In: Business and Management

Submitted By ladyque
Words 438
Pages 2
August 25, 2014
Darlene Tomlinson

1. Planning. The financial manager identifies the steps that must be taken to accomplish the organization’s objectives. Thus, the purpose is to identify objectives and then to identify the steps required for accomplishing these objectives.

In my own words: The process of planning is developing strategies, and outlining tasks required for accomplishing goals/objectives.
2. Controlling. The financial manager makes sure that each area of the organization is following the plans that have been established. One way to do this is to study current reports and compare them with reports from earlier periods. This comparison often shows where the organization may need attention because that area is not effective.
The reports that the manager uses for this purpose are often called feedback. The purpose of controlling is to ensure that plans are being followed.

In my own words: Controlling is the basic management function or standards, by comparing actual performance against them, and taking corrective action to ensure that plans are being followed.

3. Organizing and directing. When organizing, the financial manager decides how to use the resources of the organization to most effectively carry out the plans that have been established. When directing, the manager works on a day-to-day basis to keep the results of the organizing running efficiently. The purpose is to ensure effective resource use and provide daily supervision.

In my own words: Organizing is formulating and monitoring specific strategies, one of the most effective ways to ensure day-to-day functions and long-term objectives are being cared out. It also entails staffing and resource allocation, and provides daily supervision.

4. Decision making. The financial manager makes choices among available alternatives.
Decision making actually occurs…...

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