Regardless of which industry(s) businesses operate in, it could be said that they are all in the business of financial management. A business could become unviable and close to shutting its doors if it loses control over its financial state. There are many companies that fell into this category, such as Enron, Blockbuster, British Home Stores (BHS), Woolworth, Comet, Kmart, Compaq, Northern Rock, Lehman Brothers, and countless others not as prominent as these. Managers can better avert this fate by analyzing companies’ financial practices resulting from the decisions made given their current processes, as well as by making the most appropriate and ethical financial decisions based on the evidence available. In this Discussion, you will examine the practices and culture of an organization in regard to financial management and how those aspects impacted the organization’s success.
Note:For this Discussion and for the Discussions throughout this course, you will be asked to refer to personal and professional experiences, as well as use examples from your research. In doing so, it is important to remove any personal biases that you may have about organizations you discuss and instead focus on the areas of financial management. For example, you may have disliked a previous employer, but that should not prevent you from extracting important financial lessons from them, whether the lessons are good or bad. Or, if you admire a company or business leader that you plan to research, be careful not to allow your preconceived ideas about them sway your observations. Aim to focus on the financials, allowing the numbers to speak for themselves. Additionally, as noted in the Course Introduction, the Business Skill for Good for this course is evidence-based decision making, and therefore you are encouraged to keep this in mind as you discuss organizations and their financial situations. You may not always have access to real financial information due to it being proprietary or undisclosed, but you should aim to use as much evidence as possible to justify your assertions in the Discussions for this course.
Be sure to review the Learning Resources before completing this activity.Click the weekly resources link to access the resources.
WEEKLY RESOURCES
To prepare for this Discussion:
Postan analysis of the impact of an organization’s financial management practices on its success.
Refer to the Week 1 Discussion Rubric for specific grading elements and criteria. Your Instructor will use this grading rubric to assess your work.
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