Financial decision and financial management - scope, nature and objective
Understand the Problem
The question is asking for an exploration of the scope, nature, and objectives related to financial decision-making and financial management. This involves understanding how financial decisions are made, the principles that govern them, and what goals financial management aims to achieve in an organization.
Answer
The scope involves budgeting, investment decisions, and risk management to achieve organizational goals.
The nature, scope, and objectives of financial management involve planning, organizing, controlling, and monitoring financial resources to achieve an organization's financial goals, such as maximizing profits and ensuring compliance with regulations.
Answer for screen readers
The nature, scope, and objectives of financial management involve planning, organizing, controlling, and monitoring financial resources to achieve an organization's financial goals, such as maximizing profits and ensuring compliance with regulations.
More Information
Financial management is central to maintaining an organization's financial health and involves strategic decision-making for capital sourcing and allocation.
Tips
A common mistake is to assume financial management is only about profit maximization; it also includes risk management and regulatory compliance.
Sources
- Nature, Scope and Objectives of Financial Management - JARO Education - jaroeducation.com
- What is Financial Management? - College Vidya - collegevidya.com
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