Financial planning meaning and scope pdf
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- Financial Planning - Definition, Objectives and Importance
- Five Purposes / Objectives of Financial Planning:
Some of the important objectives and importance of financial planning for an organization are as follows:.
It is the tool that helps us efficiently administer our economic resources and, therefore, reach our financial goals. In recent years the process of family oriented financial planning has gained importance in many regions of the world as it is contributing to their progress. It is not a coincidence that this discipline is expanding at a great pace in developed countries.
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Planning is the process of thinking about the activities required to achieve a desired goal. It is the first and foremost activity to achieve desired results. It involves the creation and maintenance of a plan , such as psychological aspects that require conceptual skills. As such, planning is a fundamental property of intelligent behavior. An important further meaning, often just called "planning", is the legal context of permitted building developments.
Financial Planning - Definition, Objectives and Importance
If you are serious about attaining financial independence you most likely do what many financial gurus say e. Financial planning for an organization is the process of determining how they will fund their activities to ensure they meet their strategic goals and objectives. In the financial plan , activities are matched with the resources, equipment, and materials needed for it to be achieved and a time frame is also listed. It sets out in advance, according to your cash reserves and future expected earnings , how much to spend and what to spend it on. Financial planning is usually done by the business financial manager.
Financial Planning is the process of estimating the capital required and determining its competition. It is the process of framing financial policies in relation to.
Five Purposes / Objectives of Financial Planning:
It is the process of framing financial policies in relation to procurement, investment and administration of funds of an enterprise. Determining capital requirements- This will depend upon factors like cost of current and fixed assets, promotional expenses and long- range planning. Capital requirements have to be looked with both aspects: short- term and long- term requirements. Determining capital structure- The capital structure is the composition of capital, i.
After reading this article you will learn about the Financial Plan:- 1. Meaning of Financial Plan 2. Objectives of Financial Plan 3. Characteristics 4. A financial plan is a statement estimating the amount of capital and determining its composition.
Financial Planning. Financial planning is the process of estimating future needs of a business or project in terms of required investment, resources for generating funds, and efficient administration of these funds. Financial planning is usually done for long term projects whose estimated life is years or more. The first step in financial planning is to determine the actual investment or capital required. The capital requirement can be further divided into two categories, i.
Personal Financial Planning is a process of meeting an individual's life goals through the proper management of his finances.
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