motivation can be taught, happiness cannot be. If they cannot understand what you need from them, change managers.
what skills do managers need
To make an informed decision, you need financial information such as income, expenses, assets, liabilities, and cash flow. This data helps you understand your financial situation and make decisions based on your financial goals and priorities.
All publicly traded companies and large private entities prepare financial statements periodically. The purpose of creating financial statements is to capture a company's financial position for a given period. This allows users of financial information to analyze and compare the health of one company to another. Financial statements provide assessment of a company's profitability, liquidity and operational efficiency. As a result, there are a number of reasons why managers analyze financial statements. And in my own words, all managers should know the P/L of a period of time, to help understand the needs of their business, the profit or loss and it's effects upon the business ( it may be on a permanent loss therefor it should make the necessary improvements/cuts) . Most managers wish in general to see where they stand with, if the business is profitable, if they need to stop taking some risks, or make new investments, or maybe let go some employees.
This is very useful information to manage and invest your own money and your family members money.