Managing Financial Resources in Health and Social Care Essay - 3

Managing Financial Resources in Health and Social Care - Essay Example Financial Management is therefore an important aspect which refers to the effective and efficient management of funds (money) in such a way that the objectives and goals of the organziation are accomplished. The department of finance requires the specialist functions that are connected with the top management at hierarchal ladder. Financial Management has been defined by Joseph Massie as the operational activity in a business organization which serves the purpose of obtaining the funds and utilizing them in an effective manner for the efficient business operations. Weston and Brigham describe this term as a domain of financial decision making that harmonizes the enterprise goals and individual motives (Weston, Fred and Brigham, Eugene, pp. 25-46). It is evident from the definitions that researchers and financial experts have recognized the purpose of financial management as an activity which pertains specifically to the planning, obtaining, monitoring, controlling and managing the funds or money in a business. It is a domain of business management activities within an organization that is dedicated to the careful selection and utilization of the capital and sources of finance for enabling a business organization to proceed into the direction of goal achievement (Weston, Fred and Brigham, Eugene, pp. 25-46). Thus, financial management involves the raising and allocation of capital judiciously. In order words, it is directly related to the concept of capital budgeting. Finance is the lifeblood of any organization. The financial management, until the period of 1960s, was considered to be of a descriptive nature in all industries along with its key role being to secure the financial requirements for fulfilling the operating objectives of the business. However, in the present era, the capacity of financial management contributes vitally to the management of any organization irrespective of its nature and structure. Now, the key

Public Relations Essay Example | Topics and Well Written Essays - 750 words - 6

Public Relations - Essay Example Enabling linkages: The board of trustees, small team of employees, the government and the regulators constitute important publics for Telethon through the enabling linkage. The Telethon trust comprises a board of nine trustees who meet periodically to oversee the functions of Telethon. His Excellency Malcolm McCusker AO QC and Prof Fiona Stanley AC are the patrons of the trust. People who work assiduously for Telethon includes Steve Mummery, the general manager; Danielle Toolin, the events and marketing manager; Adriana Filippou, the accounts and phone room manager; Lauren Castledine, the administration and events coordinator and Fat Cat, the furry lovable cat of Telethon. Diffused linkages: The Sunday Times that provides editorial support round the year, local community, Golden West Network that beams the Telethon program across Australia, and Channel Seven Perth that sets aside $600,000 to air the Telethon weekend are important media publics. Functional linkages (Input): Scores of volunteers who lend a hand to Telethon to raise funds for the kids of Western Australia, donors like JWH Group that builds the Telethon Metropolitan and Regional Homes, In-Vogue and Country Builders that assist JWH Group, Satterley Group and Peet who provide land to set up the buildings, BankWest facilitates in collection of donations, AV Partners, Perth Expo Hire and Cliftons provide infrastructure for Telethon weekend. In addition to this numerous individuals and community groups including schools, clubs and local businesses which help in Telethon’s fundraising right through the year are important publics associated with Telethon due to functional linkages. Finally corporate houses are important publics as they help Telethon with sponsorships. Lexus Of Perth which organizes the Lexus Ball for Telethon year on year is a case in point. Functional linkages (Output): Numerous hospitals, research institutions, and other beneficiaries that get financial assistance from