Financial Management Module: Reflective Journal on Key Learnings

This essay presents a reflective journal on financial management, focusing on skills and knowledge gained during a learning session. It highlights short-term and long-term decision-making principles, including incremental costing and cost volume profit analysis, and their impact on career goals. The journal reflects on the application of budgeting management control and the implications of maximizing organizational profitability. It further discusses the development of communication, research, management, and decision-making skills, emphasizing the importance of rational decision-making and the integration of financial data for effective operational decisions. The conclusion underscores the role of self-analysis in enhancing career approaches and promoting effective decision-making within an organizational context.

Essay

Table of Contents
Introduction......................................................................................................................................3
Main Body.......................................................................................................................................3
Conclusion.......................................................................................................................................4
REFERENCES................................................................................................................................5

Introduction
Financial management is an important function which is produced in the organisational
firm. Such functional areas in business firm regulates allocation of finance as a resource which
aids towards better productivity of operations being produced in the business firm. In this report
a reflective journal is being presented. It will highlight various models and skills developed
throughout the course of learning session provided in the institution. In addition to this initiates
are also taken for application of those learning models and knowledge in attaining future goals
and objectives. Further, in the report a reflective journal is also being produced on once abilities
and skills developed during the course work of the module (Dawson and Andriopoulos, 2021).
Main Body
The short term and long term decision-making principles and techniques which also
included incremental costing and cost volume profit analysis has a greater importance in once
life career goals and objectives. From this learning I was greatly influenced as by adhering to
various concepts of decision-making in terms of exploring financial aspect of an organisation
throughout the model I was able to explore several financial aspect of the business firm which
enabled me to develop changes in behaviours towards the respective department of an
organisation. For the given module I got exposure to various concepts of decision-making
making in context to financial aspects of an organisation. This created a clear vision towards the
respective functional area in an organisational firm which also enabled me to clear some doubts
about various operational work which is performed by the respective department in its financial
decision-making process (Haldon and Rosen, 2018). Seeking to a personal example in which in
my institute I was being asked to react upon a financial conditions. The discussion tool place in
the seminar hall of the institute in which through the learning of the model I was well
appreciated as various comments passed in decision-making were considered to be innovative
and of good quality. In the aspect of short term decision-making an individual manager can
promote daily operational work in the organisational firm and through following of long term
decision-making a manager at the given operational firm can ensure better operations of the
business firm to attain future or long term goals. Such element of decision-making when
compared to financial aspects of an organisational firm are greatly benefited through use of
effective decision-making process of the organisational firm. As by presenting of facts and

information through use of budgeting and costing techniques a manager in the given operational
firm is able to ascertain all the related facts which that is useful in making an effective decisions
in the given operational firm (Rawlusyk, 2018).
The role of budgeting management control and conflicting implications of budgeting
decision have an important role in effective managerial affairs of the business firm. Through the
learning of the module I got to know and explore various aspects of the concept which enabled
me to get a clear vision of working in such departments. I was able to understand various issues
and challenges faced by such departments of the business firm to regulate its various functional
activities. Through the learning I was able to understand core aspects of and throughout my
learnings I was able to develop as well as upgrade my skills and knowledge which were
applicable to performing various personal or professional activities. Moreover, in the give course
of study, I explored through importance of use of such functional areas in which all decision-
making passed in the business firm have to go through use of cost and budgeting methods.
Through presentation of various data and 9information management department of the business
firm uses such information to pass several operational decisions which can be accounted for and
also trusted for its success for operating in several fields of the business environment. In addition
to this it brings in harmony and positive working environment in the organisational firm. I
researched for the given context and I was able to find out through use of various budgeting and
costing techniques various decisions being passed in the business firm have greater chances of
being successful. This also enables a business firm to maintain its better brand value in given
marketplace. I learned that there is a greater importance of presentation of various financial data
and figures through which an individual can gain effective information and knowledge and
facilitate better decision-making in the operational firm (Blanco and Montes-Botella, 2017).
Through learning of implications of maximising organisational profitability and owners
health it can be said that there exists a positive relation between organisational profitability and
owners health. This focuses on better and efficient working of the business firm which can be
promoted through maintaining safe and healthy or hygienic conditions in the operational firm. I
learned that maintaining an individual's health should be the most important priority through
which all the activities can be performed as per best productivity and efficiency in use of
resources being invested for performing that particular activity.

By the completion of the given module I was able to determine various types of decision-
making. This includes use of ration decision-making which includes researching on various facts
and external as well as internal environment of an organisational firm to pass an efficient
decisions in the business firm. Through which regulating operational work in the business
organisation through use of this decision-making type an operational manager is able to pull
maximum productivity of the business firm. In the given course I developed many skills such as
communication, research, management and most important decision-making skills. This enabled
me to pursue by life career goals which better performance of a given activity. In addition to this,
through use of this reflective journal individual are able to use the learned theories and models
further, through application of such models an individual can undertake various career activities
(Alawattage and Fernando, 2017).
Conclusion
From the above analysis of the given report document it can be concluded that, self-
analysis of skills and knowledge gained during the course of a given project plays a vital role in
enhancing better career approach of an individual. In addition to this by reflecting on several
aspects of decision-making in terms of financial exposure of the organisational firm managers of
the firm are able to undergo effective decision making in the business firm. Lastly, it can be sai
that analysis of skill plays an important role as it helps an individual to perform respective task at
the most efficient and effective manner.

REFERENCES
Books and Journals
Alawattage, C. and Fernando, S., 2017. Postcoloniality in corporate social and environmental
accountability. Accounting, Organizations and Society. 60. pp.1-20.
Blanco, J.M.M. and Montes-Botella, J.L., 2017. Exploring nurtured company resilience through
human capital and human resource development: Findings from Spanish manufacturing
companies. International Journal of Manpower.
Dawson, P. and Andriopoulos, C., 2021. Managing change, creativity and innovation. Sage.
Haldon, J. and Rosen, A., 2018. Society and environment in the East Mediterranean ca 300–1800
CE. Problems of resilience, adaptation and transformation. Introductory essay. Human
ecology. 46(3). pp.275-290.
Huberts, L.W., 2018. Integrity: What it is and Why it is Important. Public Integrity. 20(sup1).
pp.S18-S32.
Rawlusyk, P.E., 2018. Assessment in higher education and student learning. Journal of
Instructional Pedagogies. 21.