Week 2 dq

5 . Strategic planning is the process of identifying the long-term goals and outcomes that an organization wants to accomplish and then set up policies and strategies to attain those goals . It is also a process of measuring the progress of the company and takes any corrective measures if the company has deviated from its true path of achieving its stated goals

The basic difference between the strategic and financial planning is that the financial planning is more related to the management of the finances when achieving the goals of the organization while

strategic planning takes into consideration all the important factors such as human resources , technology , as well as capital and then setting up policies to attain the organization 's stated goals

An example of an organization implementing a strategic plan : Varian Associates set up goals of attaining the technological excellence and profitability as their premier mission . They set an action plan along with strategies to achieve these goals . At the same time , they kept on monitoring their progress and taking corrective measures to attain their vision

6 . Cash Budget is a financial managers ' important tool that shows the organization 's cash inflows and outflows over a specified period of time that is daily , monthly or yearly . In to create a cash budget , one would require the income statement and the balance sheet accounts of that organization . Some of the information required is the expected cash receipts , cash sales , account receivables , inventory , payroll advertising and other expenses and incomes...