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Financial Management
Financial Management implies arranging, sorting out, coordinating and controlling the
financial activities such as obtainment and use of funds of the enterprise. The funds must be
efficiently and effectively managed as to accomplish the objectives of the organization. It is the
specialized function directly associated with the top management. It means applying general
administration standards to money related assets of the venture. A portion of its primary
destinations is to guarantee customary and satisfactory supply of funds to the concern as well as
to guarantee sufficient returns to the shareholders which will rely on the earning capacity, market
B. Personnel Management
associated with the effective control and use of manpower, resulting to a dynamic organization.
includes job analyses, strategic personnel planning, performance appraisals and benefit
coordination. It also involves recruitment, screening and new employee orientation and training.
Lastly, it involves wages, dispute resolution and other record keeping duties.
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Financial Management VS Personnel Management
Although both are concerned with four general functions: planning, organizing, leading
and coordinating, financial and personnel management are two different managerial areas.
These managerial areas are differed by the type of resources being managed. Financial
Management focuses on the financial resources of the business. Its main goal is to ensure
optimum funds utilization. Once the funds are procured, they should be utilized in maximum
possible way at least cost. Personnel Management on the other hand, concentrates on the
human resources of the business. One of the biggest responsibilities of a personnel manager will
be to recruit the right employees. However, this is an ongoing, complex process that will require
the personnel manager to intimately understand every position and corresponding duties.
2. A. Human Resources
Human Resources are the people who make up the workforce of an organization. It can be a
single employee within the organization or in general, all of the people the organization employs.
In the same manner, Human Resources is a department of an organization which handles the
finding, screening, recruiting and training job applicants, as well as administering employee-
benefit programs. Human resources as manpower are extremely valuable assets, so it is highly
high morale.
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B. Financial Resources
Financial Resources is a term covering all financial funds of the organization. These are the
money available to a business for spending in the form of cash, liquid securities and credit lines.
From an economic perspective, financial resources are the part of the organization’s assets
(property). Financial Resources are obtained from investments, income from sales, and loans
The success of an organization is determined by the skill, efficiency and attitude of the labor used.
Many organizations have been able to develop due to the will, capacity and skill of their human
resources. Meanwhile, financial resources are used to fund the business. Organizations need
finances for daily operations and to meet essential expenses and payments. Funds are needed
for business growth, market competition, and to keep business operational and maintain
customer base. However, they both are equally important to the overall success of business.
3. A. Job Description
A job description is a document intended to provide job applicants with an outline of the main
duties and responsibilities of the role for which they are applying. It is an essential part of the job
application process as, with the right information, it should help applicants to determine whether
the role is in line with their skill set and whether it is a job they actually want to do.
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B. Job Design
A Job design means to decide the contents of a job. It fixes the duties and responsibilities of
the job, the methods of doing the job and the relationships between the job holder (manager)
and his superiors, subordinates and colleagues. It gives information about the qualifications
required for doing the job and the reward (financial and non-financial benefits) for doing the job.
Both areas are very important functions of staffing. A Job Description clearly identifies the
purpose of the role as well as the key tasks to be performed and the main accountabilities of the
position. The job description is vital in ensuring that the applications received for the position
closely match the needs of the role itself. It helps HR departments and external recruiters to
streamline the selection process and receive a high concentration of candidates who are suitable
for interview or further selection. Whereas a Job Design is mostly done for managers' jobs. While
designing the job, the needs of the organization and the needs of the individual manager must
be balanced. If established properly, managers will be motivated to improve the productivity and
4. A. Business Plan
The primary purpose of a business plan is to define what the business is or what it intends to
be over time. Clarifying the purpose and direction of your business allows you to understand
what needs to be done for forward movement. It lays out a vision of growth and the steps needed
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to get there. It is also an essential communications tool for attracting financing for your business
B. Feasibility Study
A feasibility study examines the practicability of a proposal, business venture or idea. The
principal function of this is to determine if the project will continue or not. The feasibility report
will look at how a certain proposal can work in a long-term basis or endure financial risks that
A business plan helps define and focus on the business ideas and business strategies. It does
not only concentrate on financial matters, but also on management issues, human resource
planning, technology and creating value for customers. It also acts as a management tool that
can be referred to regularly to ensure the business is on course with meeting goals, sales targets
negative outcomes before investing considerable time and capital into a proposal. The goal of a
feasibility study is to place emphasis on potential problems that could occur if the project is
pursued. The study will determine if, after all significant factors are considered, the project