Financial Management
Introduction
The module synopsis of this subject is to introduce us to the principles and practices of financial management for a business. It emphasizes the core concepts from the point of view of a business manager trying to maximize the value of his or her firm. To that end, the topics covered include understanding financial reports, financial forecasting, capital structure and financing options, capital budgeting and managing working capital. In addition, the course stresses that important business decisions require inputs from all departments in a firm and are not the exclusive domain of the finance professional. Furthermore, stress is made that when striving to maximize the firm’s value, managers have a responsibility to behave within ethical constraints.These financial techniques and theories enables us to make informed financial decisions using ratio analyses. Besides that, we also learn how organisational, human behavior and motivations affect rational decision-making.
By applying the Taylor’s Graduate Capabilities (TGC), I have achieved the ‘Discipline Specific Knowledge’, as I’m able to put theories into practice and understand the ethical issues in the context as well as the professional practice within the field of studies. Other than that, my ‘Thinking and Problem Solving Skills’ had improved, where I’m able to think critically and effectively which leads to effective solutions. Lastly, my ‘Communication Skill’ has improved as well. We have encountered few issues while doing the group assignment as some of us have different point of views, but we are able to communicate well and hence come out with effectively solution.
By applying the Taylor’s Graduate Capabilities (TGC), I have achieved the ‘Discipline Specific Knowledge’, as I’m able to put theories into practice and understand the ethical issues in the context as well as the professional practice within the field of studies. Other than that, my ‘Thinking and Problem Solving Skills’ had improved, where I’m able to think critically and effectively which leads to effective solutions. Lastly, my ‘Communication Skill’ has improved as well. We have encountered few issues while doing the group assignment as some of us have different point of views, but we are able to communicate well and hence come out with effectively solution.
Reflection
The main objective of this module is to understand the core principals and practices of financial management in maximizing the value of a firm. In this module, I have a well understanding on financial management theories and learned how to apply formulas to analyse the company's financial conditions and statement. By applying these formulas, the company can forecast and mange the cash flows of a business. Besides that, I have learnt to manipulate the knowledge of financial management in managing the financial aspects of the particular construction project. In conclusion, I have better perspective on implementation of financial management system and accountancy principles in construction project.