General Reading II
Financial Management
In an industrial or business organization where a huge amount of money is involved and stakes are very high, the significance of financial management is much more. Financial management deals with proper planning of overall expenditure, how money is to be spent, whether a proposal is to be accepted, and priority decision in addition to numerous other functions. Apart from financial management, the following are the important functional divisions in an industrial organization:
- (a) Manufacturing: Its aim is to convert raw materials into finished goods of a well- defined quality by efficient use of resources. For simplicity, one can include quality control, maintenance, personnel, stores, and purchase under ...
