Define objectives precisely

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Reference no: EM132544579

In meeting with groups for alternate decision making a plan must be put in place. The plan should consist of the following:

Planning

Question 1: Define objectives precisely.

Question 2: Identify and quantify available and potential resources.

Question 3: Write a specific business financial plan.

Budgeting

Question 4: Help the company function with financial efficiency, and reduced waste.

Question 5: Identify areas that incur the most operating costs, or exceed the budgeted cost.

Question 6: Ensure sufficient liquidity to cover operating expenses without tapping external resources.

Question 7: Uncover areas where a firm may invest earnings to achieve goals more effectively.

Managing and Assessing Risk

Question 8: Identify, analyze, and mitigate uncertainty in investment decisions.

Question 9: Evaluate the potential for financial exposure; examine capital expenditures (CapEx) and workplace policies.

Question 10: Employ risk metrics such as standard deviation, and value-at-risk (VaR) strategies.

Establishing Ongoing Procedures

Question 11: Collect and analyze data.

Question 12: Make financial decisions that are consistent.

Question 13: Track and analyze variance-that is, differences between budgeted and actual results.

Question 14: Identify problems and take appropriate corrective actions. (Kenton, 2019)

Reference no: EM132544579

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